How to Register a Company in Pakistan?
How to Register a Corporation in Pakistan|West Pakistan|Asian country|Asian nation|West Pakistan | Asian country | Asian nation in 2020 Updated?
Anyone wishing to own their own company in Pakistan, or those who are planning to open their own company and do not know how to register a corporation in Pakistan, need not worry. In this article, you will get to know how to register a corporation in Pakistan with SECP or provincial trade registration on a local basis. We hope that this article will assist and guide you accurately to register your company.
We will provide you with a step-by-step method to guide and offer complete details to those who wish to register their company with SECP (Securities and Exchange Commission of Pakistan). Before starting, it may seem like a big deal, but the registration process is actually very simple if you follow the rules set by the government of the Asian nation and our guidelines. The registration process for all companies is governed by the Securities and Exchange Commission of Asian Nations and square measure controlled by the Businesses Ordinance Act of 1984. Additionally, the Registrar of Companies is appointed by the Securities and Exchange Commission of Asian Nations. According to the Companies Ordinance of 1984, there can be different types of companies, such as a company limited by shares, a company limited by guarantee, an unlimited liability company, and more. There are six steps that you need to follow for company registration. The easiest way to register a corporation in Pakistan in 2019 is to update the source. Only six basic steps are involved in the incorporation of the company. Let’s discuss each of them one by one to help you understand how the firm registration process can be done.”
1) Approval of the Company’s Name (Unique Name):
The first step in the process of registering a new company in an Asian nation is to choose a name. When selecting the name for your company, it is important to ensure that it does not contain any inappropriate words or phrases and that it carries some meaning. The SECP will reject any deceptive words or terms in the first place. Before finalizing the name of your company, make sure that it does not resemble or closely resemble the names of existing companies. While choosing the name of your company, the applicants should review the prohibitions and restrictions of the SECP. To make your work more efficient with today’s technology, you need to ensure that your social media account matches your name and can be trusted. To provide assistance, please check this website by clicking on the following link
2) Payment of Incorporation and Registration of Your Company:
People often ask, ‘How much does it cost to register a corporation in the Asian Nation?’. After your company name is approved, you need to obtain a name availability certificate from the SECP by filing an application. This application is usually drafted by an advocate or an oath commissioner, who typically charges between 2,000 to 5,000 Pakistani rupees. Candidates are required to pay a fee to obtain the name availability certificate from the SECP. The fees can be paid by submitting bank Challans at selected Muslim Commercial Banks (MCB). After this, you have to submit the following documents, which are the changes required by the government of Asian nations changes. The following documents need to be submitted: Declaration of Compliance, Specification of the office’s location, Members and Roles of administrators, secretary, chief executive officer, auditors, and other officials, Copies of the Memorandum and Articles of Association with every member’s signature. The Memorandum of Association outlines the company’s sector, such as establishment, agency, commercialism, or producing, providing, or chain of stores. It provides information about the link between your company and the rest of the globe. Documentation of Association: The Documentation of the Association explains the day-to-day proceedings inside the company. This includes the roles played by the CEO and administrators, details about business conferences, and the appointments of workers. It highlights how the corporation can run and provides details about the functions of the company.
3) DIGITAL SIGNATURE AND a corporation SEAL:
The third step of business registration in the Asian nation is to obtain a digital signature and a corporate seal. The signature can be obtained using the electronic services of the SECP. After receiving a certificate of incorporation, the company representatives should also present a seal of the company, which depends on where the business will be headquartered or started. Some states may also require a company seal from the corporation, which is also commonly referred to as the corporate seal. For compliance purposes, it wouldn’t be wrong to say that some states require companies to have a company seal.
4) Register for income, sales, and professional taxes:
The fourth step of firm registration or Single Member Company is to register for taxes. For taxation registration, candidates can apply for a National Tax Number (NTN) at the tax facilitation office of the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR) on a provincial basis. The requirements for this application include having a mobile number, CNIC, and email address. Without these, an NTN cannot be obtained. The necessary documents for the application are:
- NTN form
- Proof of registration
- Memorandum and Articles of Association
- Bank account number
- Copies of National Identity Cards (NICs) of the company’s directors
- Attestation of business addresses Taxes can be registered by applying for a Sales Tax Number (STN) at the tax facilitation center of the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR). Candidates should also register with the Exercise and Taxation (ET) Department of the district for professional tax.
5) Got to REGISTER WITH EOBI AND ESSI.
The fifth step of private limited company registration in Pakistan is to register with ESSI and EOBI. The company will have to register with the Employees’ Social Security Institutions. Every business or corporation with five or more employees should be registered with the Federal Employees Old-age Benefits Institution (EOBI). Punjab Workers Social Security Establishment (PESSI), Sindh Workers Social Security Establishment (SESSI), and BESSI or KPKESSI for Balochistan and Khyber Pakhtunkhwa respectively.
6) Got to REGISTER WITH THE Labor OF THE DISTRICT:
All companies are required to register with the District Chief Inspector of Labor in each district in order to safeguard the labor standards of the employees. The company’s representative must submit the application form and the relevant bank form for registration. Once you follow all of the above instructions strictly and fulfill all the requirements of the SECP, your company will be able to become an independent operating body in the Asian nation.
The procedure for online company registration in Pakistan is as follows:
- Availability of Name: The candidate can sign up at https://eservices.secp.gov.pk/eServices. A new user will receive an email containing the activation link. Clicking on the link will activate the user account. The customer can log in to eServices and select the “Fast Track” option to enter the required data and submit the application.
- After submitting the application, the candidate should pay the prescribed fee.
- Incorporation of the Company: The candidate can log in to their account at https://eservices.secp.gov.pk/eServices. From there, they can follow the instructions to incorporate the company online.
In case the name availability was obtained manually, then the applicant would need to get eServices User ID and password by following the procedure given on the SECP website at http://www.secp.gov.pk/eServices/eServices-UserID-Password.pdf, and then log in. The applicant needs to create separate User IDs for all proposed Subscribers to obtain their digital signature certificates. Additional User IDs can be created as needed via the “Manage Company Users” button located on the top right-hand side of the webpage. The required digital signature certificates for all Subscribers can be obtained from NIFT by direct submission of the application to NIFT with the necessary documents and fees. Currently, this method is manual. The SECP, in collaboration with NIFT, has placed NIFT personnel at CROs in Karachi, Lahore, and Islamabad to assist stakeholders. The application for digital signatures can be submitted at one of these CROs or can be mailed to the NIFT office. NIFT will inform the applicant directly on how to install the aforementioned signatures on their PCs. The applicant needs to log in to eServices and select the “Fast Track” option, enter data, and attach the required documents. Additionally, candidates need to sign documents/forms using digital signatures and submit the process. It’s necessary to notice that each subscriber must sign documents/forms by logging in through his/her User ID individually. Finally, candidates should pay the prescribed fees. Payment via Register a company in Pakistan Services takes a few hours and is usually settled within one day. How much will it cost to register a company or firm in Pakistan? It will cost you around 5000 PKR.
Back to Blog