In case to establish your own company in Pakistan, you have to go through the process of company registration. The Government of Pakistan has created the process of company registration stress-free by transforming it into an online & digital process for individuals. The process of company registration is controlled by the SECP (Securities and Exchange Commission of Pakistan).
Securities & Exchange Commission of Pakistan
SECP (Securities and Exchange Commission of Pakistan) holds the processes of company registration in Pakistan. The SECP facilitates people by both online and offline methods for registering a company. Initially, you have to search & decide your company name according to your category of work. After that, you have to check the availability of that specific name chosen. You can register different niches & categories of companies in Pakistan.
Availability of the Company Name
Initially, for the registration of a company, you have to search for the availability of the company name. Intended for the obvious niche & category, consult from the administrator of companies’ registration in SECP. The applicants have to look for certain preventions and limitations while selecting a specific name for a company. If your desire or identical name is unavailable, then think & make suggestions for a new company name. Company Name searching is free without any dues.
Suggestions for Ideal Company Name
While selecting the name for your company, avoid using Illegal or Similar terms. Any type of misleading or incorrect words would not be accepted by the SECP. Your selected company label will be Validated & analyzed. To avoid any issue & to save your precious time confirm that the company name is not duplicated & resembles the existing companies. To get rapid approval by SECP, you must follow the specified criteria for selecting the company name.
Registration of Company Name
If the suggested company name is available, then apply for the company name registration. The first step in company Registration is to make an application to the registrar of companies. The application can be completed both by an online and offline process which usually takes 2 or 3 days. Once the name is confirmed by the Securities and Exchange Commission of Pakistan, you can continue with the process of company registration.
Company Registration Dues & Documents Submission
A name availability license is mandatory from the Securities and Exchange Commission and for this purpose, you may apply. Company Registration Duescan be paid by any branch of Muslim Commercial Banks (MCB). Hereafter, you have to submit the following documents to SECP:
- Declaration of submission
- Identification of company’s location
- Details of a company owner, employers, accountants, and others
- Duplicates of the Memorandum and Articles of Association with each affiliate’s sign
After receiving the Name Reservation Certificate from the Securities and Exchange Commission, you will have to refer to the application to obtain a digital signature which is given by National Institutional Facilitation Technologies (NIFT) and can be collected by E-Services of SECP. Once the certificate of integration is allotted, you will have to present a company seal. Particular conditions need a company to have a corporate seal. Digital Signature will be given for every manager of the company to sign all the documents containing Memorandum, Articles, and others.
Income & Sales Tax Registration
The important part of company registration is that you need to have a National Tax Number (NTN). You can apply for a National Tax Number (NTN) at the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR). The Federal Board of Revenue (FBR) holds every income tax problem. You can apply for NTN & Sales Tax Number (STN) using the website of FBR. The necessary documents to apply for a National Tax Number (NTN) are given below:
- NTN Form
- Registration Evidence
- Memorandum & Articles Of Association
- Bank Account Number
- Prints of National Identity Cards of Businesses’ Managers
- Proof of Company Address
Securities and Exchange Commission has crafted the process of company registration in Pakistan extremely stress-free & user-friendly. Earlier from this E-Service individuals take to process the registration manually. Previously it was very tough for individuals to register a corporation. Now you can search for company names online.