Company registration requirements in Pakistan:
In Pakistan, Securities and Exchange Commission of Pakistan (SECP) provides services for new Company Registration in Pakistan, like Pvt. Limited Company, Single Member Company, public limited company, Foreign Company Registration, NPO, NGO, Trade Associations. First of all, here we will discuss, about the new company registration requirements in Pakistan and also provide information after the registration of company, appointments, procedure, submission of SECP mandatory return etc.
Kinds of Company Registration in Pakistan:
Here is list of registration services by SECP in Pakistan.
- Private Limited company
- Single Member Company
- Public Limited company
- NPO / NGO Registration
- Foreign company
- Limited Liability Partnership (LLP) under Companies Act 2017
Company Name Search / Company Name Reservation:
This is the first step, for registration of new company in Pakistan, is to apply for the name availability or company name search, of your proposed company under section 37 of the Companies Act 2017. The name availability may be applied using, online or physically submission of documents in company registration office. Before applying for name reservation or company name search, please check that your preferred company name does not contain any prohibited words. The complete list of prohibited words is available below.
For registration of every company, company name plays a vital role, the company name must be related to company nature of business, well explained and not be deceptive.
LIST OF PROHIBITED WORDS as described UNDER section 37:
Al, Askari, Asset Management, Association, Assurance, Assurer, Authority, Bahria, Banking Company, Banks, Benevolent, Board, Bureau, Cadet, Chamber of Commerce, Charter, Chartered, Co-operative, Council, Division, Exchange, Fazaiya, Federal, Federation, Fouji, Foundation, Fund, Group, Holding, Housing Finance, IMF, Institution, Insurance, Insurer, Investment, Investment Advisory, Investment Finance,Leasing, Modern,New, Re-Assurance, Re-Assurer, Re-Insurance,Re-Insurer, Red Crescent, Red Cross, Register, Registered, Society, State,The,Trust, UNO, University, World Bank
First of all, before starting company registration in Pakistan, name reservation is the key because, company cannot register without name reservation. Furthermore, the company registration process start, while selection of your name, you check your name either starting with the above names, if resemblance, may be choose another.
Company registration requirements in Pakistan:
Name Reservation Letter:
Name Reservation Letter is required to submit, company registration process, without name availability letter, the registration process cannot start, so it is very important documents, the validity of the document is 90 days, but it can be changed. If you apply online process, you receive officially email from the commission; this is also a valid proof of name reservation.
Copy of CNIC / Passport (in case of foreign Directors):
Minimum two or more persons / directors / subscribers can incorporate Private Limited company under Companies Act 2017. Copy of CNIC / Passport (incase of foreign Director).
Minimum Capital required for Pvt. Limited company registration in Pakistan:
Rs. 100,000/- is the minimum authorized capital of any Pvt limited companies as explained in companies Act 2017 and paid up capital can be less amount as mentioned as authorized capital, it depends upon the consent of directors. The authorized capital / paid up capital may be increased any time, after fulfill the requirements as mentioned in companies Act 2017, therefore, before registering of new company in Pakistan.
Memorandum of Association & Articles of Association:
Memorandum of Association & Articles of Association are the back bone of any private limited company, without Memorandum of Association & Articles of Association as per law, no company can be registered. Memorandum of Association consists objective clauses as well as general clauses as per Companies Act 2017. Articles of association describes the powers & working of directors as well as implementation of necessary company related procedures, like CEO appointment, Chairman, Audit, Accounts, AGM, Director’ Election, Share Transfer, resolution, Borrowing, arbitration, secrecy, winding up of company, quorum and other necessary rules and regulation as defined in Companies Act 2017, especially relevant to business, the objectives must e written in MOA.
Form 1 contains information about the person who is submitting documents for company registration, he /she can be a director of the company, lawyer, Chartered Accountant and management accountant, manager of company, Authorized representative and officer of the company.
Form 29 contains full detail of directors with CNIC, address, occupation, nationality, number of shares . Form 29 also contains information about the appointment of CEO, Auditor, Chief Accountant / CFO, Legal Adviser and company secretary.
Complete business address, contact details like contact number, email and website.
Registration fee for companies:
The Company registration fee will be according to the authorized share capital of the company. Thee minimum share capital requirement in Pakistan is Rs. 100,000/-, however, it can be increased from time to time.
Time Duration for company Registration in Pakistan:
Company Registration Office takes 7-10 working days for company registration, After submission of documents successfully, however, more time may be required if there is any further information required by the SECP office.
Documents issued by SECP office after registration / incorporation of company.
When the registration process completes, SECP issue incorporation certificate as well as certified copies of Form II, Form 29, Form 21, Incorporation certificate, Memorandum of Association & Articles of Association.
After registration of company, the next step is NTN registration, which is mandatory for all registered companies in Pakistan, FBR and SECP signed for issuing of company’s NTN.
Procedures follow after Registration of companies in Pakistan:
- Appointment of CEO
- Appointment of Legal Adviser
- Appointment of Auditor
- Appointment of Chief Accountant / CFO appointment
- Appointment of Company Secretary
finally, If you want to register your company in Pakistan, you may contact us with confidence.