Document Required for Company Registration in India for Public Limited
What is a Public Limited Company?
A joint-stock company which is governed under the Indian companies act 2013, is a public limited company. In Public limited company, there is no restriction on a number of members but the number of members should depend on the association of persons with a minimum capital of 5 lakh rupees. It is the type of company whose securities are traded on the stock exchange. These companies need to the public their whole information correctly as they are required by the law.
Requirements to form a Public Limited Company in India
When it comes to open a company and that too a Public Limited Company
in India. The promoters of the company they should fulfil the following requirements
• A company to be registered under a public limited company should have a minimum capital of Rs.500000.
• There should be a minimum of seven members or shareholders.
• There should be at least 3 directors in the company of age above 18 years.
• There is no restriction on citizenship or residency.
• In a Public Limited Company, the accounts are required to file within a limit of 6 months.
• In a public limited company, the Secretary of the company should be a qualified person.
• The company should have a unique name.
Benefits of a Public Limited Company
Here are some of the benefits of Limited registering under a Public Limited Company.
- In a Public Limited Company, the shares are easily transferable as it doesn't require anybody's consent.
- Day to day business is not managed by the shareholder.
- A Public Limited Company can have a large amount of capital.
- It is the capitalization which shows the value of the firm in the market.
- It gives the company a pretty name.
Why should one register under Public Limited Company?
When it comes to open a company, why not try a Public Limited Company?
Here are various reasons to open a company and register the company as a Public Limited Company.
• When it comes to giving a loan, more priority is given to a Public Limited Company.
• The shares can be transferred easily.
• Since it is a separate legal entity, hence there is limited liability.
Documents Required for Registration.
When a company wants to get itself, registered as a Public Limited Company, it should have the following documents to get registered.
Here's the list of the documents required for registration of a company under Public Limited Company in India
• There should be at least two passport size photos of the promoters.
• Each promoter should have identity proof.
• Each promoter must have address proof to show their residence.
• PAN card of each promoter is must be there.
• Promoters must submit a self-declaration signed by them.
• There should be proof of the registered office.
• There should be the latest electricity bill as proof.
• The NOC is required to be submitted by the owners.
• Digital Signature Certificate.
• DIN ( Director Identification Number)
Registration Process of Public Limited Company 2020
If you are willing to open a Public Limited Company, have the above documents which are required for the registration then here are few simple steps to follow and get yourself registered.
- Step 1
As you are willing to register under Public Limited Company and the application needs to be filled online so one should have a Digital Signature. Once the process of filing as a Public Limited Company starts, the digital signature is issued of class two.
- Step 2
The DIN ( Director Identification Number ) needs to be obtained for the proposed directors of the company. The DIN is allowed by the Ministry of Corporate affairs. The DIN can be attained by filling the application form online.
- Step 3
The company must have approved its name by RUN(Reserve Unique Name). Because of the name of a public limited company should not be similar to any other company which is existing or an LLP or a trademark.
- Step 4
Spice 32 is a single application form which is to be filled in order to get the company incorporated. When it gets approved the certificate is issued.
- Step 5
Company name once has been approved then the promoters of the company need to submit the company incorporation documents like MOA (Memorandum of Association) and AOA ( Articles of Association) in a particular format. These documents are electronic documents.
- Step 6
The promoter once has completed the process of electronic MOA and AOA, he should submit it to ROC Central. Once these documents are submitted the process of company registration gets completed.
- Step 7
Once the process of registration of a company gets completed certificate of incorporation is issued which is not in physical form
- Step 8
The process of a Public Limited Company doesn't get completed unless the directors fill the business declaration, stating that the money is paid by the subscribers within 180 days from the incorporation of the company.
Documents required for SPICE 32 form
1. Memorandum of association: applicable and compulsory in case of section 8 of company and companies having foreign subscribers whodos not have DIN.
2. ARTICLE OF ASSOCIATION: applicable on compulsory in case of section 8 of companies and company having foreign subscribe and do not have DIN.
3. Affidavit and declaration by first subscribers and directors: it is compulsory in all the cases.
4. Necessary to give proof of office address.
5. giving the proof of utility bill that is electricity bill, telephone bills, latest bank statements and not older than 2 months.
6. copy of any approval of proposed names and words which are to be recognised by the central government.
7. proposed name is based on registered trademark under trademark act, it is necessary to attach the file.
8. NOC from a sole proprietorship or any other existing company.
9. Proof of residential address of the subscriber.
10. Residential address of the director.
By following these simple steps a Person willing to open a Public Limited Company can register his company under the Act and can become an approved legal entity in India.
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