Public Limited Company (PLC)

PLC business mode is considered to be the most opted corporate entity form for medium and large sized businesses that prefer to raise equity capital from the public.

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  • As for the ease of doing business in India, the government has opened the window for online Public limited company registration in India due to which you need not visit the department or our office.

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Understanding PLC Model

A PLC is the most popular form of establishing a business, as it is easy to set-up, manage, and control. Essentially, a PLC is a limited liability company (LLC) that is incorporated and strictly governed by the well structured framework of laws, rules, and regulations defined under The Indian Companies Act of 1956. A minimum of three directors are required to establish a PLC, while one of the director must be resident of India. Moreover, a PLC has a separate legal entity feature and has a voluntary association of members, who enjoy limited liability..

In order to register a PLC there need to be a minimum of 7 members, however, there is no defined upper limit for the members in this mode. PLC collects its capital primarily by selling its shares to the general public who are called members / shareholders. The fund thus collected, by sale of shares, is called share capital. Also, the liability of the members is limited to the extent of the face value of the share that they own. The shareholders can even participate in the working of the PLC.

Distinct Entity

A PLC has a separate legal entity and a juristic person established under the Companies Act. Thus, a PLC enjoys wider legal capacity and it can own property or acquire debt. The members (shareholders / directors) have limited liability and are not liable to the creditors for any such business debts.

Perpetual Succession

PLC has unending existence that it continues to be operational until it is legally dissolved by the Companies Act. Also, since PLC has a distinct entity, it is not affected by the death or departure of any members and continues to exist in spite of any change in its shareholders’ structure.

Easy to Transfer

Shareholders of a PLC can easily transfer their shares to another shareholder, simply by filling as well as signing a share transfer form and handing over the share certificate to the buyer.

Property Ownership

PLC is a juristic person thus it can acquire, own, or sell any property in its own name. Shareholders do not have any right to claim on the PLC’s property till the time it is in existence.

Easy Debts

PLC is the most prestigious form of business and it ensures a better borrowing capacity, as banking and financial institutions prefer to invest in a PLC model rather on any other business form. A PLC can even issue secured and unsecured debentures, while can also procure funds from public.

Required Documentation Chart Indian Resident

To be Submitted by Directors / Shareholders

  • Self Attested and Scanned copy of PAN Card or Passport
  • Self Attested and Scanned copy of Voter’s ID / Passport / Driver’s License
  • Self Attested and Scanned copy of Latest Bank Statement / Telephone or Mobile Bill / Utility Bills (Electricity / Water / Gas)*
  • Specimen signature (blank document with signature)

For the Registered Office

  • Scanned copy of Latest Bank Statement / Telephone or Mobile Bill / Utility Bills (Electricity / Water / Gas)*
  • Scanned copy of Notarized Rental Agreement in English
  • Scanned copy of No-Objection Certificate from the property owner
  • Scanned copy of Sale Deed/Property Deed in English (in case of owned property)

*Valid and Recent (less than 2-months)

Note: Registered office can be a commercial building, rented space, or even a residence, while in case of rented space, the no object certificate (NOC) from the landlord is required to be obtained)

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frequently asked question

How much one can invest to form a PLC?

There is no minimum paid-up capital requirements now apply for incorporating a PLC or a Pvt. Ltd. Co. in India.

Minimum seven members are required to be the shareholder or members of PLC, however, there is no upper limit.

PLC need to disclose its books of accounts and the shareholders can participate in the functioning of PLC. The rules and regulations in PLC are thus under strict control of the law and the shareholders can regulate it.

Yes, PLC’s name should be unique, and it must not be same or similar to the name of any existing company or a trademark.

What are the requirements to be a Director in PLC?

A Director needs to be over 18 years of age and must be a natural person.

There are no limitations in terms of citizenship or residency. Even foreign nationals can, therefore, be the Directors of an Indian PLC. An NRI or Foreign National can be a Director in a PLC after obtaining Director Identification Number, however, at-least one Director be a Resident Indian.

Authorized capital of a Company is the amount of shares a company can issue to it shareholders. Companies have to pay the Government an authorized capital fee (a minimum of INR 5Lacs) to issue shares in a Company.

No, there is no need for a director to physically present at any office for the incorporation of a PLC. All the documents can be scanned and sent through email, however, some are required to be couriered in hard copies.