A Public Limited Company (PLC or plc) is a limited liability company whose shares can be offered to the public.
The company name must have the letters PLC after its name.
The minimum share capital is £50,000 of which at 25% plus any share premium must be paid up before the company can obtain a certificate to commence trading and borrow. A PLC can be either be unlisted or listed on the stock markets. PLCs have to comply with more statutory obligations than a private company.
A Plc is distinct in law from its shareholders and directors and enjoys limited liability.
Directors are not responsible for the debts of the company except where a personal guarantee has been given ( for example to a bank) or where a director commits fraud. Shareholders are only liable for the amount due on any unpaid shares.
The company is widely empowered to engage in any legal business worldwide.
The company requires a minimum of two directors who can be of any residency or Nationality; corporate directors are allowed as long as there is one natural person as a director.
A Secretary is compulsory and must be a person who has the necessary knowledge and ability to fulfil the functions and who has;
– Held the office of secretary or assistant or deputy secretary on 22 December 1980, or
– For at least three of the five years before their appointment, held the office of secretary of a non-private company or
– Is a barrister, advocate or solicitor called or admitted in any part of the United Kingdom, or
– 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 professional bodies: 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 Association of Chartered Certified Accountants, The Chartered Institute of Management Accountants (formerly known as the Institute of Cost and Management Accountants), or The Chartered Institute of Public Finance and Accountancy.
It must have a registered office in England or Wales, which we can provide. If it is incorporated in Scotland it must have a registered office in Scotland which we can provide if required.
The company must file an annual return and accounts each year, these are on public record.
The company enjoys protection of its name.
The company pays corporation tax on its profits and its employees and directors are remunerated under P.A.Y.E (Pay As You Earn), shareholders are paid dividends.
Corporate shareholders are allowed and there is no withholding tax on the remittance of dividends overseas.
On stationery it must show the full company name, registration number and registered office. You do not have to show the directors names, but if you show one you must show them all (except in the text of a letter as a signatory)
If a UK company is managed and controlled from a country with which the UK has signed a double taxation treaty it may be classed as non-resident for tax purposes on non UK sourced income.
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