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Before your business can become a plc, you need to file your application with Companies House that will then issue your business with a Trading Certificate to comply with the Companies Act 2006. Your business must also have a minimum of £50,000 of share capital before it can become a legal plc and begin trading on the stock market. One special requirement of public limited companies is that they must have at least two directors. One of the directors should have experience of plc businesses. Many directors are also company law specialists. However, it is also always advisable to have legal advice from a company and commercial solicitor to help you complete the transformation from private to public company. All public companies must also submit their accounts to Companies House on an annual basis. Failure to do so would attract a fine. There are circumstances where you could file late, but you should check with a company solicitor to ensure your business qualifies. And if your company has a trading turnover of less than £1m and less than £1.4m on its balance sheet, you do not normally have to send in an audit report along with their accounts. The stock market your business will be floated onto will also have its own special rules that your business must comply with. Consult with your company and commercial solicitor about the differences between the PLUS and AIM stock markets to ensure your floatation meets all the relevant legislation and regulations that apply.
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