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Registering Company in Pakistan
Legal matters in Pakistan are extremely complex and attempting to register with the Securities and Exchange Commission of Pakistan (SECP) on your own can be quite confusing. That is why you should appoint a professional to represent you in the registration matter. This article breaks down the entire process into small steps, increasing your understanding of registration matters in Pakistan and allowing you to complete the entire process in a timely manner.
Choose the Type of Company:
There are different types of companies that you can register in Pakistan including Sole Proprietorship, Private Limited Company, and Public Company. You need to choose the right type of company according to your business needs and objectives. The registration of a sole proprietorship company takes about 4 weeks, while for other types of companies, it takes 6 weeks.
Company Name:
You can do a name search through the website of the Registrar of Companies in Pakistan (SECP). If you are a foreigner, you will need a passport to register.
Preparation of Documents:
- The following documents are required to register a company in Pakistan:
- Articles of Association
- Memorandum of Association
- Photocopies of directors, CEO, nominees, and in case of foreign nationals, passport photocopy
- NOC or Letter of Intent from the relevant authority if you are planning to set up a specialized business.
- If you intend to set up a foreign company, details of directors, nationality, company profile, certified copy of the company.
- If you intend to form a foreign company, you must provide information about the directors, their nationality, a brief description of the company, a certified copy of the company’s articles of association, and the memorandum and articles of association.
- Authorization of agent to submit documents
Apply for a Digital Signature Certificate DSC:
You will need to apply for a Digital Signature Certificate (DSC) for the directors of the company. The DSC is necessary for electronic signatures during the online registration process.
Register with SECP:
You can apply for company registration to the SECP using the online system. In this step, you must provide all required information and documents, as well as pay any applicable registration fees. The online registration fee is Rs. 1800 if the nominal capital does not exceed Rs. 100,000. The fee for filing the company registration offline is Rs. 3500.
Apply for National Tax Number (NTN)
Once your company is registered with SECP, you need to apply for a National Tax Number (NTN). This is to ensure that your company is legal for tax purposes and can fulfil the relevant tax obligations.
Open a Bank Account:
After registering your company, you will need to open a company account with a local bank and deposit a certain amount of capital as start-up capital for your company.
Comply With Laws and Regulations:
Once your company registration is complete, you need to ensure that you comply with Pakistan business laws and regulations, including annual financial reports, tax filings, and more.
3E Accounting Help You Register Your Pakistan Company Quickly!
Please keep in mind that the company registration process in Pakistan varies depending on the type of company and the region, so it is best to consult with the team at 3E Accounting before beginning the registration process to ensure that your company is legally able to operate. Furthermore, government policies and regulations may be constantly changing, so it is best to check for the most up-to-date information and requirements before registering.
To summarize, registering a company can be a difficult process, but if you work with 3E Accounting, you will be able to operate legally in Pakistan and lay a solid foundation for your company’s success.
