In this era of potential market growth, many foreign companies are starting new branches in Pakistan. At the same time, thousands of students also establish their businesses every year after graduating from different universities in Pakistan. They have set up several hundred companies that work to improve the life of people, make profitable business ventures, and increase job opportunities.
How can we choose the most beneficial type of business establishment?
When choosing the type of establishment, some significant factors are tax benefits, loan finance requirements, scope and object of business, flexibility of operations, and legal help.
TYPES OF COMPANIES:
- Private Limited Company: Company in which two or more persons as promoters/subscribers.
- Public Company: Three or more persons as promoters/subscribers.
- Single Member Company: A company where only one person is a promoter/subscriber.
COMPANY REGISTRATION IN PAKISTAN:
If you’re looking to start a business in Pakistan, it’s crucial to register it before commencing any operations. Thankfully, the Government of Pakistan has simplified the registration process for entrepreneurs. However, navigating through the requirements and procedures can still be daunting. If you find yourself in need of assistance, simply text ‘HELP’ to Filer Tax and get instant guidance from our experienced team. We’re here to ensure a smooth and hassle-free company registration experience for you.
Security and Exchange Commission of Pakistan ( SECP):
To register a company in Pakistan, you must first visit the SECP office or the SECP website. You can quickly get all the essential and relevant information about the registration of a company.
CHOOSE A NAME FOR THE COMPANY:
SECP has set some regulations for a company’s name:
- The company’s name must be different from the existing or registered company and be appropriate.
- Try to avoid using offensive names for the company.
- Your company name must not exploit the religious susceptibilities of people.
- Don’t use such words prohibited under Section 10 of the Act and Regulation 4 of the Companies Incorporation Regulations, 2017.
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After the submission of the incorporation fee (either online or offline), you have to submit the following documents:
Declaration of compliance, copies of Memorandum and Articles of Association with each member sign, particulars of directors, Secretary, Chief Accountant, and Auditors, documents of CNIC of Directors, CEO, copies of passport in case of a foreigner, NOC or letter of intent/ license from concerned authorities, extraordinary Power of Attorney.
To register a company in Pakistan, you must have a National Tax Number (NTN).
Evaluation of documents:
After submitting all the documents, the next step is to evaluate them. This process is by the Securities and Exchange Commission of Pakistan (SECP), which will assess them and they will check the validity of all the documents.
Signature and company seal:
All the company’s director’s signatures are needed to get the company seal. SECP will provide you with a certificate of incorporation if all documents are valid. After getting incorporation certification, you can start your business.
Foreign company registration in Pakistan:
If someone buddy from a foreign country wants to register his company in Pakistan, he must obtain a permission letter from the Board of Investment with a validity period. After getting permission, he can open an office in Pakistan.
Registering a company in Pakistan has become very easy nowadays. Before this online service of SECP, people faced many difficulties writing their companies, but the online system has made it easy. SECP has become very helpful for people, and anyone can easily register his company in Pakistan without trouble.