Setting up business in Pakistan
For starting a business in Pakistan, it is a mandatory requirement under the Companies Act 2017 (“Act”) for all associations, partnerships or entity consisting of more than twenty persons that are formed for the purpose of carrying on any business that has for its object the acquisition of gain by the association, partnership or entity, or by the individual members to register as a company under this Act. The function of administration of all companies is governed by the Securities and Exchange Commission of Pakistan (“SECP”) and the Registrar of Companies appointed by the SECP (for the particular province) where such company is to be registered. MB can provide assistance in incorporation of your company by explaining the relevant laws, rules and procedures as well as preparing and submitting relevant document to the SECP. Our services include, inter alia:
- Preparation and submission of application to SECP seeking the availability of proposed name of the company
- Preparation of documents required for registration of private limited company such as memorandum and articles of association, Form 1(Declaration of applicant for compliance), Form 21(Notice of situation of registered office of the company) and Form 29 (Particulars of first directors of the company).
- Preparation of Form 27 (List of persons consenting to act as director) and Form 28 (Consent of Directors) in addition to the above for public limited companies.
- Preparation of documents for incorporation of an association not for profit MB also provides support and assistance in post incorporation matters such as:
- Registration of the company for income, sales and professional taxes.
- Application for National Taxation Number to Regional Tax Office (RTO) or Federal Board of Revenue (FBR)
- Registration with ESSI and EOBI
- Registration with labor department of the district Setting up foreign company in Pakistan The SECP defines Foreign Company as “A company which is incorporated or formed outside Pakistan and establishes its place of business within Pakistan. Every foreign company which establishes a place of business in Pakistan has to register itself with the SECP within 30 days of establishment of a place of business in Pakistan. Our services for setting up a foreign business in Pakistan include inter alia:
- Filing the required documents in SECP for company registration
- Facilitation in obtaining the required permissions/approvals from any government authorities for opening and maintaining company’s branch/liaison office in Pakistan such as permission letter from the Board of Investment
- Filing of any statutory return or any other document to SECP for change or alteration in documents submitted at the time of registration.