In order to getting a company registered or incorporated in Pakistan, it is important to know about the Securities and Exchange Commission of Pakistan. SECP is the financial regulatory body in Pakistan that looks after the companies’ registration, regulation and deregistration matters.
One of the main purpose of SECP is to register/incorporate the companies. This tasks is perfomed by the Registration Department, Company Law Divisn of (SECP). Registration Department has many filed offices that are known as Company Registration Offices (CROs) for the purpose of registration/incorporation of dofferent type of companies.
CROs of SECP in Pakistan
There are eight CROs of SECP in Pakistan at Islamabad, Karachi, Lahore, Peshawar, Faisalabad, Multan, Sukkar, and Quetta.
Who can form a company (public, private and single member)?
Any three or more persons associated for lawful purpose may, by subscribing their names to the Memorandum of Association and complying with the requirements of the Ordinance form a public company and any one or more persons so associated may, in like manner, form a private company. If only one member forms a private company, it is called a single member company and if it is formed by more than one member, it is termed as a private company.
Approval before registration/incorporation
Prior approval of the Ministries/Departments etc. noted against each category of the following companies is required to be obtained before incorporation of companies: –
Further requirements for registration of a new company under Companies Ordinance, 1984:
The promoters are required to not chose that name that are inappropriate deceptive, or designed to exploit or offend religious susceptibilities of the people and neither is identical no closely resembling with the name of existing company.
In order to seek the availability of proposed name, an application to registrar is to be made and Rs. 200 are required to be paid in case of online application and Rs. 500 in case of offline application.
The prohibited and sensitive names that can’t be chosen as a company’s name are available here: Prohibited Names
Documents required for registration:
For Limited Company
Copy of national identity card or passport, in case of foreigner, of each subscriber and witness to the memorandum and article of association.
1. Memorandum and articles of association
Four printed copes of Memorandum and Articles of Association in case of offline submission and one copy for online submission, duly signed by each subscriber in the presence of one witness.. In order to facilitate the general public, the standardized specimen of Memorandum of Association of various sectors have been provided on the Commission’s Website.
2. Form – 1
Declaration of compliance with the pre-requisites for formation of the company. Form 1 is available here
3. Registration/filing fee
A copy of the original paid Challan in the any branch of MCB Bank Limited or a Bank Draft/Pay Order drawn in favour of the Securities and Exchange Commission of Pakistan of the prescribed amount. (Table-I).
4. Authorization by sponsors
The authorization of sponsors in favour of a person to make good the deficiencies, if any, in memorandum and articles of association as may be pointed out by the registrar concerned and to collect the certificate of incorporation.
Documents for incorporation of a Single Member Company
Any person may form a single member company and would file with the registrar at the time of incorporation a nomination in the form as set out in Form S1 indicating at least two individuals to act as nominee director and alternate nominee director, of the company in the event of his death. All the requirements for incorporation of a private limited company shall mutatis mutandis apply to a single member company.
All the requirements meant for private companies given at serial Nos. (i) to (xiii) above are also applicable to public companies. However, the listed companies are also required to file list of members on floppy diskette to the Commission and the associations are required to file with the registrar concerned annual return on Form ‘B’ instead of Form ‘A’ Form B is available here
Get Digital Signature and Company Seal:
In order to get digital signature and company seal, move to National Institutional Facilitation Technologies (NIFT). Click here for further information NIFT
Get Register for Income, Sales and other Taxes with FBR
Registering with Federal Baord of Revenue (FBR) for Income, Sales, and other tax is also a compulsory requirement. The requirement of FBR are:
- NTN form
- Certificate of registration
- Memorandum and Articles of association
- Bank account number
- Copies of CNIC of companies’ directors
- Business address.
- Get register with Excise and Taxation for professional tax.
Register with Labour Department of the District
Register with Punjab/Singh/Baluchistan/Khyber Pakhtunkhwa Employees Social Security Institution and Employees Old Age Benefit Institution.
For more detail visit SECP Official Website