Virtual Company Secretary Services in Pakistan
FIRST TIME IN HISTORY OF PAKISTAN
The expansion of company and governance regulations in Pakistan in recent times has seen an increased regulatory burden and complexity for companies, and an associated perception of increased risks when it comes to the personal liability of directors.
This increased complexity and diversity in corporate governance requirements in today’s business environment also places increased demands on the company secretary, a role crucial to ensuring proper transparency, accountability and compliance obligations are met by your company.
Corporate laws of Pakistan has set the Qualification criteria of company secretary as under;
“The directors of a public listed company shall take reasonable steps to ensure that the company secretary is a person who appears to them to have the requisite knowledge and experience to discharge his functions as company secretary, and who is: (a) a member of, – (i) a recognized body of professional accountants; or (ii) a recognized body of corporate or chartered secretaries; or (b) a person holding a master degree in business administration or commerce or being a law graduate from a university recognized by the Higher Education Commission and having at least two years relevant experience (c) a retired government servant in BS-19 or equivalent or above with at least fifteen years’ service.
Provided that a person already engaged by a public listed company as company secretary before the 26th October, 2002, may continue in that capacity if he has an experience of not less than five years in that position. (2) The company secretary of a single member company shall be a person holding a bachelor degree from a university recognized by the Higher Education Commission.”
Synergy Business Consulting (SBC) Company Secretaries are fully qualified and experienced to fulfil all legal and regulatory duties and obligations as well as any additional responsibilities required by the company.
Our virtual company secretary service package includes the following services for your business:
- Completion and submission of your online Annual Return to Company Registration Office, SECP, Pakistan.
- Completion and submission of other statutory forms to Company Registration Office, SECP, Pakistan online including Change of Accounting Reference Date, Change of Registered Office and Appointment and Termination of Director
- Registered office address for your business.
- Online formation of new limited company.
- Minutes of company meetings.
- Completion of statutory documents for dividend declaration.
- Maintaining your company statutory records.
- Ensuring that the company complies with relevant laws and regulations
- Maintaining the company’s statutory records (register of shareholders / directors)
- Organising and witnessing required meeting of directors and shareholders
- Providing strategic advice and guidance to directors, senior management and shareholders
- Preparing and filing annual returns
- Undertaking policy and procedural reviews of internal controls, approval processes, and compliance operations.
- Advice and assistance in setting up of effective and sustainable corporate structures
- Execution of all type of incorporation of companies in Pakistan
- Providing corporate technical advice and secretarial services in completing documents and acting as company secretary or virtual company secretary.
- Provision of services of obtaining relevant permissions relating to foreign investment and operation of foreign companies in Pakistan from government agencies including Board of Investment (BOI), Government of Pakistan, Securities and Exchange Commission of Pakistan.
Our responsibilities: What will we do for you?
Our responsibilities in the delivery of your virtual company secretary service package are as follows:
- We shall assume the role of ‘Virtual Company Secretary’ for your company to provide an online filing service for your company’s annual statutory accounts, returns and forms
- We will apply for authorization from Company Registration Office, SECP, Pakistan to act as your authorized representative for such accounts/returns/forms
- Upon notification from you of any change to your company’s statutory details and/or officers, we will complete and submit the relevant returns/forms to Company Registration Office, SECP, Pakistan on your behalf
- Carry out formation of a new limited company at your request and upon receiving all relevant information (e.g. company name, proposed activity, addresses, directors details, secretary, shareholders)
Exclusions: What’s not included as part of this package?
The following list provides a list of the most common examples of services not included within your virtual company secretary service package, unless specifically requested by you:
- Advising on special transactions such as purchase of own shares and all related statutory forms/procedures
- Company liquidation (voluntary/involuntary)
- Statutory forms relating to special transactions and those not noted at section 1 above
For specialized matters in respect of your company’s statutory affairs, we will issue separate terms and conditions for such services including respective responsibilities, pricing and payment terms.
Your responsibilities: What do you need to do?
Your responsibilities in respect of your Virtual Company Secretary package are as follows:
- Upon commencement of the delivery of our services, you will provide us with a signed letter of authorization for submission to Company Registration Office, SECP, Pakistan in order to formerly appoint us as your authorized representative.
- Your will advise us of all changes to your company’s statutory details including (but not limited to) change of registered office, change of directors, change of secretary, new shares issued, share transferred and change of accounting period
- You must provide us with written confirmation and approval of all such changes to your company’s statutory details prior to submission of the relevant forms/documents to Company Registration Office, SECP, Pakistan
- You will provide us with photographic identification and proof of home address in respect of all new company officers as required by our client identification requirements
There are statutory time limits for the filing of your company accounts and certain returns/forms with Company Registration Office, SECP, Pakistan. You may be subject to fines/penalties if certain documents are not submitted to Company Registration Office, SECP, Pakistan within the prescribed time limits. With this in mind, we would advise you to notify us immediately of any changes to your company’s statutory information.
We cannot be held responsible for late/incorrect returns and/or forms if you do not provide us with the relevant information within the statutory time limits. You will be responsible payment of any fines/penalties incurred as a result of the late fling of your documents.
If information pertaining to such returns/forms is provided to us within 5 working days of the statutory deadline, we may not be in a position to file the relevant document(s) on time with Company Registration Office, SECP, Pakistan within the time limits due to other customer commitments. Again, in such circumstances, you will be liable for payment of any fines/penalties incurred.
We as Company Secretary generally render services in the following areas:
- Legal, Secretarial and Corporate Governance
- Corporate Restructuring
- Foreign Collaborations and Joint Ventures
- Arbitration and Conciliation
- Financial Management
- Project Planning
- Capital Market and Investor Relations
- Due Diligence
- Corporate Advisory Services
Please contact us if you want to appoint us as your company’s virtual Company Secretary.