You may be thinking about starting your own company in Pakistan. But don’t how to start and run your company in Pakistan legally. The most basic way of doing business in Pakistan is by registering your firm. Registering a company in Pakistan is quite simple. Starting a business requires knowledge and dealing with various issues – both legal and financial. In Pakistan, constitutional matters appear so confused that we are bound to pay massive amounts of charges to professionals whose business grows on the lack of knowledge of the general public. Lately, I got my company incorporated without having to waste my money on other unlawful procedures. In today’s article, we will discuss How To Register Company In Pakistan through legal procedures without wasting money on other sources.
How To Register Company In Pakistan
If you intend to start a company in Pakistan then you have to register your company first. This guide is mainly for those who want to achieve the incorporation method online. Follow the steps below to get yourself registered.
- Visit the SECP e-services website to register your company. Securities and Exchange Commission of Pakistan (SECP) is responsible for gathering electronic data with a retrieval system.
- Reserve your company name first by signing up for the SECP e-services. You can do it by using SECP’s company name search to check whether your proposed name is available or not.
- Insert all of the information in the form and submit a challan of Rs.100/- in any department of MCB or UBL.
- Present all appropriate details and pay a fee for firm reservation which is Rs.1800/-.
The government of Pakistan has made the procedure easy for all and they are also trying to make it, even more, better for the people of Pakistan. And you will get all of the relevant details regarding company registration on the SECP website. But be certain about picking the kind of company.
- A single-member firm requires at least 1 director and secretary.
- Similarly, a Private Ltd. Company requires at least 2 directors.
- If your name reservation has been successful you will receive an email address at your registered email address in about 2 to 3 days.
- The period for firm reservation is about ninety days. You can either pick up the certificate of company reservation from the concerned Company Registration Office (CRO) or the certificate will be delivered to your home address in about 2 to 4 days.
If you don’t know how to register a complaint in FIA about a cybercrime, you must read our blog about registering a complaint in FIA.
Securities and Exchange Commission of Pakistan
SECP manages all company registration procedures in Pakistan. SECP mainly offers e-services and offline systems for registering a company in Pakistan. They are mainly concerned with the registration of a company in Pakistan.
Single-Member Ltd. Company
If a company is formed by only one member then it is called a Single-Member Private Ltd. Company. You can create a single-member company by complying with the terms of the Companies Act 2017.
Private Ltd. Company
2 or more personalities connected for lawful objectives can create a Private Ltd. Company by paying their names to the Memorandum of Association and complying with the terms of Companies Act 2017.
Public Ltd. Company
3 or more personalities connected for lawful objectives can create a Public Ltd. Company by paying their names to the Memorandum of Association with the terms of Companies Act 2017.
There are mainly 2 different types of companies associated with the Public Ltd. Company.
- Public Listed Company
- Public Unlisted Company
Public Listed Company contributes its share to the people and anyone can earn its share. Those shares are a limited liability. Limited liability is a kind of constitutional structure for an association where a corporate disaster will not surpass the amount financed in a partnership or limited liability company (LLC). In other words, ‘owners and investors, private assets are not at hazard if the corporation fails. The minimum resources needed to set up a listed company is 200 million.
On the other hand, an unlisted company does not contribute its share to the public and the least capital needed to set up this type of company is 100,000 pkr.
Documents Needed For Firm Incorporation In Pakistan
Commence outlining your Articles of Association and Memorandum at the corresponding time as you transfer your request form of name availability.
Association of Memorandum holds the fundamental conditions against which the firm is permitted to operate. It’s the certificate that rules the relationship linking the corporation and the outside. It needs to be conscripted with care because it is the most crucial one.
The company constitution is made by both Articles of Association and Memorandum of Association. They both specify the duties of respective administrators, the variety of business to be initiated, and how authority is used by shareholders on the board of administrators.
CNIC copies of Nominee, Directors, and CEO are expected for the single-member company, but you will require to present a passport in case of a foreigner.
License or NOC from concerned professionals if you need to register some specific business.
You will have to present more details in case of foreign company association like list and details of Directors. Firm profile, detail of directors, and their citizenship.
You will have to give a filing or registration fee.
Permission of contributors for filing of documents.
For online submission, the total company incorporation fee is Rs.1800/- only if the nominal share capital not more than Rs.100,000/-.
But total company incorporation fee for offline submission is Rs.3500/-.
Available Forms With Agreements And Details
1#Form – statement of agreement with the terms of the Companies Ordinance 1984.
21#Form – Report on the situation of the certified service of the corporation.
29#Form – Details regarding officers and directors along with the CE, Secretary.
Only upload the following documents in PDF format while using the e-services.
- Articles of corporation
- Memorandum of Association
- A scanned variant of CNIC of respective directors
- A scanned letter of bank collateral just in the state of offline deposit.
Electronically Signed Documents
While consolidating your corporation into e-services, the bystander to your records will remain NIFT (National Institutional Facilitation Technologies) and you will be required to get an electronic document by NIFT organization for any executive of the firm to digitally signate all the papers including the Articles, Memorandum, etc. After receiving the certificate of NRC Name Reservation Certificate, you will be prompted to transfer the application to the NIFT to get digital certificates. To know more about NIFT read the NIFT2022 prospectus.
Incorporation Fee In Pakistan
The incorporation costs are clinched to your account asset and anyone can easily determine them online by utilizing a tool named Incorporation fee calculator. What you have to do is just deposit the voucher before y’all can press the submit button to submit the form. After successful completion of previous procedures, you will be prompted to enter submit the process, and then you will find your query in the e-services section. After that, you can easily make an online payment. And don’t forget to keep the offline payment receipt. You will need it for later.
In case of rejection or objection, you will also get an email regarding that rejection/objection. If your registration form needs any kind of correction correct it and after that submit your form again using the e-services gateway. SECP usually takes 7 days to execute the procedure in case of no objection. After that, you will finally receive a successful confirmation email which will include the number of incorporation.
Pick up your incorporation certification from the related company known as CRO by only showing them proof of the installment voucher or they will deliver it to your home address on the next working day.
Question 1: How much does it cost to register a company in Pakistan?
Answer: Registration fee – total company association fee is Rs.1800/- for online submission if the trivial share capital is not more than Rs.100,000/-. The total company association fee for offline submission is Rs.3500/-.
Question 2: What is a private limited company in Pakistan?
Answer: Pakistan companies are also favored as Pakistan LLCs, (Pvt uses for Pakistan Limited Liability Company). This constitutional structure is broadly used by immigrants and locals due to the low share capital conditions and the simplicity of its corporate structure.
Question 3: What documents are required for the company registration?
Answer: Documents needed for registering a public limited company include address proof, identity proof, PAN card of all directors and shareholders, DIN, DSC, Utility Bill, NOC from the landlord, Memorandum of association, and last but not the least Articles of association.
Question 4: How do I register my company with SECP?
- The incorporation method includes a company name reservation to check if your aimed name is available.
- Incorporation documents.
- Digital signatures.
- Incorporation filing fee.
- Certification of incorporation.
Question 5: How to check if my company is registered in Pakistan or not?
- Visit the SECP site and go to the company name search
- Select name containing words in the criteria option
- In the registered section, type company field type and name
- Press enter
- If your company is registered on the SECP then it will automatically disclose the information on your screen.