A public limited company is a company whose shares can be freely sold to members of the public. There are some specific requirements for starting a PLC. Make sure you meet the requirements before you begin.
In order to be allowed to register as a PLC, the company must have:
- At least two directors (who may also be shareholders)
- At least two shareholders
- A qualified company secretary
- A share capital of at least £50,000 (of which at least 25% must be deposited in cash at the company bank)
To qualify for appointment as secretary of a PLC, a person must be one of the following:
- A chartered accountant
- A certified accountant
- A barrister
- A solicitor
- A member of the Chartered Institute of Secretaries
- A member of the Chartered Institute of Public Finance and Accountancy
A PLC is not allowed to start trading or to borrow money until it has obtained a trading certificate from Companies House, confirming that it has the minimum allotted share capital. If the company starts trading without a trading certificate, the directors may be convicted and fined. Application for a trading certificate is made after incorporation, by submitting form SH50 to Companies House. We will provide this form with your incorporation pack.