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Incorporation of Public Company

Public Company 

Public Company is a company incorporated under the Companies act, 2013 having separate legal entity, perpetual succession and can sue and be sued by its own name.

Minimum Requirement for Public Company:

  •   A minimum number of three Directors who are adults.
  •   One of the Directors of a Public Company has to be an Indian Citizen and Indian Resident.
  •   The other director(s) can be a Foreign National.
  •   It is also required to have seven shareholders of a company.
  •   The shareholders can be natural persons or an artificial legal entity.

Steps of Incorporation of a Company:

  • Preliminary Requirements
  1. Select a suitable package.
  2. Provide basic details & documents required for Incorporation.
  3. Make Payment through Secured Payment Gateway 
  • Registration
  1. Application for DSC
  2. Application for Name approval
  3. Drafting of documents (MOA, AOA, DIR-2,etc)
  • Registered on MCA*
  1. Issuance of COI, PAN, TAN by MCA.

*Company will be registered with 10-12 working days subject to the MCA processing and approval.          

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03

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04

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Unlocking Financial Success Together: The Forum for Chartered Accountants

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Advantage:

  • Separate Legal Entity
  • Limited Liability of Members
  • Separation of Management and Ownership
  • Easy to raise funding
  • Perpetual Succession
  • Easy transferability of ownership


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Documents:

1. Documents from Directors and Shareholders

A. Identity Proof

1) Permanent Account Number (PAN) Card

2) Aadhaar Card / Passport / Driving License / Voter Identity Card

B. Address Proof

1) Telephone Bill / Mobile Bill*

2) Electricity Bill / Water Bill*

3) Bank Statement /Bank Passbook with latest transaction* 

*(Any one of the Document not older than 2 months)

C. Passport size Photographs

Notes:

  • All the Copies of documents must be Self-Attested by the applicant.
  • Telephone Bill / Mobile Bill/Electricity Bill / Bank Account Statement must be in the name of applicant and should not be older than 2 months.
  • In case of NRI or Foreign National, documents of director (s) must be apostilled.

2.  Registered Office – Address

a) No-Objection letter from the Owner of Address to use the address of the registered office of the Company.

b) Address Proof – In the name of the Owner

  • Electricity Bill, Telephone Bill (Fixed Line Only), Gas Bill or Water Bill (Not older than 2 months);- To be signed by the of the Owner of Premises

c) Rent Agreement (if rented)



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FAQs:

A: A minimum of seven members are required to form a Public Limited Company, and there is no maximum limit to the number of members in a PLC.

A: There is no minimum capital requirement to start a Public Limited Company.

A: Some of the advantages of forming a Public Limited Company are limited liability for shareholders, easy transferability of shares, ability to raise capital from the public, and credibility in the market.

A: Some of the disadvantages of forming a Public Limited Company are higher compliance and regulatory requirements, higher costs of formation and management, and greater public scrutiny.

A: A Public Limited Company is required to comply with various regulations under the Companies Act, 2013, and regulations of the Securities and Exchange Board of India (SEBI), including filing of annual returns, holding of annual general meetings, maintenance of books of accounts, etc.

A: Yes, a foreign national or an NRI can be a director in a Public Limited Company, subject to certain conditions.

A: Yes, a Public Limited Company can be converted to a Private Limited Company, subject to compliance with certain conditions and approval from the Registrar of Companies.

A: Yes, a Section 8 Company can accept donations from foreign countries, subject to compliance with the Foreign Contribution (Regulation) Act, 2010 (FCRA).

A: Yes, a Section 8 Company can own property, and the property can be held in the name of the company.

A: Yes, a Section 8 Company can engage in commercial activities, but the profits earned from such activities must be used for promoting the objectives of the company.

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