Re: FN-FORUM: Setting up a joint ownership company

date posted 1st October 2007 18:27

Neil wrote:
> A public limited company (PLC) requires at least =A350,000 in share =
capital=20
> (of which at least =A312,500 must be paid up) in addition to the other =

> requirements (2 directors, 2 shareholders, various certificates and =
much=20
> tighter regulations).=20

Having been through the process, =A350k share capital is the official
requirement, but in practice there are legit ways to "bend" this =
requirement
(e.g., IP assets worth =A312.5k+).=20

The initial set up is also pretty much the same procedure as Ltd (can =
use a
cheap set up service), but on-going paperwork is much more strict (which
normally translates to higher accountant fees).

As a guideline to costs, we were paying around =A31k+VAT/year for our =
PLC
accountant, plus ~=A3600+VAT for the annual audit (a very tedious
rubber-stamping exercise).=20

Professional advice is essential if considering a PLC and recommended if
considering a Ltd.

Cheers, Ben