|Public Limited Company|
The main advantage of PLC is that a PLC has access to capital markets and can offer its shares for sale to the public through a recognised stock exchange. It can also issue advertisements offering any of its securities for sale to the public. In contrast, a private company may not offer to the public any shares in itself.
A public limited company is a company which is registered as such and complies with the following:
There are four main restrictions:
1. A PLC must have at least two members and at least two company directors. The secretary (or each joint secretary) must also be a person who appears to the directors to have the necessary knowledge and ability to fulfil the functions and who:
(a) held the office of secretary or assistant or deputy secretary on 22 December 1980; or
(b) for at least three of the five years before their appointment, held the office of secretary of a non-private company; or
(c) is a barrister, advocate or solicitor called or admitted in any part of the
(d) is a person who, by virtue of his or her previous experience or membership of another body, appears to the directors to be capable of discharging the functions of secretary; or
is a member of any of the following bodies: the Institute of Chartered
Accountants in England and Wales; the Institute of Chartered
Accountants of Scotland; the Institute of Chartered Accountants in
Ireland; the Institute of Chartered Secretaries and Administrators; the
Chartered Association of Certified Accountants; the Chartered Institute
of Management Accountants (formally known as the Institute of Cost and
Management Accountants) or the Chartered Institute of Public Finance
A PLC normally has only seven months after the end of its accounting
reference period to deliver its accounts to the Registrar. A civil penalty will be incurred if it delivers accounts to Companies House after the statutory time allowed for filing.
A PLC cannot take advantage of many of the provisions and exceptions
applying to private companies under the Act, such as audit exemptions
for small private companies.
4. A PLC cannot apply for voluntary strike-off under section 652A, Companies Act 1985.
The process to incorporate a PLC is made really simple by Omega Group. You only need to choose an acceptable name and give us a few details in order for us to proceed with incorporation.