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Public Limited Company Registration in Pakistan
Introduction:
A public limited company is a type of business organization in Pakistan that is owned by shareholders and whose shares are traded on the stock exchange. The registration of a public limited company in Pakistan is governed by the Companies Act, 2017 and the rules and regulations of the Securities & Exchange Commission of Pakistan (SECP). The process of registering a public limited company can be complex and time-consuming, so it is important to follow the legal requirements and seek professional assistance to ensure compliance with all regulations.
Step 1: Name Reservation
The first step in registering a public limited company in Pakistan is to reserve the name of the company with the SECP. The proposed name of the company must not be identical or too similar to the names of other registered companies. The SECP has an online name reservation system called eServices, which can be used to check the availability of the proposed name and to reserve it.
To reserve the name, the following steps should be followed:-
- Go to the SECP eServices website (https://eservices.secp.gov.pk/eServices/).
- Create an account on the website by providing the required information.
- Log in to the account and select the option for name reservation.
- Enter the proposed name of the company and check its availability.
- If the name is available, reserve it by paying the required fee through the online payment system.
Step 2: Preparation of Documents
Once the name is reserved, the next step is to prepare the required documents for the registration of the company. The following documents need to be prepared:
- Memorandum of Association (MOA): This is a document that sets out the objectives of the company, the authorized share capital, and the rights and responsibilities of the shareholders.
- Articles of Association (AOA): This is a document that sets out the rules and regulations for the internal management of the company, such as the appointment and powers of the directors, the holding of meetings, and the transfer of shares.
- Form 1 (Declaration of Compliance): This is a declaration by the company’s promoters that all the legal requirements for the registration of the company have been complied with.
- Form 21 (Notice of Situation of Registered Office of the Company): This is a document that provides details of the registered office of the company, such as its address and contact information.
- The MOA and AOA can be drafted by a lawyer or a professional company registration service provider. It is important to ensure that these documents comply with the requirements of the Companies Act, 2017 and the rules and regulations of the SECP.
Step 3: Submission of Documents
Once the documents are prepared, they need to be submitted to the SECP for review and approval. The following steps should be followed:
- Go to the SECP eServices website and log in to the account.
- Select the option for company registration and enter the required information.
- Upload the documents, including the MOA, AOA, Form 1, and Form 21.
- Pay the required fee through the online payment system.
Submit the application.
The SECP will review the documents and may ask for additional information or clarification if required. Once the SECP is satisfied with the documents, it will issue a Certificate of Incorporation to the company.
Step 4: Obtaining a National Tax Number (NTN)
Once the company is registered with the SECP, it needs to obtain a National Tax Number (NTN) from the Federal Board of Revenue (FBR). The NTN is a unique identification number that is required for tax purposes in Pakistan.
The following steps should be followed to obtain the NTN:
Go to the FBR website (https://iris.fbr.gov.pk/public/
Institution (EOBI) for the benefit of its employees.
It is important to note that the above steps may vary depending on the specific requirements of the SECP and other regulatory bodies. It is recommended to seek professional assistance to ensure compliance with all legal requirements.
