There are some requirements which must be fulfilled before a company can be formed. At the time of making application for registration and incorporation of a company, the Memorandum and Articles of Association must be filed. Sanction must be obtained from the Central Government under the Capital Issues (Control) Act, 1956 if the company proposed to have a capital of more than Three Crore Rupees. The proposed company must obtain a license under the Industries (Development and Regulation) Act, 1951 if it intends to participate in an industry which is included in the Schedule annexed to this Act. The Company must be registered and the Certificate of Incorporation must be obtained. However, in the case of public company, the Prospectus or the Statement in lieu of Prospectus must be issued and registered with the Registrar before it is incorporated. Raising a minimum subscription and allotment of shares must precede the formation of a Public Company. The Certificate for the Commencement of Business must be obtained from the Registrar. For the formation of a Public Company, a duly signed list of persons who have consented to be the directors of the Company, their consent in writing and the signed agreement with every such director to take the number of shares required to qualify as director.