Public Limited Company
What is a Public Limited Company?
A company which can invite public to subscribe to shares and suitable for large enterprises.
Advantages
- Good for Large Projects and for when a large public share holding is envisaged
- VC funding friendly
- ESOP possible
- FDI allowed in most sectors
- Limited liability protection
- Best for Infrastructure, Manufacturing or large Trading businsses
Promoters are Called:
- Shareholders
- Directors
Structure Requirements
- Minimum Shareholders: 7
- Maximum Shareholders: No limit
- Minimum Directors: 3
- Maximum Directors: 15+
- Capital: No minimum prescribed
NRI / Foreign Participation
- Allowed subject to FEMA
- FDI permitted in permitted sectors
Meetings
- Board Meetings: Minimum 4 per year
- AGM: 1 per year
Subsidiary of Foreign Company
Foreign company can set up Indian public company.
AUDIT
Mandatory annually
Internal audit may apply depending on size.
Dividend Repatriation (in case of NRI/Foreign share holders)
Permitted subject to FEMA compliance.
Directors Remuneration
Directors can draw salary
Minimum Statutory Compliance
- Books of accounts
- Statutory audit
- Tax Audit (if turnover exceeds 10 crores, 75 lakhs for professional income )
- Annual MCA filing
- Income Tax filing
- GST Filing
- TDS compliance
- Advance Taxes
- EPF/ESI/PT
- Statutory Registers
- Board and Shareholder meetings
Corporate Income Tax Rate
- 22% (115BAA option) or 25%/30% depending on turnover
FORMATION OF PUBLIC LIMITED COMPANY
CORE SERVICES (Rs. 9,999)
- NAME APPROVAL
- DSC FOR ALL DIRECTORS
- MOA & AOA DRAFTING
- DIN FOR DIRECTORS
- APPLICATION PREPARATION
- ATTESTATION BY PROFESSIONALS (CA/CS/CMA)
- PAN & TAN & CERTIFICATE OF INCORPORATION (CIN)
OPTIONAL SERVICES (Additional Fee)
- GST REGISTRATION
- BANK ACCOUNT OPENING ASSISTANCE
- APPOINTMENT OF AUDITOR
- INITIAL COMPLIANCE FILING
- TRAINING ON COMPLIANCE
- ACCOUNTING
- COMPANY SECRETARIAL SERVICES
- GST FILING
- MONTHLY COMPLIANCES
- ANNUAL INCOME TAX FILING
- ANNUAL MCA FILING
- ANNUAL AUDIT/TAX AUDIT/GST AUDIT FACILITATION
- VIRTUAL CFO SERVICES
- OFFICE SPACE/CO-WORKING FACILITY