What are the requirements a public company must meet?

May 08, 2012

A public company must meet the following requirements, it must have at least two directors (who may also be the shareholders of the company), at least one of the directors must be an individual, rather than a corporate director and he or she must be over 16 years of age.

Additionally, a public company must have a company secretary who is qualified to act as a secretary because they have held the office of secretary of a public company for at least three of the five years before their appointment, is a UK barrister, advocate or solicitor, is a member of the Institute of Chartered Secretaries and Administrators or one of the UK or Scottish accounting institutes or otherwise 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

When can a public company start business?

It is an offence for a public limited company to trade without first obtained a trading certificate from Companies House confirming that it has the minimum allotted share capital. It is necessary to file Form SH50 Application for a trading certificate for a public company to apply for the certificate.