How to register a business is the first question that comes to mind for new startups. Registering a company in Pakistan or any other country is a legal process. Turning every business idea into a practical business is something very important. Before you start registering a business with SECP or any other organization, it`s important to clarify a few things. How much investment invested, number of directors, number of investors, head office, clear objective and main activity of the company? A bank challan according to a calculated enterprise value is mandatory to be submitted with the application for incorporation of the company. Challan is submitted by clicking on the link below the description. In Pakistan, the law governing the registration/incorporation of companies is the Companies Act 2017 (the Act). The law contains details on the establishment of a company and the management of the company. Currently, the power to register a company rests with the relevant Companies Registration Office (CRO) in the region. CROs are under the jurisdiction of the Securities & Exchange Commission of Pakistan (SECP). SECP regulates the formation, compliance and supervision of companies and issues licenses to licensed companies. Currently, CROs provide services in Islamabad, Karachi, Lahore, Peshawar, Quetta, Multan, Faisalabad and Gilgit. After receiving confirmation of the availability of the name, you must register this company within 60 days.
If you do not register the company within the specified time, the name will no longer be available. The documents required for the incorporation of the company are the identification documents of the promoters, the articles of association, articles 29 and 21 and a declaration. This is the most important form that a company submits to the relevant CRO. Using this form, the Corporation will notify the CRO of the appointment, resignation of its officers, auditors or legal counsel using Form 29. Officers of the Corporation are directors, chief executive officers, chief financial officers, corporate secretaries or other authorized employees of a corporation. Please note that you will file a Form 29 in the event of a change in officer, auditor or legal advisor or a change in their contact information. The deadline for submitting Form 29 is 15 days from the date of amendment. However, at the time of registration or incorporation, Form 29 includes the name of the deputy head. Once you have finished filing documents and paying the registration fee in Pakistan, SECP will evaluate and verify the validity of all submitted documents. The National Institutional Facilitation Technologies (NIFT) then issues a digital signature for your business, which can be purchased through SECP`s electronic portal. Registering the company with SECP is the first step in starting your dream business, as it is a preferred form of business.
In this article, we will see how to register your company with SECP. Go to the section of this blog where we discussed the detailed process of registering a business with FBR to find the answers you are looking for. Be very sure when choosing the type of business. Each type has its own requirements and benefits, but here is some basic information: So here`s our guide to registering a business in Pakistan. If you have any questions about any of the steps outlined above in the business registration process, please contact us at blog@zameen.com. The articles of association, together with the articles of association, form the articles of association of the company, define the responsibilities of the directors, the nature of the operations to be carried out and the means by which the shareholders exercise control over the board of directors. Once the account creation is complete, log in to your SECP account by entering your username and password. The username is your CNIC or passport number (without hyphens) and the password is entered during registration. After logging in, start the company registration/return and enter and apply the user`s PIN. Once the PIN code is created, the account creation is complete. Now, the user can register a company, add directors, or even file the tax return.
In addition to the digital signature, you also need to retrieve NIFT`s certificate of incorporation, which requires you to submit a detailed presentation about the business and how your business operates. However, the requirements of this step may vary from case to case. In the first section, the details of the upcoming company should be selected in terms of full name, type, designated bank branch, and payment method to choose. […] Let us register your company with SECP in Rs.12000 only! […] As soon as the official concerned has verified the CRO, they will issue you a certificate of incorporation. The certification includes the company name, date of incorporation, a unique identification number (UIN) and the fees charged. This is conclusive proof that your business registration process is complete. Scanned / electronic copies of company or organizer documents (e.g. NIC, power of attorney, name availability letter, miscellaneous) are attached using this link. The procedure in this process is as follows: First, in Article 1, mention the name of the company, including „Private” or „Pvt.” in parentheses and the word „Limited” if it is a limited liability company. Whereas in the case of a corporation, only the word „Limited” after the name is sufficient.
For example, ABC Limited or ABC (Pvt.) Limited. By-laws: A document that sets out the responsibilities of the corporation`s directors. Your company name will be reserved for a period of 90 days. You can either pick up the Business Name Reservation Certificate from the relevant Company Registration Office (CRO) the next business day or it will be delivered to your address within 2-4 days. Use the SECP e-Services portal for the entire start-up process. I highly recommend that you go through the user guides available on this page so that you don`t have any problems during the process. The process of setting up a business in Pakistan has five fundamental steps. Each of these steps is explained below with its specific requirements.
In this clause, you mention under the sub-clauses that the Company may engage in any other legal transaction. This is the first and most important step in starting a business. You can either complete an online process or physically submit an application. Details about the online application and process can be found on the official SECP website. A corporation cannot raise more or less capital within the meaning of the certificate of incorporation. This is called authorized capital. The minimum amount of capital allowed for the establishment and registration of a company in Pakistan is PKR 100,000. The registered office of the company is physically indicated, indicating its complete postal and electronic address.