Public Limited Corporation in Luxemburg
Formation of the Public Limited Corporation requires minimally two co-partners (natural or legal persons) who might both be foreigners or do not have a seat of a company in Luxemburg. The minimal share capital is 31,000 EUR and this must be paid in minimally to 25 %. If the capital is not paid in to 100 %, underwriters of shares are not responsible for the capital due. Furthermore, in this case the shares can be made out to a name.
Authorities in PLC are>
- The General Assembly. It must hold session at least once a year and it is responsible for every need and interest of a company. It is also its competency to make changes of statutes and rules of a company.
- The Board of Directors (includes The Supervisory Board and The Board of Directors). It consists of three members, also foreigners or those who do not have a seat of a company in Luxemburg and The General Assembly elects them for maximum 6 years. A re-election is possible. Business management might be taken-over by the people who are not co-partners.
- The Auditor:a control of the PLC belongs to one or more auditors. They must fulfil two out of three following criterion, thereby external, independent and respected auditors must be taken on in Luxemburg :
The sum of balance: 3.125 million EUR
The turnover net: 6.25 million EUR
The average number of the full time employees is 50
Continuous increase of the capital involves an approval of the General Assembly, but only in case, when adequate competency has been accepted into the statutes. The increase of capital is considered as formation.