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SWIFT / FAST TRACK COMPANY REGISTRATION IN PAKISTAN (A great initiative by SECP)

Get your company registered in some hours / one day.

The Securities & Exchange Commission of Pakistan (SECP), with the aim to bring the non-corporate business into the corporate fold (Company Registration in Pakistan) and to further facilitate registration of companies, has launched swift incorporation scheme w.e.f . June 24, 2016 under which a company is registered on the same day as against two working days with ordinary fee and within two hours under Fast Track Registration Services (FTRS) as against four hours, without charging any extra fee for speedy disposal of documents, subject to the following conditions that the:

i. Documents for incorporation have been filed online; and

ii. Short Memorandum of Association and short Articles of Association have been adopted and submitted with the documents.

The incorporation cases fulfilling the above two conditions, will be processed in the following manner:

i. If the documents for incorporation are submitted with normal fee and the same appear in the process list of dealing officer;

(a) by 10:00 a.m. on any working day, such cases shall be disposed of on the same day.

(b) after 10:00 a.m. but before 01:00 p.m. the same shall be disposed of by 01:00 p.m. on the next day;

(c) after 01:00 p.m. the same shall be deemed as filed at 10:00 a.m. on the next day and will be disposed of accordingly;

ii. If the documents for incorporation are submitted under FTRS and the same are available in the process list of dealing officer by 3:00 p.m. on any working day, such cases shall be disposed within two hours of receipt of documents in the process list of dealing officer. If the documents are filed after 3:00 p.m. the same shall be disposed of the next day within first two hours.

Synergy Business Consulting is proudly providing its expert services for Pakistani and Foreign entrepreneurs for setting us their business in Pakistan (Company Registration in Pakistan). Call us at 92 321 504 32 62 or email at info@sbconsulting.com.pk to get free advise on Company Registration in Pakistan

STEPS TO FORM A COMPANY IN PAKISTAN (COMPANY INCORPORATION IN PAKISTAN / COMPANY REGISTRATION IN PAKISTAN)

FIRST STEP: COMPANY NAME RESERVATION

First step towards incorporation of a Company is to seek availability of name from the Registrar concerned in terms of section 37 of the Companies Ordinance, 1984. Before applying for name reservation, please check the name first at the following links to make sure that:

  1. the proposed name is neither identical or nor closely resemble with the name of any existing company. Further, it is not be inappropriate and deceptive
  2. it doesn’t contain any prohibited word

Applicant may apply for the availability of name either offline or online. Further, the application may be submitted with normal fee or through Fast Track Registration Services (FTRS) for urgent processing in 4 hours.

LIST OF PROHIBITED WORDS FOR COMPANY NAME RESERVATION:

Below is the list of prohibited words (words not allowed) as specified by SECP.

  1. Al
  2. Askari
  3. Asset Management
  4. Association
  5. Assurance
  6. Assurer
  7. Authority
  8. Bahria
  9. Banking Company
  10. Banks
  11. Benevolent
  12. Board
  13. Bourse
  14. Bureau
  15. Cadet
  16. Chamber of Commerce
  17. Charter
  18. Chartered
  19. Co-operative
  20. Council
  21. Division
  22. Exchange
  23. Fazaiya
  24. Federal
  25. Federation
  26. Fouji
  27. Foundation
  28. Fund
  29. Group
  30. Holding
  31. Housing Finance
  32. IMF
  33. Institution
  34. Insurance
  35. Insurer
  36. Investment
  37. Investment Advisory
  38. Investment Finance
  39. Leasing
  40. Modern
  41. New
  42. Re-Assurance
  43. Re-Assurer
  44. Re-Insurance
  45. Re-Insurer
  46. Red Crecent
  47. Red Cross
  48. Register
  49. Registered
  50. Society
  51. State
  52. The
  53. Trust
  54. UNO
  55. University
  56. World Bank

Note:

  • Name of Company containing country name or nationality other than Pakistan.

    These names are not allowed unless sufficient justification is provided.

  • Name of Company containing name of two countries i.e. Pakistan/Pak and any other foreign
    company

    These words may be included in the name of companies where documentary evidence is provided in
    support of the fact that the company is a Joint Venture of two Governments or companies of two
    countries.

  • Patronage of past or present, Pakistani or Foreign, Head of State/ any connection with Federal or Provincial Government, Department or authority/any connection with corporation set up by or under Federal/Provisional Law/ the patronage of, or any connection with, any Foreign Government or any International Organization.

    These words may be included in the name of companies with the approval of the Commission
    provided sufficient justification is furnished.

  • Important Note Regarding Spellings of Proposed Names.

    It is pertinent to mention here that the application for availability of name will be considered only if
    the spelling of proposed name is according to dictionary. Any deviation in dictionary spellings will
    not be accepted and the name will be rejected.

 To download a list of prohibited words for company name reservation click here.

STEP 2: REGISTRATION OF COMPANY

Any three or more persons associated for lawful purpose may, by subscribing their names to the Memorandum of Association and complying with the requirements of the Companies Ordinance form a public company and any two or more persons so associated may, in like manner, form a private company. If only one member forms a private company, it is called a single member private company.

Applicant may apply for the incorporation of the company either offline or online. Further, the application may be submitted with normal fee or through Fast Track Registration Services (FTRS) for urgent processing in 4 hours.

The Securities & Exchange Commission of Pakistan (SECP), with the aim to bring the non-corporate business into the corporate fold and to further facilitate registration of companies, has launched swift incorporation scheme under which a company is registered on the same day as against two working days with ordinary fee and within two hours under Fast Track Registration Services (FTRS) as against four hours, without charging any extra fee for speedy disposal of documents.

Step by Step Process for Company Registration / Formation / Incorporation in Pakistanstep

 Following steps involve in Company Registration in Pakistan when formed through online mode.

 Step 1: Search Company Name Availability:

(for Company Registration in Pakistan)

Search the availability of name of the proposed company for Company Registration in Pakistan. If same name or any identical name already taken, then try other options for new company name. Company Name Search is free and attract no fees.

Step 2: Getting the Company Name Reserved:

(for Company Registration in Pakistan) business_name_reservation_wyoming__33875.1356227701.180.180

If the proposed name of the company is available, then the second step is to apply for company name reservation. For name reservation, go to SECP website create the user login and start the name reservation process. Follow the steps as directed.

The first step in company Registration in Pakistan is to make an application to the registrar of companies for the availability of name. The application can be made both online and in offline mode and normally takes a period of one to two days before confirmation of the name applied for new company registration in Pakistan. Before making an application to the Securities and Exchange Commission of Pakistan for company registration please do not forget to do Company Name Search on the Securities and Exchange Commission of Pakistan website. Once the name is confirmed you can proceed with the process of company registration in Pakistan.

Fee. Deposit applicable fee in selected MCB or UBL bank.

Step 3: Obtaining Digital Signature of Directors:

(for Company Registration in Pakistan)

i).   You already have one login/user ID which will be used for one Director of the proposed Company. For remaining directors create secondary user ids through login into existing user ID in secp eservices for all directors.

ii).  Digital signatures are mandatory for submitting case through e services (online). For digital signature of directors, obtain the form and get it signed by each director (One form for one director). SBC will fill in the rest of NIFT Form and submit the same at NIFT counter at CRO-SECP alongwith following documents;

  1. Attested copies of CNIC of all Directors
  2. Attested copies of Availability of Name Letter issued by SECP.

iii). NIFT will deliver digital signatures details through email. Download the signature at the same day while following the instructions given in that email. If have problem in downloading call at NIFT Help Line.

NIFT Fees. Normal: Rs. 1,500 Per Director, Fast Track (Same Day), Rs. 1,800 Per Director

Step 4: Applying for online Company Incorporation

(for Company Registration in Pakistan)

Company Registration in Pakistan

i). Before starting process of online filling of application for incorporation, prepare a folder with Company Name and  prepare following documents and also convert them into PDF documents;

  • Memorandum of Association
  • Article of Association
  • Please note that there is no need to create Form 1, Form 21 and Form 29 manually, as eservices system will automatically generate these forms when you fills in eservices main form
  • Availability of Name letter issued by SECP
  • CNIC copies of all Directors

Memorandum of Association

Memorandum of Association is the basic document where all the objectives of the company registration are stated e.g. the basic objective of company registration is to engage in the business of general order supplier or trading company or any other business. All the business the company is planning to undertake must be stated in the memorandum in order to get the process of company registration in Pakistan to complete.

Articles of Association

Articles of Association is the basic document where all the rules of the company to operate are stated e.g. How directors are going to operate, when how General Meetings of the company undergoing the process of company registration in Pakistan is to be conducted etc.

Form 1 (Form One):

Form 1 for company registration is the basically a declaration of one of the directors of the company about to be registered. Form 1 can be downloaded from Securities and Exchange Commission of Pakistan website. This is another compulsory component of company registration process in Pakistan.

Form 21:

Form 21 is the form whereby the address of company undergoing the process of company registration in Pakistan is notified to the registrar.

Form 29:

Form 29 contains information about the particulars of the directors of the company that is undergoing the process of company registration in Pakistan.

Company Registration in Pakistan

Step 4 (ii). Completing Online Incorporation Process:

(for Company Registration in Pakistan)

  • Login at SECP, click on company incorporation
  • Fill the form and provide the given information
  • Attach the MOA, AOA, CNICs of directors, Company Name Reservation (All in PDF)
  • Then click on bank challan and save
  • Click on start process, sign the documents and then submit to SECP (remember to install Java)
  • Click on submitted process, click on bank challan, print and pay at MCB Bank
  • Then follow up with CRO-SECP

Hope the above article helped you regarding knowing steps involved in Company Registration in Pakistan. Do share your thoughts or comments to us.

To get help from Synergy Business Consulting for your Pakistan Company Set up CLICK HERE. To know more about Company Registration in Pakistan CLICK HERE.

You make take help from our FAQs Section if you have any question in mind or Contact Us for further guidance.

POST INCORPORATION PROCEDURES:

Below table describe some important procedures to be adopted / steps to be taken / Returns to be filed after Company Registration in Pakistan:

post-incorporation-procedure-table

Registration of a Private Limited Company, Single Member Company, Pubic Limited Company in Pakistan:

This brief overview explains, in very general terms, the procedure and requirements for registration of a company in Pakistan. These brief notes are for general guidance only and should not be taken as a substitute for thorough and professional legal advice.

Kinds of Companies which may be Registered in Pakistan:

The following types of companies may be registered in Pakistan:

  • A private limited company, which may be a single member company
  • A public limited company, which may be listed or unlisted
  • A foreign company

How to Register a Company in Pakistan?

Companies remain the most favored form of business organizations in Pakistan especially for medium and large-scale business enterprises.

Legal regime for establishment and regulation of companies in Pakistan is given in the Companies Ordinance, 1984. Whereas the function of administration of these companies is vested in the Securities and Exchange Commission of Pakistan and the Registrar of Companies appointed by the Securities and Exchange Commission of Pakistan for a Province of Pakistan where such company is to be registered. Under the provisions of the Companies Ordinance, 1984 a company is a corporate body with separate legal entity and a perpetual succession and a company may be formed by persons associating for any lawful purpose by subscribing their names to the Memorandum of Association and complying with other requirements for registration of a company under the provisions of the Ordinance. The Companies Ordinance, 1984 provides three different types of companies:

  • A company limited by shares
  • A company limited by guarantee
  • An unlimited liability company

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Further, under the Companies Ordinance, 1984 two types of limited liability companies are provided namely,

a) a private limited company and

b) a public limited company (which may be listed or unlisted).

Any one or more persons associated for any lawful purpose by subscribing their name(s) to the Memorandum of Association and complying with other registration specific requirements of the Companies Ordinance, 1984 may incorporate a private limited company. Provided that where a company has only one subscriber to the Memorandum of Association then such a company is called a Single Member Company, however, a Single Member Company remains a private limited company for all intents and purposes of the Ordinance. Whereas any three or more persons so associated may form a public limited company. A company limited by shares whether a private company or a public company is the most common vehicle for carrying out a business enterprise in Pakistan. Prior approval of the relevant Ministries/Departments is required to be obtained before incorporation of the following companies:  A banking company  A non-banking finance company  A security service providing company  A corporate brokerage house  A money exchange company  An Association not for profit u/s42 of the Companies Ordinance, 1984 A trade organisation u/s 42 of the Companies Ordinance, 1984

Procedure for Registration of a Company in Pakistan

Following are the requirements for registration of a company in Pakistan:

Step No. 1 for Registration of a Company in Pakistan – Availability of Name: The first step with regard toimages (67) incorporation of a company is to seek availability of the proposed name for the company from the Registrar. For this purpose, an application is to be made and a fee of Rs.200 is required to be paid for seeking availability certificate.

Step No. 2 for Registration of a Company in Pakistan: Filing of documents required for registration of a private limited company in Pakistan The following documents are required to be filed with the registrar concerned for registration of a private limited company in Pakistan:

  • Copy of national identity card or passport, in case of foreigner, of each subscriber and witness to the memorandum and article of association.
  • Memorandum and articles of association – Four printed copes of Memorandum and Articles of Association duly signed by each subscriber in the presence of one witness.
  • Form 1 – Declaration of compliance with the pre-requisites for formation of the company.
  • Registration/filing fee – A copy of the original paid Challan in the authorized branches of Habib Bank Limited or a Bank Draft/ Pay Order drawn in favour of the Securities and Exchange Commission of Pakistan of the prescribed amount.
  • Authorisation by sponsors – The authorisation of sponsors in favour of a person to make good the deficiencies, if any, in memorandum and articles of association as may be pointed out by the registrar concerned and to collect the certificate of incorporation Documents required for registration of a Single Member Company in Pakistan Any person may form a single member company and would file with the registrar at the time of incorporation a nomination in prescribed form indicating at least two individuals to act as nominee director and alternate nominee director, of the company in the event of his death.

All requirements for incorporation of a private limited company shall mutatis mutandis apply to a single member company. Documents required for registration of an association not for profit in Pakistan All the documents meant for incorporation of a limited company alongwith a licence issued by the SEC. In case of a trade body, a licence issued by the Ministry of Commerce would also be submitted to the registrar concerned. The application for obtaining the requisite licence from the Commission should be accompanied by draft memorandum and Articles of Association, list of promoters, bio-data of each promoter, declaration, names of companies in which the promoters of the proposed association hold any office, estimates of annual income and expenditure and brief statement of work already done or to be done.

While registering your business as a private limited company in Pakistan (Company Registration, CompanyIT-Services Formation, Company Incorporation in Pakistan) you should be aware, how a company functions? The business of a company is run and managed by its board of directors; which is headed by a Chief Executive. The companies appoint these officers as required by the Companies Ordinance, 1984 (hereinafter referred to as “the Ordinance”). The Ordinance necessitates the appointment of at least one director and a company secretary for a single member company, two directors for a private limited company, three directors for an unlisted public company and seven directors and a company secretary for a public listed company. The director, or directors, must manage the company’s affairs in accordance with its memorandum and articles of association and the law. Certain responsibilities apply to all directors, whether executive or non-executive.

Punjab Employees Social Security Institution (PESSI) Registration Requirements:

PESSI is your partner in progress. By adopting transparent practices, PESSI believes in helping businesses overcome their unforeseen expenses incurred due to accidents, deaths, sickness, disability, maternity etc. of their workers and provides a complete solution to the workers and their dependents.

Who can get registered?

The establishment with 5 or more workers are entitled to be registered with PESSI under the Government of Punjab Notification No. SO (Dev-I)/PESSI/7-120/03 dated 18.07.2003 from the date of their setting up.

What are the benefits of registration?
At a fraction of your business costs, your employees are secured against illness, disease and mishaps resulting in loss of income. Registration with PESSI works like an insurance scheme for the secured workers and their dependents, which entitles them to various benefits including comprehensive medical care besides the following additional cash benefits:-

 

1 Sickness benefits including TB & Cancer 75% of the wages upto 121 days in a year.In case of T.B/Cancer Sickness benefits is paid @ 100% of wages for 365 days.
2 Injury Benefits 100% of wages upto 180-days in a year
3 Maternity benefit. Admissible to concerned woman @ 100% of her wages for 6 weeks pre natal and 6 weeks post natal .
4 Disablement Gratuity As determined by the Medical Board 5% to 20% of disability depending upon the wages and percentage of degree of disablement and amount so assessed is paid one time in lump sum as compensation against the sustained loss
5 Partial disablement pension For disability from 21% to 66% depending upon wages & degree of disablement alongwith free medical care facilities for life
6 Total disablement pension For disability exceeding 66% life pension @ 100% of the wages alongwith free life long medical care
7 Survivor’s Pension. On the death of a secured worker due to the employment injury his survivors are entitled to survivor pension @ 100% of wages alongwith free life long medical care
8 Iddat benefit On the death of husband of a secured women @ 100% of the wages during Iddat period
9 Death grant >> On the death of a secured worker during working hours 100% of last drawn wages is paid as death grant to his dependant>> On natural death of secured worker other than accident during working hours 75% of last drawn wage is paid to dependant as death grant
10 Diet charges Indoor patients are paid diet charges: Rs. 100/- per day
11 Survivor medical care In case of natural death other than employment accident, survivor are provided medical care for one year
12 Conveyance Charges On referral to hospital ambulance or conveyance charges are paid
13 Hajj Facility The PESSI sends 04 secured workers every year on Hajj selected through balloting
14 Free Medical Education The PESSI provide every year 06 workers’ children with free MBBS education in the Medical Colleges affiliated with its hospitals

 

What are the medical facilities available for secured workers and their dependents?

·         Medicines ·         Cardiac Surgery ·         General Surgery
·         Rental Transplant ·         Gynae ·         Paediatrics
·         Neonatology ·         Physiothrapy ·         Psychiatry
·         Cardiology ·         Urology ·         Nephrology
·         Dental Surgery ·         ENT ·         Orthopaedics
·         Eye ·         Detmatology ·         Radiology
·         Blood Bank ·         Laboratary ·         Family Planning Services
·         Vaccinations

 

On a case-to-case basis and after approval from its Governing Body, PESSI may arrange for overseas medical treatment.

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