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Private company is an organization which limits its number of members to 200 and cannot invite public to subscribe to its shares. The Companies Act, 2013 provides for converting a Public Company to a Private Company by altering the MOA and AOA of the company.
Although private entity is a corporate entity and enjoys the benefit of registered corporate but conversion of a private entity into public concern has its reasons, significance and vary accordingly.
The main advantage of Public Company is that it can raise reserves at a large scale without approaching banking system and reducing debt whereas Private Companies which are privately owned, all the reserves are raised by existing members, shareholders and promoters. If a Private company goes public then the risk is also shared among the shareholders. Public companies once recorded, get indirect promotions and support through stock exchange websites where their stocks are recorded.
Public company is the only corporate form which enjoys inflow of public investments by issuing shares to general public.
The life of a business is not affected by the status of shareholders, and even after the death of the shareholder Public limited company continues to exist.
Information about the registration of Private limited companies can be obtained from the Ministry of Corporate Affairs website.
As a result, vendors, suppliers, the public tend to trust this form of business over proprietorship or partnership.
All the information relating to the company such as name, date of incorporation, registered office address, a status of the company, etc. are made available in a public database. This feature makes it easy to authenticate the existence of the business that ultimately helps in improving business credibility.
Shares of the public limited company are purchased and sold in a stock exchange market. They are freely transferable between the members and people trading in the stock exchange.
A public limited company can easily obtain funding from Banks and other financial institutions since they are more willing to extend financing to this type of company than to smaller forms of business entities.
♦ Photograph of all the Directors♦ PAN Card of all the Directors♦ ID Proof of all the Directors (Driving License/Passport/Voter ID/Aadhar Card)♦ Electricity Bill, or any other utility bill for the address proof of the Registered Office
♦ Copy of bank statement
♦ Email ID and mobile number
♦ Rent agreement on the name of the company (No Objection Letter (NOC) from the landlord with his/her consent to use the office as a registered office of a company must be submitted)
♦ Minimum 7 Shareholders
♦ Minimum Authorized Share Capital of Rs 5lacs
♦ Minimum Paid up Share Capital of Rs.5lacs
♦ Minimum 3 Directors
♦ Board Meeting to take director’s approval for conversion.
♦ General Meeting to take member’s approval.
A Compliance Manager will get in touch with you to obtain your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for processing. Our expert team will verify documents and proceed with registration formalities. All throughout the process, your dedicated Compliance Manager will keep you updated on the progress of Company Registration.
Once you submit your documents along with Checklist, we will proceed with the application of your Digital Signature and subsequently name approval. You may give up to three names of your choice. Names should be unique and suggestive of Company’s business. We will proceed with name approval through a form called “RUN” as prescribed by MCA. Name approval is received usually 1-2 days.
Once a name is approved, we will draft MOA (Memorandum of association) and AOA (Articles of association). We will file incorporation documents with MCA along with subscription statement. Usually, MCA approves the forms within 2-3 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.
Any individual/organization can become the member of the Public Limited Company including foreigners/NRI.
Time taken for conversion is 15-20 days, and it also depends on documents provided by applicant and speed of approval by the government.
Yes, you need a minimum of 3 Directors for a Public Limited Company. If you are sole owner, you can register as a One Person Company.
Our expert will help you to choose a best suitable plan. Get in touch with our team to get all your queries resolved. Write to us at email@example.com or call us @+91 8409671011.