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LLP registration process in Pakistan
Limited Liability Partnership (LLP) registration process in Pakistan:
A Limited Liability Partnership (LLP) is a business structure that combines the flexibility and tax benefits of a partnership with the limited liability protection of a corporation. In Pakistan, the LLP is governed by the Limited Liability Partnership Act, 2017, which came into effect on March 2, 2018. The Act provides a legal framework for the formation and operation of LLPs in Pakistan. In this article, we will discuss the registration process for LLPs in Pakistan, as well as the documents required for registration.
Registration Process:-
The process for registering an LLP in Pakistan involves the following steps:
Step 1: Name Reservation:-
The first step in the registration process is to reserve a name for the LLP. The name of the LLP must comply with the guidelines laid out in the Companies (Incorporation) Regulations, 2017. The name must not be identical or similar to the name of an existing company, LLP, or trademark in Pakistan. The name must also not be offensive or contrary to the law.
To reserve a name for the LLP, the applicant must file Form 1 with the Registrar of Companies (ROC). The form must be filed online through the Securities and Exchange Commission of Pakistan (SECP) eServices portal. The applicant must pay fee for name reservation.
Step 2: Document Preparation:-
After the name is reserved, the applicant must prepare the necessary documents for the registration of the LLP. The following documents are required:
Partnership agreement /Deed : This is a document that outlines the rights and responsibilities of the partners of the LLP. The agreement must be in writing and signed by all partners. The agreement must also be stamped according to the Stamp Act, 1899.
Form 2: This is the application for registration of the LLP. The form must be filed online through the SECP eServices portal. The form must be signed by at least two partners of the LLP.
Form 3: This is the consent of the designated partner to act as such. The designated partner is responsible for compliance with the provisions of the LLP Act. The form must be filed online through the SECP eServices portal. The form must be signed by the designated partner.
Form 4: This is the particulars of the designated partner. The form must be filed online through the SECP eServices portal. The form must be signed by the designated partner.
Form 5: This is the address of the registered office of the LLP. The form must be filed online through the SECP eServices portal. The form must be signed by a partner of the LLP.
Identity documents: The identity documents of all partners and designated partners must be submitted along with the application. The following documents are acceptable as proof of identity:
- National Identity Card (NIC) for Pakistani citizens
- Passport for foreign nationals
- NICOP (National Identity Card for Overseas Pakistanis) for overseas Pakistanis
Step 3: Registration
Once the documents are prepared, the applicant must file Form 2 with the ROC through the SECP eServices portal. The applicant must pay a fee of PKR 10,000 for registration of the LLP.
After the application is filed, the ROC will review the application and, if all the requirements are met, issue a certificate of registration. The certificate of registration serves as proof that the LLP is registered under the LLP Act.
Documents Required
The following documents are required for the registration of an LLP in Pakistan:
Partnership agreement
Form 2 – Application for registration of LLP (Limited Liability Partnership)
Form 3 – Consent of designated partner to act as such
Form 4 – Particulars of designated partner
Form 5 – Address of registered office
