Requirements for Company Registration in Pakistan
Everyone in Pakistan wants to set up his/her own business to ensure a comparatively secure source of income and in doing so, it is important to get your company registered to avoid any trouble in the long run on legal terms. Here is a simple guide to your Company registration in Pakistan
The process of registering a company in Pakistan is not complicated and if the rules set by the government of Pakistan are followed properly then one can easily register a company. The registration process is taken care of by the Securities and Exchange Commission of Pakistan (SECP). SECP is the only body that has the powers of company registration. All of the regulations and registrations are governed by the Companies Act 2017.
This guide will help you understand the whole process and steps involved so that you have a clear idea of how the procedure will work. Here is a step by step guide for company registration in Pakistan with requirements and procedures
Name your company and Get it approved
While choosing the name for your company – make sure, not to use the Prohibited terms. Any deceptive or inappropriate words will not be approved by the SECP and the Validity of your proposed selection of name will be scrutinized. To assure that, it is neither identical with the existing companies’ name nor closely resembling. For that reason, you must abide by the criteria laid down for naming the company, to get the possible approval by SECP
Pay the fees for incorporation and Register your company
A name availability certificate is required from SECP and for the purpose, you may apply. The fees for which could be paid using any bank challans at designated Muslim Commercial Banks (MCB). After this, you come to a level of registration where the SECP ask you to submit the following documents:
You can pay fees through MCB/UBL, credit card, debit card, ATM, 1link, ATM, mobile banking, internet banking, easy paisa as well.
- Particulars of directors, chief executive
- Copies of the Memorandum and Articles of Association with each member’s signature
For your information:
- Memorandum of Association explains your business sector of the company e.g. Institution, Travel agency, Trading or manufacturing, Supply or chain of stores. To put simply, MOA tells about the relationship of your company with the outside world.
- Articles of Association lets know about the day-to-day proceedings within the company i.e. what role CEO and directors would play, business concerned meetings and the appointments of employees, in short- how the company will run
Register with FBR, EOBI, PESSI, SESSI, and Labor Excise and taxation department
E-services of SECP is integrated with Federal Board of Revenue (FBR), Employees Old-Age Benefits Institution (EOBI), Punjab Business Registration Portal and Sindh Business Registration Portal, Labor Excise and taxation department
Under the Employees Old-Age Benefits Institution (EOBI), insured employees are entitled to a pension, upon retirement, invalidity in the case of disability, old-age grant, and survivor’s pension. Every industry or a commercial establishment with five or more employees have to be registered with the federal Employees Old-age Benefits Institution (EOBI).
To safeguard the Labor standard of the workers, every establishment other than one man shop required to be registered with the District Chief Inspector of the Labor Department in each district. For registration, an employer must submit the application form A accompanied by Bank Challan or online payment on the SECP website.
So this is the whole process to get your company registration in Pakistan and following it step by step accurately will make you stay out of trouble and get it done at the earliest.
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Register your Company in Pakistan
