You’ve come to the right place if you’re interested in learning how to register a company in Pakistan. Our guide will provide you with step-by-step instructions on how to register a company in Pakistan. Registering your business in Pakistan is an important step.
The government of Pakistan is making company registration easier by simplifying the process. Company Registration is handled by the Securities and Exchange Commission of Pakistan (SECP). You can learn all the pertinent information about forming a company in Pakistan by visiting the SECP website or SECP office.
If you still need assistance with registering your business, we at TAXOCRATE (PVT) LIMITED will be glad to help you.
Types of Legal Companies under SECP
Following are the categories of legal companies in Pakistan:
1. Private Limited Company
A Private Limited Company can be formed by a minimum of two individuals combining their names in a Memorandum of Association and adhering to the requirements of the Companies Act, 2017. A minimum capital requirement is not restricted under this type of company.
2. Single Member Company (SMC)
Single-member companies are private companies with one member. You can form a Single Limited Company by complying with the 2017 Companies Act. Also, minimum capital requirements are not restricted in this type of company. 3. Public Limited Company
Public Limited Companies are formed when three or more individuals sign the Memorandum of Association and comply with the Companies Act, 2017. A public limited company can have two types:
● Listed
● Unlisted
Publicly Listed companies are open to the public, and anyone can buy their shares. The ownership of such shares is limited. Capital requirements for listed companies are PKR 200 million.
Unlisted companies do not offer their shares to the public, and the minimum capital necessary to set them up is PKR 100,000.
The procedure of Company Registration in Pakistan:
1. Reservation of Company name
You need to decide on the company name and check its availability on the SECP’s website before registering any company in Pakistan.. There is a list of prohibited terms that cannot be used in a company name on the SECP website. Refer to Section 10 of the Companies Act 2017 for more details. Searching for company names and choosing a unique one will help you save time. When a company name of your choice is available, it can be reserved by creating a user account in SECP e-Services and file the application from the panel.
2. Submission of Information and Documents
Upon receiving approval of the company name, initiate the incorporation process from the SECP e-services panel.
The required info & documents are:
● CNIC copies of Directors, CEOs, nominees (for single-member companies) or copies of passports in case of foreigners.
● Memorandum of Association and Articles of Association
● Authorized Capital
● Share ratios of Directors
● Office/business address
● Officers name and particulars
● Obtain a letter of intent/ license from the concerned authorities if you would like to register a specialized business.
● In the case of foreign company incorporation, you will need to provide more information, such as the names of the directors, company profile, details of directors, and their nationality. A certified copy of the company charter is required. You need to provide a Memorandum of Association and Articles of Association as well.
● Authorization of Subscribers for filing of above documents.
● Registration/Filing fee
3. Certificate of Incorporation
Documents are evaluated by the SECP once they are submitted. SECP examines all the documents, to ensure their authenticity and maintain their official records. A Certificate of Incorporation is issued once the incorporation process completes.
4. Account Maintenance Certificate
Once you have Incorporation Certificate & associated documents from SECP, go to your desired bank for opening up a Corporate/Business bank account with all the Directors/Shareholders to its signatory. Once done with a bank account
creation, each director now should deposit his/her share value in terms of money into the company’s bank account against his name. Upon completion the bank should provide you with an Account Maintenance Certificate.
5. Subscription Money Certificate and Consent Letter A Certificate of Receipt of Subscription Money & Consent Letter is required from a Chartered Accountant. Once you obtain the certificate, you will need to submit the same to SECP through the e-services panel.
This step completes your Company registration under SECP.
Registration of NTN and STR for Income, Sales and Professional Taxes
In order to register a company, it is necessary to obtain an NTN (National Tax Number), which is administered by the FBR (Federal Board of Revenue). Depending on your business category and principal line of business, you may also need a Sales tax registration (STR).
How to start with company registration with the help of Taxocrate?
Taxocrate (Pvt) Ltd will register your company for you if you are considering investing in Pakistan. TAXOCRATE Pvt Ltd has more than 3 decades of experience in Corporate Law, Taxation Law, and Intellectual Property Rights. Feel free to contact us for Corporate and Legal matters. If you have any questions regarding Company Registration, Firm Registration, Proprietorship Registration, and NTN (National Tax Number) Registration, leave a comment in the comments box or mail us at info@taxocrate.com. You can also call or Whatsapp us on 0331-6644789 for a free consultation.
To start the process of company registration, all you need is to send us the following information to get started:
● Name, addresses, and shares of each of the shareholders
● The amount of share capital
● Passport copies of the shareholders
● Proposed name of the company