A Public Limited Company is a Company limited by shares in which there is no restriction on the maximum number of shareholders, transfer of shares and acceptance of public deposits. The liability of each shareholder is limited to the extent of the unpaid amount of the shares face value and the premium thereon in respect of the shares held by him. However, the liability of a Director / Manager of such a Company can at times be unlimited. The minimum number of shareholders is 7.
Steps involved for setup:
- Obtaining Digital Signature Certificate DSC for proposed Directors of the Company
- Filing the proposed name of company for approval to the Registrar of Companies (ROC)
- Get the Memorandum of Asociation and Articles of Association printed
- Pay stamp duties online
- File all incorporation forms and documents online, including the Memorandum of Association and the Articles of Association.
- Obtain the certificate of incorporation
- Request and obtain Certificate to Commence Operation, if required
- Obtain a company seal
- Obtain a Permanent Account Number (PAN) from an authorized franchise or agent appointed by National Securities Depository Services Limited (NSDL) or Unit Trust of India (UTI)
- Obtain a Tax Account Number (TAN) for income taxes deducted at source from the Assessing Office in the Income Tax Department
- Register under Shops and Establishment Act
- Register for value added tax (VAT) before the Sales Tax Officer of the ward in which the company is located
- Register for Profession tax
- Register with Employees’ Provident Fund Organization
- Register with ESIC (medical insurance)
- Filing for Government Approval before RBI/FIPB for Foreigners and NRI’