A Public Limited Company (PLC) requires specialist accounting support. This is because PLC shares can be sold on the stock market. To offer investors a degree of protection there are a number of statutory and legal obligations that PLC companies have to meet and these requirements can be time consuming and costly. It is therefore important to find a professional with expertise in accounting for Public Limited Companies. The firm you choose should be able to deal with the initial tasks involved in setting up a PLC. If you are already an established business, an accountant can help you with the ongoing tasks required for this type of business structure.
The structure of a PLC company is the preferred choice for many businesses in Europe, particularly those which hold a large amount of shares. These shares can be traded on the stock market, and although it can be effective, it's not for everyone. PLCs have to meet strict criteria in order to retain its status.
It is recommended that you choose an accountant who can offer a package of support for a PLC company because there are so many different elements to manage effectively. Requirements of a Public Limited Company include:
Two Directors are essential. Each director must be aged between 16 and 70 years old and not be subject to any legal limitations
A Company Secretary must be suitably qualified and possess between three and five years experience in the role.
Before a PLC can be established there should be at least £50,000 share capital and all shares must be divided between the shareholders.
Accountants can help PLCs to certify and submit the necessary balance sheets required for audit.
The Supervisory Board is required to meet every three months and produce detailed minutes of each meeting.
There are many different types of shares that can be provided to shareholders and a qualified accountant is therefore vital. The Accountancy Network can help you find an accountant who is experienced in this area and who can provide expert advice.