The document discusses the four stages of company formation: 1) Promotion, 2) Incorporation or registration, 3) Raising capital, and 4) Commencement of business. It provides details on each stage. Promotion refers to the activities involved in starting an enterprise. Incorporation involves registering the company with the registrar and submitting documents like the memorandum of association. Raising capital requires steps like obtaining regulatory approval and issuing a prospectus. A public company must obtain a business commencement certificate from the registrar to verify requirements are met before starting operations.