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Private Limited Company Registration in Pakistan

At Burhan & Associates, we specialize in company registration in Pakistan, specifically private limited companies. This type of company has many benefits over others when doing business in Pakistan's emerging markets.

The step-by-step process for registration of a private limited company in Pakistan is as follows: E-SERVICES REGISTRATION

You will need to register an account on the E-service portal that is regulated by the Security Exchange Commission of Pakistan. The process is simple and only requires basic information like your CNIC number, mobile number, and email. If you are a foreign national living in Pakistan, you will also need to provide your passport information as well as the aforementioned information and a photograph.

Once you have completed the sign-up process, you will receive two separate pins - one to your phone number and one to your email. These are for verification purposes. After you have successfully verified your information, you will receive a unique PIN that you can use to sign the forms and submit them to SECP.

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APPLY FOR AVAILABILITY OF NAME

The first step in registering your company in Pakistan is to apply for a company name. You can't just be allowed a name that's already registered with the SECP or is already in use. To make sure that the name of your business isn't already taken, you can search for it on the SECP website at Company Name Search. If no results are found on SECP, this means that the name is available for registering your company in Pakistan and you can request a reservation of that name.

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COMPANY NAME RESERVATION

SECP has a 60-day period in which you can reserve a name for your company after it has been approved by them. The name reservation form is available online and must be filed after you have logged into their E-services.

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MEMORANDUM OF ASSOCIATION

The Memorandum of Association is the charter of a company. It serves as the foundation or "constitution" of the company being registered. The Memorandum not only spells out the vision, scope and mandate of the company, but it also discloses the detail particulars of its shareholders and the composition of shares each shareholder or subscriber enjoys in the business, amongst other things. The Memorandum of Association is filed along with an application for company registration in Pakistan.

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ARTICLES OF ASSOCIATION

The Articles of Association can be thought of as the company's constitution. It provides provisions for the company's daily operations, appoints the Chief Executive and Directors, and provides the company's registration in Pakistan. The Articles of Association is filed along with the application for company registration.

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SUBMISSION OF FORMS

The process of company registration in Pakistan can be done either online or offline, but the Securities and Exchange Commission of Pakistan (SECP) recommends filing applications online to create a paperless environment. The SECP promotes the online process of company registration in Pakistan and offers a 50% fee discount for those who follow this method. To register a company online, you must first file a joint application for name availability and company registration. If necessary, you can also file separate applications for each phase of the process online.

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PROCESSING TIME

The Securities and Exchange Commission of Pakistan (SECP) has recently updated the process for company registration, making it more efficient and straightforward. The new procedure now takes only a few hours to complete, so you don't have to wait a week or a month to get your business registered.

BENEFITS OF COMPANY REGISTRATION IN PAKISTAN

A company registered in Pakistan is referred to as a limited liability company. This means that the affairs of the directors or subscribers are separate from the affairs of the company. Directors or owners of the company cannot be held liable for the affairs of the company or its liability. A registered company in Pakistan is an artificial person, a corporate body with a separate legal entity and perpetual succession with unlimited life. A registered company is not dissolved upon death of its subscribers, stakeholders or employees.

The ownership of a company can be transferred to any third person or party with the approval of the Board in its annual general meeting and the Securities and Exchange Commission of Pakistan (SECP). The company is the most organized structure considered amongst all the entities established in Pakistan. The Government of Pakistan, in pursuit of developing and promoting a documented economy, has introduced several tax benefits, concessions, and rebates for start-up businesses. Most of these benefits are merely available only when the business is registered as a company in Pakistan. Even tax rates for companies are far lower than other businesses, and almost all business expenses are deductible subject to procedural compliances provided by law if any.

Did you know that the SECP (Securities and Exchange Commission of Pakistan) is the regulator of companies in Pakistan? If a management dispute arises between directors or shareholders, parties can opt for a summary procedure for resolution of their dispute by filing a representation with the SECP. This will be adjudicated under the Companies Act 2017.

At Burhan & Associates, we have profound experience in assisting with company registration in Pakistan. If you have any queries, feel free to contact us.

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Ahmed Burhan

Mr Ahmed Burhan

British Pakistani Lawyer

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