With regards to enrolling a business in Pakistan, there are specific procedures that should be followed depending upon the sort of organization, which could either be a Private Limited Company, Single Member Company, or Public Limited Company. In any case, most new businesses decide on confidential, restricted organizations. The following is a general guide on how to register a company in Pakistan:
Step 1: Name Reservation
Choosing a good name is the first step in registering your business. The name shouldn’t be misleading or sound like a company or a trademark. You can verify the availability of a name and reserve it through the SECP eServices site.
Step 2: Documentation
Once you have reserved your desired company’s name, create these documents:
- Memorandum of Association: MOA highlights information about the proposed activities and structure of an organization.
- Articles of Association: These outline rules governing the internal management of the entity.
Both these documents must be drafted as per SECP guidelines.
Step 3: Registration With SECP
Submit these documents along with others mentioned below at the SECP office:
- Form 1 – Declaration of compliance;
- Form 21 – Office location identification;
- Form 29 – Directors’ details, including secretary’s information, etc. chief accountant’s particulars, auditor(s) names, etc. another officer (s) particulars, etc.
These forms can be downloaded from the SECP website portal. Afterward, they should either be filed online via the eServices portal or manually submitted at one of the CROs (Company Registration Offices) situated in major cities all around Pakistan.
Step 4: Digital Signature & Incorporation Certificate
When submitting the papers above, you should also get an NIFT-authorized digital signature from National Institutional Facilitation Technologies recognized by SECP. Once they verify everything and the payment is fulfilled, they will issue a Certificate Of Incorporation.
Step 5: Income Tax And Sales Tax Registration
After incorporation, register for income and sales tax with FBR. A National Tax Number (NTN) and Sales Tax Registration Number (STRN) will be required. These can be obtained through the FBR portal online.
Step 6: EOBI & Social Security Institutions Registration
In addition to the above steps, employers must also enroll themselves in the Employees Old-Age Benefits Institution administered by the Federal Government along with relevant provincial social security institutions to ensure that workers get their rightful benefits.
Step 7: Corporate Bank Account Opening
Finally, open up a corporate bank account in the organization’s name; when doing this, keep in mind that for such a procedure, one would need a Certificate Of Incorporation, the Company’s NTN, and other necessary papers.
