Public Limited Company Registration

A Public Limited Company is a type of company that offers its shares to the general public and is regulated under the Companies Act, 2013. It allows for more shareholders, greater capital raising opportunities, and offers limited liability to its members. Public Limited Companies are often listed on stock exchanges, but listing is not mandatory for incorporation.

A Public Limited Company has its own legal identity, separate from its shareholders and directors.
The liability of shareholders is limited to the amount of unpaid share capital.
A Public Limited Company can raise capital from the public by issuing shares, debentures, or other securities.

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Advantages of Public Limited Company Registration

Access to Capital:
The company can raise funds from the public through equity, debentures, or bonds, facilitating expansion and growth.

Credibility and Trust:
Being regulated under stringent rules enhances trustworthiness with customers, investors, and financial institutions.

Limited Liability Protection:
Shareholders’ personal assets are protected as they are not liable beyond their investment in the company.

Ease of Ownership Transfer:
The shares of a Public Limited Company can be bought and sold on the stock market, offering flexibility in ownership changes.

Conditions for Creating an Indian Public Limited Company

Registering a Public Limited Company in India requires adherence to the provisions of the Companies Act, 2013. A Public Limited Company can offer shares to the general public, allowing it to raise capital from external sources, making it a popular choice for large-scale businesses. Below are the key requirements for its registration:

A minimum of 7 shareholders are required.
A minimum of 3 directors is a must.
DIN is a must for all Directors.
No minimum paid-up capital is needed.
An authorised share capital of INR 1 lakh is required.
Self-attested identity proofs and address proofs are required.
A Digital Signature Certificate (DSC) of one of the directors is a must.

An application must be filed for the selection of a company name.
An application including the company's primary objective is submitted.
The object clause outlines the company's primary goals.
An application is filed with the ROC.
Payment of registration fees as stipulated by the ROC.
Post ROC’s approval, the company must apply for a business commencement certificate.
Mandatory paperwork, including MOA, AOA, duly filled Form DIR-12, Form INC 7, and Form INC -22 are also submitted.

Key Features of a Public Limited Company

A Public Limited Company in India is one of the most popular business structures for large-scale businesses that aim to raise capital by offering shares to the public. Below are its essential features:

Separate Legal Entity:
A Public Limited Company is a distinct legal entity, meaning it is separate from its shareholders and directors. It can own assets, enter into contracts, and incur liabilities in its own name.
Limited Liability:
Shareholders of a Public Limited Company have limited liability, which means their financial responsibility is limited to the amount they have invested in the company’s shares. Their personal assets are protected in the event of the company’s insolvency.
Free Transferability of Shares:
Shares of a Public Limited Company can be easily transferred between shareholders. This facilitates liquidity and the trading of shares in the stock market if the company is listed.
Ability to Raise Capital:
A Public Limited Company can raise substantial amounts of capital by issuing shares to the public. This access to public capital is a major advantage over private companies and other business forms.
Minimum Requirements for Incorporation:
A minimum of 7 shareholders and 3 directors is required to incorporate a Public Limited Company.One of the directors must be an Indian resident.

Procedure to Register a PLC in India

In order to register a public limited company in India, the stepwise guide must be followed.

The procedure to register a public limited company in India is as follows:

Digital Signature Certificate

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Director Identification Number

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Name Approval (SPICe+Form)

Submit the SPICe+ Form (Part A) to the Ministry of Corporate Affairs (MCA) to reserve the company name.

MOA & AOA

Prepare the MOA (stating the company’s objectives) and AOA (defining company rules) for submission.

Filing SPICe+

File the SPICe+ (Part B) along with required documents like MOA, AOA, and details of directors and shareholders.

PAN & TAN

Apply for the company’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).

ROC

The ROC verifies all submitted documents and, upon approval, issues the Certificate of Incorporation.

Issuance of Incorporation

Once approved, the company receives its Certificate of Incorporation, along with PAN and TAN, allowing it to commence business.

Advantages of a Public Limited
CompanyRegistration in India

Access to Capital:
Public Limited Companies can raise substantial capital by issuing shares to the public through initial public offerings (IPOs) or rights issues, facilitating significant business expansion and growth.

Share Liquidity:
Shares of a Public Limited Company are traded on stock exchanges, providing shareholders with liquidity and the ability to buy or sell shares easily.

Enhanced Credibility:
Being a publicly listed entity increases the company’s credibility with investors, customers, and financial institutions, potentially leading to better business opportunities and partnerships.

Growth and Expansion Opportunities:
With access to a larger pool of capital, Public Limited Companies can fund large-scale projects, research and development, and strategic acquisitions to drive growth.

Perpetual Succession:
The company’s existence is not affected by changes in ownership or the death of shareholders, ensuring business continuity.

Employee Benefits and Retention:
Public Limited Companies can offer stock options and other equity-based incentives to attract and retain talented employees.

Mergers and Acquisitions:
Public companies can use their shares as a form of currency for mergers and acquisitions, enabling strategic growth and diversification.

Regulatory Oversight and Transparency:
Compliance with stringent regulatory norms ensures higher transparency and accountability, which can build investor confidence and trust.

Board Meetings

A Public Limited Company must hold at least 4 board meetings each year, with a maximum gap of 120 days between two consecutive meetings.

Mandatory Compliances for a Public Limited
Company in India

Annual General Meeting (AGM):
The company must conduct an Annual General Meeting every year within 6 months from the end of the financial year. The first AGM must be held within 9 months of incorporation.

Annual Filing of Financial Statements (Form AOC-4):
The company must file its financial statements with the Registrar of Companies (ROC) in Form AOC-4 within 30 days of the AGM.

Annual Return (Form MGT-7):
The company must file its Annual Return in Form MGT-7 within 60 days of the AGM, including details of directors, shareholders, and other key data.

Appointment of Auditor (Form ADT-1):
An auditor must be appointed within 30 days of incorporation, and the appointment must be filed with the ROC using Form ADT-1. The auditor is appointed for 5 years.

Statutory Audit:
Every Public Limited Company must conduct an annual statutory audit of its financial records by an independent auditor.

Filing of Income Tax Return:
The company is required to file an Income Tax Return annually by September 30th of each assessment year.

Director Disclosures:
Directors must disclose any interest in other companies and file their declarations under Section 184 of the Companies Act at the first board meeting of the year.

Maintenance of Statutory Registers:
Public Limited Companies must maintain various statutory registers, including the Register of Members, Directors, Charges, and Investments.

Secretarial Audit Report (For Listed Companies):
A Public Limited Company listed on the stock exchange must file a Secretarial Audit Report certified by a company secretary as part of the Annual Return.

FAQ

FAQ's on

Public Limited Company Registration

What is a Public Limited Company?

A Public Limited Company is a company that offers shares to the public and is governed by the Companies Act, 2013. It provides limited liability to its shareholders and allows for easy transfer of shares.

What are the key requirements to register a Public Limited Company in India?

A Public Limited Company must have a minimum of 3 directors, 7 shareholders, and a registered office. It must also comply with the rules set by the Ministry of Corporate Affairs (MCA) and adhere to various regulatory norms.

What documents are required for Public Limited Company registration?

FPO registration offers several advantages, including:

Access to government grants, subsidies, and schemes
Access to government grants, subsidies, and schemes
Improved access to credit and financial institutions
Enhanced agricultural practices through shared knowledge and resources
Enhanced agricultural practices through shared knowledge and resources

How long does it take to register a Public Limited Company?

The registration process typically takes around 10-15 working days, depending on the timely submission of documents and approvals from the Registrar of Companies (ROC).

How long does it take to register a Public Limited Company?

The registration process typically takes around 10-15 working days, depending on the timely submission of documents and approvals from the Registrar of Companies (ROC).

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What Our Clients Says

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