Setting up a Private Limited Company
The best known and most common form of company formation is the limited liability company. The structure of a limited liability company protects its members and limits the
liability of all members to the amount invested in the capital. The first step is to choose a name and make sure that name is also registered in the commercial registry. Once
you have chosen a name, you need to define your objectives in an association protocol. You will also need a memorandum and articles of association for the proposed corporation.
These documents will outline how the proposed corporation will operate, including how meetings will be held, quorum, powers of directors, elections, and shareholder meetings.
Our friendly experts will register your corporation in no time - to speak to an AskWakeel expert for a
timeline and quote, please contact us below. A limited liability company must have at least two directors. To start the process, you must have a business address in Pakistan.
Services offered
At AskWakeel.pk, we regularly help our clients to register their companies in
Pakistan according to the business requirements of the emerging markets. Registering a limited liability company has several advantages over other types of companies.
Here are the step-by-step instructions to register a limited liability company in Pakistan:
E-SERVICES REGISTRATION
The first step is to register your company on the Securities and Exchange Commission of Pakistan's e-service portal. This is a process of registering your identity
and some basic information such as your phone number, mobile number, and email address. For foreign nationals of Pakistan, in addition to the above information, they
will also have to provide their passport details and photo. Once the application is completed, a pin code will be sent to your mobile number and email address twice
for verification. At the end of the verification process, you will receive a unique PIN code. You will need to use this PIN to sign the form and submit it to SECP.
APPLY FOR AVAILABILITY OF NAME
The most important step in registering a company in Pakistan is to apply for a company name. You cannot simply approve a name that is already registered with SECP or already
in use. Therefore, you can use the company name search function on the SECP website to ensure that the company name you wish to register is not already in use. In the unlikely
event that the SECP
search does not return any results, this means that the name is available for company registration. To register a company in Pakistan, you can apply to reserve the name.
COMPANY NAME RESERVATION
Once you have applied and received a name from SECP, it
will be reserved for 60 days so that you can start registering your company. The name reservation form must be filled out online after logging into the eservices system.
MEMORANDUM OF ASSOCIATION
The Memorandum of a company is the cornerstone of the company. It is the constitution of the registered company. It not only outlines the vision, scope, and mission of the
company but also discloses the contact information of the shareholders and the structure
of the shares held by each shareholder/subscriber. The memorandum of association is filed at the time of application for registration of the company in Pakistan.
ARTICLES OF ASSOCIATION
The Memorandum of Association is also known as the Articles of Association of a company. It contains the provisions for the day-to-day management of the company's affairs.
It also contains provisions for the appointment of the chairman
of the board, directors, secretary, etc. of the corporation. Along with the application for registration of the company in Pakistan, a Memorandum of Association is also filed.
FILING OF FORMS
Registration of a company in Pakistan can be done both online and offline. For a paperless process, SECP strongly recommends online registration.
Online registration of companies in Pakistan is supported by SECP and is available with a 50% discount. Online company registration requires a joint
application for company name and registration availability. If required, two different phases of the online application can be completed. When applying
for the registration of a company, the articles of association must be attached and an application for the use of the name must be submitted via the
e-services portal. In this case, all applicable fees can be paid online via credit card or internet banking.
If you wish to register your company in Pakistan using the offline method, you will have to issue the invoice directly and after payment, submit it
directly to SECP along with the signed application form and the above-mentioned documents.
PROCESSING TIME
SECP has recently revised the procedure for registering a company in Pakistan and has introduced a new convenient procedure. As a result, the company registration process
has become sophisticated and fast. Applications are now processed within hours, so there is no need to wait for a week or a month for your new company to be registered.
