What is a Public Company?
Section 2 (71) defines a public company under Companies Act 2013, as a company which is not a private company and has the minimum paid-up capital of Rs 5 Lakhs. A PLC is owned by the members which must be minimum 7 in number. Moreover, all the acts of members of the public entity are guided by the Memorandum of Association (MOA) and Articles of Association (AOA).
Public Limited Company Registration?
The Public Limited Company registration, first of all, requires a minimum composition of 7 members and 3 directors. However, the maximum number of directors can be 50, and the maximum number of members is unlimited for the registration of public limited company. The PLC also has limited liabilities for its members and has rights to issue its shares to the general public for raising the capital of the company. For the purpose of public ltd. company registration, the company which is a subsidiary of a public entity shall also be deemed to be public even where such subsidiary company continues to be a private company in its articles.
TYPE OF COMPANY
Public Company or a Private Company which is a subsidiary of public company
2/3 of the total number of Directors are appointed by the shareholders and remaining 1/3 appointment is as per Articles of Association. In case AOA is silent, then shareholders shall appoint the remaining directors.
Public Ltd. Company registration in India initially requires the Digital Signature Certificate and Director Identification Number in favour of one director for the purpose of incorporation. Thereafter, the company needs to obtain approval for the name and to identify that no company with a similar name is existent at the time of incorporation of such a new company. Once the approval is obtained, all the required documents and necessary forms need to be filed. Finally, after a full verification regarding the registration process, the MCA will issue a certificate for the Public Ltd. Company.
Process for Public Limited Company Registration
Package Included in Public Limited Company Registration
- 3 Digital Signature Certificate and 3 Director Identification Number (DIN)
- Company Name Reservation
- Articles of Association (AOA) and Memorandum of Association (MOA)
- Corporate Identification Number (CIN)
- Company PAN and TAN
- Company Agreement
- Identity Proof such as Aadhaar card, PAN card, Driving License, Voter Id of all the designated directors and shareholders.
- Address Proof of all the proposed directors and shareholders of the company.
- PAN card details of all the directors and shareholders
- Utility bill such as telephone, gas, water or electricity bill of the registered office as a residential proof of the business place. It should not be older than 2 months.
- A NOC or No Objection Certificate from the landlord of the business place.
- DIN or Directors Identification Number of all the designated directors
- DSC or Digital Signature Certificate of the designated directors
- Memorandum of Association (MOA) and Article of Association (AOA)