Public Limited Company Registration In India
A company that is established and wants to expand its Corporate Business globally can choose a public limited company registration.
It is a voluntary association and becomes a separate legal entity on registration.
A Public Limited Company must have a minimum of 7 members. It does not have a maximum limited.
According to the present laws, a public limited company is defined as an organization that is not managed privately by individuals.
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PROCESS INVOLVED IN PUBLIC LIMITED COMPANY REGISTRATION
- It needs the consent of the Directors to act as such in Form No.29.
- Form-20 has to be duly signed by one of the Directors to file a declaration.
- Digital Signature Certificate (DSC) of at least one Director with self-attested copy of identity and address proof is mandatory.
- Digital Identification Number (DIN) of the Director is mandatory.
- Approval for the name of the company.
- Drafting the Memorandum of Association (MOA) and Articles of Association (AOA).
- Filing of documents like MOA, AOA, Form DIR-12, Form INC-22, and Form INC-7.
- Obtaining the certificate of registration
- As per the Companies Act of 2013, there is a requirement of a minimum of two directors and seven shareholders to commence the business of a public limited company. However, there is no maximum limit.
- The minimum share capital that is required to be invested is Rs. 5 lakh (in the form of Authorized Capital) or a higher amount based on the requirement.
- A Public Limited Company needs to issue a brochure inviting the public to subscribe for the shares of the company.
- It is mandatory for a Public Limited Company to attest the word ‘LIMITED’ after the name.
- In case of any loss, the shareholders or the members can sell the assets liable to the company in order to safeguard their personal assets.
- To commence the business a Public Limited Company needs to raise 90% of the amount through the issue of shares.
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