Company Registration Pakistan
Company Registration Pakistan or Private Limited Company Registration Pakistan
Company Registration Pakistan is one of the most preferred form of Business Registration in Pakistan because of many reasons. One of the primary reason Private Limited Company Registration Pakistan is Preferred by many people is Limited Liability of Directors in case of any legal dispute against the company. This means that in case of any legal dispute the liability of Directors is limited to the amount of contributed capital that is a big advantage over Sole Proprietor where the owner is directly responsible for liabilities of business. Second biggest advantage of Private Limited Company is it is cost effective and can easily be registered within a very short period of 10 to 12 days. We have listed below step by step process for Registration of Private Limited Company.
Step 1: Company Name Reservation – Availability Check
The first step towards company registration Pakistan is name reservation from the concerned registrar of companies. Availability of name is applied is applied under section 37 of Companies Ordinance, 1984.
Before make an application for reservation of name to the registrar the best practice is to ensure that the name of the company does not contain any words that are prohibited under Companies Ordinance, 1984. A comprehensive list of prohibited words is available mentioned below:
Step 2: Digital Signature Application for company registration Pakistan
Second step in Company Registration in Pakistan is application to NIFT for digital signatures of Directors. Since company registration is done online Digital Signature is required for each director of the company.The application is submitted to NIFT which is the body authorized by Securities and Exchange Commission of Pakistan for issuance of Digital Signatures. The basic purpose of Digital Signatures are that since the company is registered online and all documents of company registration are submitted online physical signatures from Directors of the company is not possible. Hence during company formation the documents are digitally signed by the company. Please note that these Digital Signatures have limited validity and have to be renewed every year. After company formation all regular filings of the company are also done through the same digital signatures, The Digital Signature form requires basic information about the Director of the company as well as his address and other similar information. CNIC copy of the Director is also required to be attached with the application for issuance of Digital Signature. NIFT has counters in Securities and Exchange Commission of Pakistan offices where they collect application for issuance of Digital Signatures,
Step 3: Preparation of Documents for Company Registration
Third Step in company registration process in Pakistan is preparation of documents for company registration. The set of documents required for company registration Pakistan are mentioned below for your reference along with brief description. Please note that these documents are must for company registration in Pakistan.
Memorandum of Association
Memorandum of Association is the document that explains the basic objective of company formation. Statements like objective of company formation is to engage in business of Supplies of Raw Materials, Educational Institute or Providing Engineering services are part of Memorandum of Association of company. There is no restriction on the number of businesses that company can undertake any legal business can be mentioned in Memorandum of Association. Please note the fact the preparation of Memorandum of Association is mandatory for company formation.
Articles of Association
Articles of Association is another mandatory document for company formation. Articles of Association is the document whereby all the rules and regulations of company to be formed are mentioned. It includes matters such as appointment and removal of directors, General Meeting procedures other regulations as the company deem necessary for operations.
Other Documents Required to be Submitted
Scanned Copy of Original Name Availability Letter
Scanned Copies of ID Cards of Directors
Registered Address of the company
Step 4: Submission of Documents and Required Fee for Company Registraiton
Last Step in Company Registration process is submission of above documents online to the Registrar of companies for company Registration. Once all the documents have been submitted the last process is printing of challan and submission in any bank authorized by Securities and Exchange Commission of Pakistan.
Step 5: Collection of Company Registration Certificates
If the registrar of companies is satisfied with the documents submitted by the promoters
for company registration after review, then the company Registration Certificate is issued and the company is registered and you are ready to go next stage which is opening of Bank Account and application for NTN of Directors and Companies. Please note the fact that company registration certificate is only issued once in original and has to be taken care of because in case of lost of certificate only duplicate copy is available which is mentioned on the Certificate of Company Registration in Pakistan. Another fact worth mentioning here is that issuance of company registration certificate in no way means that company has no other requirements to start business it is by law mandatory for every company or business operating in Pakistan to have National Tax Number issued by Federal Board of Revenue.