Public Limited Company Registration
As per Companies act ‘Public Limited Company’ is a company formed with minimum of 7 members and 3 Directors. When compared to private companies there is no restriction for Maximum number of members in a Public Company. Public Limited Company Registration is somewhere same as Private Companies, the major difference is that private companies requires only 2 members and directors but public companies must have 7 subscribers and 3 directors.
The name of the Public Limited Company should end with the words ‘Limited’. The public company can issue shares to the public and can accept deposits from the public. Public limited company registration are having more stringent compliance and restrictive provisions in the Companies Act.
Generally, companies that require huge capital investments opt to register themselves as a Public Limited Company.
PREREQUISITES FOR PUBLIC LIMITED COMPANY REGISTRATION
- Company Name
Public Limited Company shall end with the words ‘Limited’.
- Share Capital
There is no minimum capital (Authorized or Paid up Capital) requirement for registering a company. But after incorporation the First Shareholders must bring the subscribed capital to the Company within 60 days of Company Incorporation and the Company must issue share certificates to the subscribers.
- Registered Office Address:
The Registered address of a company should be its principal place of business.
Public Limited Company Registration- Easy Steps
- Identify a minimum of 7 shareholders and 3 directors.
The basic condition is having a minimum of 7 shareholders and 3 directors. Shareholders could be individuals, companies or LLPs, but only individuals can become directors of the company. A director need not be a shareholder of the company and shareholders need not necessarily be the directors also.
- Obtain a Director Identification Number (DIN) for all proposed directors.
The proposed director must have a DIN allotted by the Ministry of Corporate Affairs. DIN can be obtained by filing an online application with a copy of ID and address proofs. Indian nationals must have a PAN for applying a DIN.
- Obtain a Digital Signature Certificate (DSC) for promoters and directors.
All the documents are submitted to the ROC online through www.mca.gov.in. These forms need to be signed by using Digital Signature Certificate issued by Certifying Authority in India. All promoters and directors should have a digital signature certificate to authenticate the documents that are being filed.
- Identify the location and authorised capital of the company
It is important to have a proper address for the company so that the ROC will send all correspondence relating to the company at the registered office address. Most important the location of the registered office of the company will determine the jurisdiction of the ROC.
A public limited company should have no minimum authorised capital. Authorised capital can be any amount. Company registration fee varies depends on authorised capital of the company.
- Company Name Application
The name of the public company should end with the words ‘Limited’. Before proceeding with the incorporation process, an application has to be filed for getting the company name approval from the ROC.
There are 2 process for getting the name approval:-
I. Company name application is filed in RUN Form of the Ministry of Corporate Affairs
- Government of India, to check the availability of the proposed name for registration of a new company.
- Preparation of Documents mandatory for Incorporation
After the company name is approved, the company incorporation documents such as DIR -2 and INC 9 (Declaration) are required to be signed by the directors and subscribers of the company.
- Submission of company registration documents to the ROC
Once the eMOA and eAOA are prepared, we have submit it to the ROC for validation. If all the compaliance are good the approval for the name is sent along with PAN & TAN.
- Company Registration and Certificate of Incorporation
The ROC will register the company after due verification of eMOA, eAOA and other details and will issue the Certificate of Incorporation (COI). The Central ROC will also allocate a Corporate Identification Number (CIN) to the company that is registered. The COI is now issued by the ROC in digital form with the digital signature certificate. Central ROC will not issue any physical certificate.
- Filing Commencement of Business Declaration
A public company cannot start its business immediately unless declaration is filed by directors stating that all subscribers paid subscription money in such manner within 180 days from the date of incorporation.
Documents Required
- Director Identification Number
DIN is mandatory to become a director of a company. Now, 3 DIN can be applied in SPICE Forms and if more directors are required separate form DIR 3 can be used to apply for DIN. Attach the photograph and scanned copy of supporting documents.
Proof of Identity : PAN is mandatory for Indian Nationals & Passport for foreign nationals Proof of Residence: Address Proof like passport, election Card(Voter Identity Card), Ration Card, Driving Licence, Electricity bill, Telephone Bill or Aadhar.
- Digital Signature
Every subscriber and director will need digital Signature. Documents Required for obtaining DSC, are as follows:
One Passport sized Photo
Proof of Identity: PAN is mandatory for Indian Nationals & Passport for Foreign Nationals
Proof of Residence: Voter ID card or Passport or Driving License or Bank Account Passbook containing the photograph and signed by an individual with attestation by the concerned Bank official.
Video Verification is mandatory and no DSC will be issued without Video Verification
