If you want a company with a prestigious profile, greater access to capital and advertising and selling shares to the public, then Public Limited Company is best suited to your needs.
The purpose of the Public Limited Company (PLC) is to sell shares to the public through the stock market. However, many are privately owned and operate as PLCs in an extra financial situation.
It is basically identical to LTD, except that this company can already be listed on the stock exchange.
If you want to build your company step by step, it is worth starting with LTD first, then as soon as the resources and investors are available, you can easily switch from LTD to PLC.
You can find our comparison price table by clicking on the link below: https://symfalogic.com/english-company-formation-price-table-plc/
Basic conditions for starting a company:
- Must be 16 years of age or older
- Be an EU citizen
- Identity Card, License, and Passport
- Contact details (email, phone number, permanent address)
- Immediate availability of adequate capital (£ 12,500 or £ 50,000)
- Minimum 2 directors
- Minimum 1 shareholder
- You need a qualified corporate secretary
- Shorter deadline for reporting after the end of the financial year (6 months)
- There is a need for a general meeting
- It usually involves a lot more administration
- You must issue at least 2 shares in the capital balance section and submit an SH01 form to issue a maximum of 12,500 shares.
- A SH50 form must be completed and submitted to the English Court of Registration in order to obtain a commercial certificate prior to commencing trading. This must prove that at least 25% of the shares worth at least £ 50,000 have been paid up.
- The shares may be sold to the public
- Listing opportunities
- Providing extra financial standing
- Access to capital
- Possibility to make acquisitions easier
- In order to give a company a higher profile
Nature of PLC:
You must have at least £ 50,000 in share capital to set up a PLC company. Starting a business can be started with a payment of £ 12,500, but in that case, this amount must be repaid within one year to the amount required by law.
The company can be established with a minimum of 2 directors. A company secretary must be recruited at a cost of £ 12,500 a year.
PLC issues and issues shares that you can sell on the stock exchange. The shares issued are of various values and may have different names. (Eg: Investor shares, A-B-C shares, etc.)
We recommend this type of company to those who want to raise capital through the sale of their shares, or to those looking for the right company for larger projects.
Steps to start a company:
The easiest way to start a PLC is to go step by step to reach your goal. As a function of this, we would recommend the cheapest start-up package, called the Basic Folder, to get you started. The Basic Folder includes the incorporation itself and a one-year headquarters in England.
As a first step in starting a company, you need to find out the name of the company in addition to your personal documents.
We can help you with this by clicking on the link below: https://symfalogic.com/verify-your-business-name/
Once you have verified the name of your prospective company, the next step is to select the scope of your prospective company. It is important to note here that a company can only flag up to 4 activity areas at a time!
- The Hungarian SIC-Code (Standard Industrial Classification) system can be the perfect solution for selecting the areas of activity: https://www.teaorszamok.hu. English page: https://www.siccodesupport.co.uk/
Next, you need to choose who the directors of the company to be founded will be and who will be the owner, and what percentage of the company or persons holding these two titles will share the company. It is important to note here that there must be at least 2 directors in the company. Although it is not a requirement for directors to have the NI Number, it is good to have one already.
In this case, at this point we can say that you already:
- You have chosen the company name
- We have the SIC codes
- You know who the director is and who the owner is
- You have a percentage of who shares the company. (It is important to note here that the company issues shares and the company must issue at least 12,500 shares. As a general rule, we usually suggest here that the company issues 50,000 shares at face value of £ 50,000) The minimum requirement here is that at least 25% of the value of the shares be paid up at start-up, which in this case is £ 12,500. If this is not available at the start-up then this type of company should not be chosen at start-up. )
- The last step in establishing a company is choosing the accounting package. For a complete and comprehensive view of accounting packages, please refer to our accounting comparison price table using the link below: Accounting in England
For start-ups, we always recommend the Dormant folder first, considering that this package already has all the mandatory taxes that an English company may be liable to. On the other hand, if the traffic increases over time, there is a possibility to change the accounting package during the year.
Once your company is established:
- Opening a bank account immediately (Apostill required to open a foreign bank account)
- Pick up a payment (Paye Registration)
- Report Employee (Payroll)
- Obtain privacy registration
- Obtain GDPR Regulation
- Obtain VAT registration for higher traffic
- Obtain EORI registration for foreign trade
You can get these step-by-step after your company is set up so that you can start your English business in a favorable way. And if you want to know all the registrations at once, so that you don’t have to deal with them later, we can use our additional services on the company formation form.
Operation of PLC:
The next day after you set up, you will be billed and accepted, so you will not lose time when you start trading. The company logo, the company website and the stamp are already required.
Above £ 85,000, VAT registration is required for the company, which means filing a VAT return every quarter.
If you have an annual turnover of £ 10.2 million, then an auditor is required.
Taxation of PLC. An English company was established on May 15, 2016. End of tax year: May 14, 2017 The first full tax year therefore runs from May 15, 2016 to May 14, 2017. The tax year for the fraction runs from May 15, 2017 to May 31, 2017. Accounting for a fraction of a period is counted separately, but there is no contract for that period if we contract for the first tax year. From now on, every subsequent accounting tax year will be adjusted to this date. So, for each company, the tax year runs from June 1 to May 31 of the following year.
This means that each company has its own accounting tax year, depending on which company was founded.
Accounting of costs:
Only reasonable and realistic costs necessary for the direct operation and maintenance of the company are eligible.
A business name debit card should only be used to offset the costs incurred by the company.
Do not apply:
- Museum, Theater or Concert Tickets
- Weekend family shopping (eg Aldis) for shopping
- Christmas family gifts
- For Friends / Girlfriends Lingerie Purchase
- To cover private health care costs (eg hair transplant)
- Refueling when using a non-business car
- Private Telephone, and utility bill payments
- For the purchase of non-business furniture (eg bunk beds, etc.)
- Meal and Coffee expenses (excluding corporate events) Etc.
An English PLC has 3, + at least 2 tax reporting obligations each year, regardless of whether the company has had this turnover or not. The sleeping company must also submit the following returns:
- Confirmation Statement (formerly called Annual Return)
- Annual Account
- Corporation Tax (CT600)
- Self Assessment Declaration. All directors (at least two) who have held senior positions with the company for only one day in a given tax year are required to self-report.
For more information on bookkeeping, visit our ”Accounting in England” page.
Obligations of PLC:
With the formation of your new English company, the following obligations arise:
- Paye registration (if you want to pay the company)
- Privacy Registration (mandatory for all English companies and renewed annually. Fee: £ 70)
Closing of the English PLC requires the submission of a final return (£ 120.- £) and the closing fee itself: £ 120.- £)
Closure of a company is approved by the authority if all the tax debts of the company have already been settled.
The closing time of the company is 3 to 6 months, depending on whether there is a creditor who vetoes the closure of the company or the shareholders have approved the closing decision.
Company formation fee:
English (PLC) Company Comparison Price Chart:
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- Apostille Certified Company Statement (To open a foreign bank account. Price £ 220. Two weeks before it arrives and is only valid for 30 days.)
- Privacy Registration (All businesses in England are required to complete this registration with the English Data Protection Authority. It must be renewed annually at a cost of £ 80 / occasion
- Paye Registration (without Paye registration, the company cannot provide salaries to its employees, so having this registration is essential if you want to employ an employee)
- Payroll (payroll refers to how much a company pays to its employees for hours worked)
- VAT registration. In the UK, all new companies start up without VAT registration. You can apply at any time on a voluntary basis, but once your company reaches the £ 85,000 mark, this registration is already required. In the UK, VAT is currently 20% , and quarterly VAT returns)
- EORI registration
- Corporation Tax Registration
- Goverment Gateway Registration
- Directors Self Assessment Registration
- MLR Registration (Anti-Money Laundering Registration. This is mandatory for businesses that are in the financial industry)
- UTR Number
The United Kingdom is waiting for you! – get started in English company formation,
and ask us for help filling out the form, or if you have any questions, contact us on one of the details below:
Telephone: +44 (0) 1357 – 340 – 000
Skype: Symfalogic Corporation
Fill out the form below to start a Public Limited Company (PLC):
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