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Public Limited Company Incorporation in Just 14 Days
A separate legal business entity which offers its shares to be traded on the stock exchange for the general public.
A company must have a minimum of seven members but there is no limit as regards the maximum number.
6 Quick Steps to Register a Private Limited Company
1. Directors DSC
Digital Signature Certificate is required to verify & authenticate documents and applications.
2. DIN
Unique Directors Identification Number allotted by MCA to all intending Directors.
3. Name Approval
A desired unique company name with suffix “PUBLIC LIMITED” is reserved on the MCA portal.
4. Signatures
Forms for physical signatures are sent to Directors. A scan copy is uploaded on MCA.
5. SPICe+
A single integrated web form for multiple services. The application is uploaded on MCA.
6. Incorporation
Your company is successfully incorporated. You may open a current account with any bank.
Checklist of Documents to Get Started
For Directors/Shareholders
- Director's photograph scan
- Director's PAN card & Aadhar card scan
- Passport or Voters ID or Drivers License scan
- Latest Bank Statement with transactions or latest Postpaid/Utility bill in the name of Director.
For Registered Office Address
- Rental or Lease agreement if premise is rented or leased
- Address proof - Latest tax paid receipt or sale deed if premise is owned by Director
- Latest utility bill
- No objection letter from owner of premise
What's Included in the Package?
- Certificate of Incorporation
- Company PAN Card
- TAN Certificate
- DSC Tokens
- DIN Numbers
- MoA & AoA
- Free GSTIN
- Free MSME
- Free EPF
- Free ESI
Check Public Limited Name Availability For Free
When to Choose Public Limited Company?
- When you want better access to share capital
- When you want better liquidity
- When you want to offer shares to public
- When you want to give company a more prestigious profile
Salient Features of Public Limited Company
- The company has separate legal existence apart from its members who compose it.
- Its formation, working and it’s winding up all its activities are strictly governed by rules, laws, and regulations.
- Public Limited Company must present its financial stats and position publicly to maintain transparency.
- The company collects Its capital by the sale of its shares and those who buy the shares are called the members. The amount so collected is called the share capital.
- The shares of a company are freely transferable and that too without the prior consent of other shareholders or subsequent notice to the company.
- The liability of a member of a company is limited to the face value of the shares he owns. Once he has paid the whole of the face value, he has no obligation to contribute anything to pay off the creditors of the company.
- The shareholders of a company do not have the right to participate in the day-to-day management of the business of a company. This ensures the separation of ownership from management. The power of decision making in a company is vested in the Board of Directors, and all policy decisions are taken at the Board level by the majority rule. This ensures the unity of direction in management.
Eligibility Criteria For Directors
- The Director must be a natural person
- The Director must have completed age of maturity that is 18 years of age
- There is no bar over the nationality of the director. A foreign national may be a director of a company with condition that there must be one Indian resident director.
- The Director should have active DIN and Digital Signature
Ineligibility Criteria For Directors
- Is of unsound mind by a court of competent jurisdiction and the finding is in force
- Is an undischarged insolvent
- Has applied to be adjudicated as an insolvent and his application is pending
- Has been convicted by a court of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months and a period of five years has not elapsed from the date of expiry of the sentence
- Has not paid any call in respect of shares of the company held by him/her, whether alone or jointly with others, and six months have elapsed from the last day fixed for the payment of the call
- An order disqualifying him/her for appointment as director has been passed by a court in pursuance of section 203 and is in force, unless the leave of the court has been obtained for his/her appointment in pursuance of that section
Types of Directors
Ordinary directors are also referred to as simple director who attend board meeting of a company and participate in the matters put before the board. These directors are neither whole time directors nor managing directors.
According to Sec.2 (54) of the Indian Companies Act “managing director” means a director who, by virtue of the articles of a company or an agreement with the company or a resolution passed in its general meeting, or by its Board of Directors, is entrusted with substantial powers of management of the affairs of the company and includes a director occupying the position of managing director, by whatever name called.
A whole-time executive director includes a director in the whole-time employment of the company.
The Board Meeting may be held at a time when a director is, absent for a period of more than three months from the state and in such a situation, an ‘alternate director’ is appointed. The Board of Directors can appoint the additional director in the absence of a director if so authorized by articles or by a resolution passed by the company in general meeting. The alternate director shall work until the original director return or up to the period permitted to the original director.
Any director possessing professional qualifications and do not have any pecuniary interest in the company are called as “professional directors”.
An independent director is a director other than a Managing Director or Whole Time Director or Nominee Director.
The banks and financial institutions which grants loans to a company generally impose a condition as to appointment of their representative on the board of the concerned company. These nominated persons are called as nominee directors.
7 Big Advantages of Public Limited Company
Public limited companies are headed by a board of directors. The composition of the board of directors is set out in the company’s articles of association.
Normally it comprises a minimum number of two members and a maximum of 12.
These are elected from the shareholders by the shareholders during the annual general meeting. They act as the representatives of the shareholders in the management of the company.
Shareholder liability for the losses of the company is limited to their share contribution only. This is what makes it a separate legal entity from its shareholders.
The business can be sued on its own and not involve its shareholders. The company does not belong to any person since one person can own only a part of it.
A public limited company has a minimum number of seven shareholders or members and a limitless number of members. It can have as many shareholders as its share capital can accommodate.
Shares of a public limited company are bought and sold in a stock exchange market. They are freely transferable between its members and people trading in the stock exchange.
A public limited company is not affected by the death of one of its shareholders, but her shares are transferred to the next of kin and the company continues to run its business as usual.
In the case of a director’s death, an election is held to replace the deceased director.
Public limited companies are strictly regulated and are required by law to publish their complete financial statements annually.
This ensures that they reveal their true financial position to their owners and potential investors so that they can determine the true worth of its shares.
Public limited companies enjoy an increased ability to raise capital since they can issue shares to the public through the stock market.
They can also raise additional capital by Issuing debentures and bonds through the same market from the public. Debentures and bonds are unsecured debts Issued to a company on the strength of its integrity and financial performance.
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