A public limited company is a pool of volunteers that can be formed by seven or more persons. It follows separate legal protocols apart from its members—a minimum of seven members required to establish a public limited company. However, when it comes to maximum bandwidth, there is no limit to that. This blog cum guide will ensure that you will have complete understanding of documents required for Public Limited Company.
Unlike a private limited company, the transferability of share in a public limited company is relatively simple, and it doesn’t seek a member’s approval. Being an autonomous entity, its existence does not depend on the insolvency or death of its member. It continues to serve its purpose regardless of the situation of its members. These types of companies can accumulate funds from the public. You could find the public limited company listed on the stock exchange or not at all. If you are willing to understand about Documents for Public Limited Company Registration in India, then this blog is for you.
Eligibility criteria for obtaining Public Limited Company Registration
There are few important eligibility criteria for obtaining Public Limited Company Registration, which are as follows:-
Minimum Seven Shareholders & Three Directors
As mentioned earlier, a minimum of seven members required to set up a public limited company. And, minimum three directors are required for running the operation of these companies. There is no limit on the number of people who want to be part of a public limited company as shareholders.
No Minimum Capital
Every business needs a different level of capital based on their requirement and other parameters. When it comes to the public limited company, there is no minimum capital required for the company’s establishment.
One Resident Director
At least one of the directors should be a resident of the Indian Territory.
Unique Name
The public limited company name should not bear any resemblance to any company’s name or trademark. The company name ought to be unique in every sense.
Read our article: Annual Compliance of a Public Limited Company: Rules and Procedures
Documents for Public Limited Company Registration in India
Directors and Shareholders identification proof
- PAN Card (Mandatory)
- Passport for Foreign Nationals
- Foreign Nationals nationality proof.
- Identity proof such as (Voter ID/Passport/Driving License)
- Board Resolution copy / LLP for authorization of director/partner
- 2 Passport size photos.
Directors and Shareholders Address proof
The applicant can furnish the electricity bill/phone bill/electricity bill/bank statement. Keep in mind that none of these documents should be older than two months.
Registered Office Proof
- Conveyance or Rent Agreement attached with rent receipts.
- Latest Utility bills (only copy)
- NOC furnish by Landlord
Other Documents
- DSC form (physically signed)
Note: Documents associated with Foreign Director should additionally comply as follows:
- Notarized (if the director has a nationality of commonwealth countries)
- Notarized & Apostiled (if residing in a country signatory to Hague convention)
- Notarized & Consularised (If not represent the above categories)
Public Limited Company Registration Procedure
There are a few important registration procedures for obtaining Public Limited Company Registration, which is as follows:-
Digital Signature Certificate (DSC) of the Director
The application for such companies is filed through the online portal, and the company shareholders and directors should sign it. So, DSC, aka Digital Signature Certificate[1], should be addressed by shareholders and directors. They are accountable for signing registration e-form before the filling of incorporation application. The issuance of DSC seeks some mandatory documents such as address proof, identity proof along with some photographs.
Obtain Director Identification Number (DIN)
DIN is a unique identification number issued by Registration of the Companies ROC. DIN renders a permit to a director to work in the company. Without it, no director can work in an Indian company regardless of their working background or experience.
Approval of other authorities
The Registrar of Companies might direct the applicant to render the approval of any department, appropriate authority, regulatory body, or Ministry of the Central or State Government(s) w.r.t task that needs to complete.
Document submission
SPICE+ application for registration/incorporation is made to Registrar of Companies (ROC) attached with affidavits, Memorandum of & Article of Associations, and declaration.
Certificate of Incorporation
ROC will then conduct an extensive examination of SPICE+ incorporation form along with the attached documents. If the findings of the scrutiny come out to be in favor of the applicant, then ROC will issue a Certificate of Incorporation without any hassles. As soon as the public limited company obtains the Certificate of incorporation, they can start their operations.
PAN & TAN of the Company
PAN and TAN are applied together attached to the company registration form and are issued along with a Certificate of Incorporation.
Opening of Bank Account
Once the applicant submits the mandatory documents and the Certificate of Incorporation, the banks open a current account for the company.
Conclusions
Public Limited Company falls in the regime of companies that have limited liabilities and offers seamless transferability of shares. Such companies usually witness escalating growth due to financial aid raised from shares purchased by the general public. Anybody who wants to set such companies needs to take good care of documentation. Be sure to cross-check your document with the list mentioned above. If you still need more info on documents for Public Limited Company Registration in India, we are here to help you out.
Read our article:Advantage and Disadvantage of Public Company Registration
