Single Member Company or SMC is a private company which has only one member/director and which has the privileges of limited liability. It has facilitated sole proprietorships to obtain corporate status. All the shares are vested with single member/director.
The creation of SMCs was first allowed by SECP through Single Member Companies Rules, 2003. These rules allow single persons to convert their non-corporate entities into companies with limited liability of the Single Member.
The Registration of this type of company is dealt under the provisions of the Companies Act, 2017. The advantages of this company are that there would be no chances of disputes which are common in private companies, as a member would not be having any associate in the company, it protects the single member from unlimited personal liability and limits liability to assets of company.
Askwakeel.pk has dealt with various registrations of single member companies in Pakistan and has expertise in doing so. You can have all the company requirements, like filing an annual returns and many more. The basic benefit you can get by using our services is that it can help your business not only get started, but enable you to build it into something successful.