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What is Public Company Registration ?

A Public Limited Company is a creation of law and is incorporated as per the law and provisions laid down in The Companies act 2013, and the rules made thereunder. Seven or more persons are needed as promoters of a public limited company, out of which at least three persons should be the first directors of the company.

 

There is no maximum limit on the numbers of shareholders of a public limited company, while the maximum number of directors as prescribed is fifteen, which can be further increased.

Procedure For Public Limited Registration

Minimum Seven Persons

Minimum Seven Persons

A company can be registered in India, by at least seven persons, who shall act as the shareholders of the company. There is no limit on the number of shareholders and the minimum director required is 3 which cant exceed 15 directors.

Resident Director

Resident Director

One director of the company must be resident in India. A person is said to be resident if he or she stays in India for at least 182 days during the preceding financial year irrespective of their citizenship. The days of stay can be in phases.

Capital Requirement

Capital Requirement

Invest as per requirement of your business, and there is no minimum capital requirement as such to be maintained in the company. However, the government fee on company registration is calculated on the capital

Unique Name of Company

Unique Name of Company

The proposed name of the company should not resemble any existing company or LLP. Further you must check the trademark registry to ensure that the name does not match with any registered or applied trademark in India.

Stepwise process & Time line for Public Limited Company Registration

Documentation of the Company & Promoters

  • Photo & Identity Proof of Each Promoter
  • Pan Card of All Promoters

 

Address Proof

  • Telephone, Gas, Electricity Bill or Bank Statement

Step-1: Digital Signature Of Director

As the application for Company Incorporation is filed online, the process starts with the issuance of Digital Signatures of class two.

Step-2: Name Approval Of Company

The Company name must be unique and should not be same or similar to an existing company, LLP or a trademark.

 

Step-3: Filling For Incorporation

One single application (spice 32) is filed for incorporation of the company. with the approval of this the Certificate is Issued.

Step-4: PAN, TAN & Bank Account

The IT Department allots PAN & TAN, which is mentioned on the certificate of incorporation. Next is Bank A/c opening.

Annual Compliances of a Public Limited Company

Annual compliance’s of a Public Limited Company differ for an unlisted Public Limited Company and listed Public Limited Company.

Compliances for an Unlisted PLC

  • Board meetings :

    An unlisted Public Limited Company is required to hold at least 4 Board meetings in compliance with Section 173 of the Companies Act, 2013.

 

  • Appointment of a Cost Auditor :

    The auditor is required to be appointed as per Section 148(3) along with Rule 6(2) and Rule 6(3A) of the Companies (Cost Records and Audit) Rules, 2014. For this, Form CRA-2 has to be filed.

  • It is pertinent to mention that original appointment of the auditor has to be done within 30 days of Board meeting or 180 days of Financial Year, whichever is earlier. When a casual vacancy arises, the same has to be filled within 30 days.

 

  • Return of Deposits :

    This has to be filed with the ROC under whose jurisdiction the company falls via Form DPT-3, in compliance with Rule 16 of Companies (Acceptance or Deposit) Rules, 2014.

 

  • Appointment of CFO or CS or CEO :

    Section 203 read with Rule 8 & 8A of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 requires appointment of CFO or CS or CEO within 30 days of AGM or within 6 months in case of casual vacancy. For this, Form MGT-14 and Form DIR-12 are filed.

 

  • Annual General Meeting :

    AGM for declaration of dividend has to be conducted in compliance with Section 96 of the Companies Act, 2013.

  • CSR Committee :

    CSR Committee has to hold four meeting with a gap of not less than 120 days between two meetings for discussion and approval of CSR activities. This is done in compliance with Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014 and Secretarial Standard-1.

  • Director’s Disclosure :

    Director’s are required to disclose any financial interest in the company via Form MBP-1in compliance with Section 184(1) of the Companies Act, 2013 read with Rule 9(1) of the Companies (Meetings of Board and its Powers) Rules, 2014.

Compliances for an Listed PLC

  • Annual General Meeting :

    Annual General Meeting has to be held in accordance with Section 121(1) of the Companies Act, 2013. Form MGT-15 has to be filed once the AGM has been conducted.

 

  • Financial Statements :

    The financial statements of the company have to be filed as per Section 137 of the Companies Act, 2013, read with Rule 12(2) of the Companies (Accounts) Rules, 2014. The financial statements consist of Balance sheet, Cash Flow Statement, Director’s Report, Auditor’s Report and the combined Financial Statement which is prepared in XBRL (Extensible Business Reporting System). This is filed via Form AOC-4.

 

  • Annual Return :

    This has to be filed in accordance with Section 92 of the Companies Act, 2013, read with Rule 11(1) of the Companies (Management and Administration) Rules 2014. The annual return contains information pertaining to the directors and shareholders and is required to be filed in Form MGT-7 with the relevant ROC.

 

  • Financial and Director’s Report :

    Adoption of Financial and Director’s Report has to be done in consonance with Section 173 of the Companies Act read with Secretarial Standard 1. Its filing is done via Form MGT-14.

 

  • Income Tax Returns :

    This has to be filed with the Tax Department in Form ITR-6 on or prior to September 30th of the Financial Year.

 

  • Secretarial Audit Report :

    Submission of Secretarial Report is a requirement under Section 204 of the Companies Act, 2013 read with Rule 9 of The Companies (Appointment and Remuneration Personnel) Rules, 2014. Secretarial Report has to be submitted only when the company’s total Paid-up capital is equal to or crosses INR 50 crores or its annual turnover is equal to or exceeds INR 250 crores. This has to be filed via Form MR-3.

 

  • Other compliances :

    These include the rules and regulations laid down by SEBI. Listed companies have to comply with the Listing Regulation of 2015.

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Frequently Asked Questions

How many people are required to incorporate a Limited Company?

To incorporate a Limited Company, a minimum of seven people are required. A Limited Company must have a minimum of three Directors and seven shareholders.

What is the capital required to start a Limited Company?

You can start a Limited Company with any amount of capital. However, fee must be paid to the Government for issuing a minimum of shares worth Rs.5 lakhs [Authorized Capital Fee] during the incorporation of the Company. There is no requirement to show proof of capital invested during the incorporation process.

What are the documents required for incorporation?

Identity proof and address proof is mandatory for all the proposed Directors of the Company. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.
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