The UK company law requires every Public Limited Company (PLC) to apply for a trading certificate with Companies House before starting its business activities or attempt to get loans or borrowings.
How to apply a trading certificate for a PLC?
The PLC must satisfy the authorized minimum share capital requirement which the nominal value of the PLC's allotted share capital must be at least £50,000 or €65,600. The PLC cannot satisfy the share capital requirement by a combination of euro and sterling shares or by shares in any other currency.
The PLC must deliver the form SH50 to Companies House with the following information.
1) State whether the authorised minimum share capital requirement will be satisfied in sterling or in euros.
2) Specify the amount, or estimated amount, of the company's preliminary expenses
3) Specify any amount or benefit paid or given, or intended to be paid or given, to any promoter of the company, and the consideration for the payment or benefit, and
4) be accompanied by a statement of the aggregate amount paid up on the shares of the company on account of their nominal value.
5) be accompanied by a statement of compliance. The statement of compliance is a statement that the company meets the requirements for the issue of a certificate under section 761 of the Companies Act 2006. The registrar may accept the statement of compliance as sufficient evidence of the matters stated in it.
Exemption from a trading certificate
A company upgrading its status from private company to public limited company status is not required to apply for a trading certificate. However, when re-registering your private company to public limited company with Companies House, the nominal value of the PLC's allotted share capital must be at least meet the authorised minimum share capital requirement and the authorised minimum share capital requirement must be satisfied either entirely in sterling shares or entirely in euro shares. If you require help with preparing and delivering the form SH50, our accountants would be happy to help you.
Other Companies House filing
Your PLC must deliver Confirmation Statement to Companies House every year. It is the company directors' or secretary's responsibility to ensure the Confirmation Statement is filed on time. Your accountants may be able to help you to file your Confirmation Statement.
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