We have described different steps with a simple understanding of procedures for the reader. So, that you need not to dive into more details and find it complex. Security and Exchange commission of Pakistan also follows some rules and regulations.
Steps for Company registration in Pakistan:
1. Give a name to your company and get approval:
While going through the phase of selection of name for your company, make sure that you don’t use restricted words or prohibited terms. Because inappropriate or deceptive words will not be accepted by SECP. In addition to this, keep this thing in mind that the name you chose for your company must not be identical to any other company already registered. In both cases, you won’t get the approval for the name.
2. Pay the required dues for incorporation and get it registered:
Suppose that you have decided the name for your company now the next step is paying the company registration fee. Before that you will need to have a name availability certificate from SECP. For the purpose of having it, you may write an application. Required dues can be submitted through bank challans, where ever instructed. Now at this step SECP ask for some documents. Let us discuss those documents below.
- Documents regarding Declaration of compliance.
- Documents regarding Identification of office’s location.
- Photocopies of Memorandum plus Articles of Association with signatures of the members.
- Particulars of auditors, secretary and chief accountant.
3. Obtain Your digital signature and Make a company seal:
The digital signatures are provided by NIFT (National Institutional Facilitation Technologies). These can be obtained using e services provided by SECP. When it is, all done, you have to represent a company seal, which will depend upon the city where you want to start your business.
4. Register for all the taxis like sales, professional and income tax:
In case of registration of Income tax, you must apply for NTN (National Tax Number) at the Regional tax office of FBR (Federal Board of Revenue. Following are the requirements of this application.
- National tax number form.
- Articles and Memorandum of association.
- Proof of the registration.
- Company’s Director ID card copies.
- Bank account number.
- Attestation of the location of business address.
Similarly, Sales tax registration can be completed by applying for STN at regional tax office of FBR. And for professional tax you must register yourself with Excise and Taxation department.
5. Registration with EOIB and ESSI:
Depending on the location of your business, you will need to register with ESSI. And every company with five or more employees is supposed to be registered with Employees old age benefits institution (EOBI).
6. Registration with the labor department of your location:
For the purpose of safeguarding the standards of labor workers, every company other than one man shop is required to get registered with this department.
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