Company Registration in Pakistan is not as multifaceted as in many other jurisdictions around the world. However, for anything to be efficaciously executed, it is imperative to understand the profounder aspects of the process before it can actually be brought to execution. Therefore, we have endeavored to briefly explain the requirements and procedures of company registration in Pakistan so that the entire process can be made as easy as possible.
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Step 1: Disposal of Name:: Before any company can be started, it is of significance to decide on its name and seek availability with the registrar. It is important that the name selected has no prohibited.
To check the availability of the company’s provisioned name one can check it online on the official website ofSecurity and Exchange Commission of Pakistan(SEC).
A similar alternate to this is a physical application submitted at SEC with an application fee of RS. 200. If the provisioned name is found to be unique and as per rules, the availability certificate is issued. if you don’t undersatnd the rules of the availability Evolution Business Consultants (Pvt.) Ltd. Guide you to get your company name Business Name Search…
Step 2: Documentation filling: The next step in the process is the submission of required documentation to the registrar. Generally, for any “Private Limited Company” one needs to bring forth the following documentations for a successful application:
A proof of identity of all the subscribers of the application; for the purpose the national identity card or passportcopies are used.
Signed copies of Memorandum and Articles of Association; 4 printed copies are required with each copy signed by individual subscriber.
Filled and signed Form 1; this is the “declaration of compliance”that defines the requisitions of company formation.
Copy of paid challan of the registration fee; Challanfrom the authorized bank branches or a Pay Order in the name of SEC can be used for the purpose.
Sponsor authorisation in memorandum and articles of association may be required by the registrar.
Some extra rules apply in addition to the above for a single member company and an association not-for-profit company.
For a single member company the individual also needs to file a nomination form at the time of incorporation. In this form 2 individuals are nominated to act on behalf of the owner in the events of death.
In the case of an association not-for-profit company, an additional requisite licence from the Commission is issued by SEC and the Ministry of Commerce. A copy of the licence is to be submitted along with the documentation mentioned above.
Step 3: Tackling other issues at hand: Once incorporation is completed a company needs to get itself registered for taxes and other professional requisites.
For income tax related issues, a company necessities to apply for a National Tax Number (NTN). An application is submitted at the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR). For the sales tax an application for the Sales Tax Number (STN) is to be submitted at the same. Lastly the company needs to register with Excise and Taxation (ET) Department of the District for Professional tax. if you are looking for a consultant Evolution Business Consultants (Pvt.) Ltd. is the best choice contact us
This is the overall summarised map of how to get your company registered in Pakistan. The procedure at hand is not as tedious as it may sound. Just a good homework prior to the initialisation of the task can result in fruitful outcomes.
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