Proprietorship Business Registration in Pakistan
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To inform and help the entrepreneurs and the general public, a step-by-step guide for the Company Registration process is being provided. Company registration is performed by the Securities and Exchange Commission of Pakistan (SECP). Companies are independent legal entities separate from their shareholders. Besides the Registered Company’s name, there should be the words “Private Limited” or “Limited.”. The members of the company elect the directors after company registration.
Taxocrate makes the process of registering a company in Pakistan simple and fast, and your company can be registered in just 2 days using our services.
Private limited companies are among the most popular forms of business in Pakistan. Having a company structure helps Small and Medium Enterprises (SMEs) as well as associations doing business at a larger scale improve their performance.
Currently, the Companies Act of 2017 and the Companies Incorporation Regulations of 2017 govern the registration of companies. Securities & Securities & Exchange Commission of Pakistan (SECP) is the body responsible for the entire company registration and objectification process.
Pakistan has the following types of companies:
The Companies Act 2017 allows three or more people to form a limited company by signing a Memorandum of Association and meeting the other conditions. These companies may or may not be listed on the Pakistan Stock Exchange.
Private limited companies can also be formed by a single member, known as a Single Member Company. This is why it is called an SMC.
According to the Companies Act 2017, a private company is formed by one or more individuals.
Here is a detailed guide about how you can register your company in Pakistan using the services Taxocrate:
Upon approval of the company name, the registration process begins. A maximum of three names are to be submitted by the applicant, and one will be selected by SECP. All company documents will bear the approved name. Though it may seem easy to choose a name for a company, there are some guidelines to keep in mind.
There are some restrictions and prescriptions addressed in sections 10 & 4 of the Companies Act, 2017 which the aspirants will have to consider when picking a company name. To ensure your company name gets approved, Taxocrate provides you with instructions regarding company name selection.
To register a company, the aspirant needs to submit the following documents to SECP.
By the end of the above procedure for company registration, a certificate of incorporation with a unique universal company number will be issued by the SECP.
Upon receiving the certificate of incorporation from the SECP, the Private Limited Company or Single Member Company (SMC) can begin operations. Nonetheless, in the case of a public company, the CEO or one of the company directors must file a properly vindicated protest as stipulated in the companies’ regulations, 2017, accompanied by the conditions outlined in section 19 (1) of the companies’ act and it must be accepted by the register. When this process is completed successfully, the public company can begin operating.
By law, SECP is given several new responsibilities, including the regulation of the Islamic banking and Sharia sectors, monitoring and regulating the real estate sector, and authenticating company mergers and acquisitions.
SECP is also empowered to cover and regulate the growing Islamic bank and sharia sector in Pakistan, in addition to the below regulations. Under the Companies Act 2017, every company that practices Islamic banking must follow the new regulations set forth by SECP.
As per the Companies Act, 2017, directors are responsible for keeping an eye on illegal conditions, such as money laundering.
Companies Act 2017 states that big companies should have at least one female director on their boards. This is Pakistan’s first-ever regulation to require female directors on boards.
Every big company is required by the Companies Act 2017 to have at least one female director on its board. Pakistan has never had such requirements before.
It is quite a complex and time-consuming process to register a business in Pakistan. We offer specialized services for this purpose. It is our pleasure to assist business owners and investors with the establishment of a new company in Pakistan and the registration of a new business. Our leading legal services include company registration in Karachi, Islamabad, and Rawalpindi. With our expert services, registering a new company takes us only 2-3 days. Taxocrate is the best option if you would like to register your company quickly with the Securities and Exchange Commission of Pakistan (SECP). For more information on registering your company within a couple of days, please call 0302-6644789.
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