Understand the Jurisdictions Setup Requirement Before Proceed Your Pakistan Company Formation
Have you ever thought of investing in Pakistan? If you haven’t, now is the time to get into Pakistan company formation and start your own business. With the advancement of technology and progressive economic development, investors, both locals and foreigners, can plunge into any form of business as long as it’s legal. However, launching a business does come with its own challenges. But with the existence of firms such as 3E Accounting UK, you’re bound to experience a batch of business solution services including the following:
- Business setup
- Auditing and accounting services
- Payroll and human resources services
- Legal and taxation services
- Business license renewal
- Corporate secretarial
Get in touch with us through our contacts and experience the best services from highly trained staff.
The Process and Procedure
Now, we may get into the following procedures on Pakistan company formation:
Business Name Approval
In the world of business, your company becomes legitimate the moment you have an existing company name. With that in mind, ensure that you decide on several name proposals before presenting them for approval. While deciding on the names, make sure that they are distinct, simple, and easy to pronounce. Now, the agency responsible for name search and approval is the Securities and Exchange Commission of Pakistan (SECP). SECP duly approves your business name once it has followed the naming criteria and there no any similar name existing. The agency issues you with a name availability certificate. The next procedure is the payment of the incorporation fees at the authorized commercial bank. In this case, the Muslim Commercial Bank (MCB) serves with the responsibility of receiving any form of payment concerning Pakistan company formation.
Submission of Documents
Once you receive the name availability certificate, the next step is submitting your registration documents. Then, it follows that Pakistan company formation requires the acquisition of the digital signature and creation of the company seal. Now, through the E-services offered by the National Institutional Facilitation Technologies, you’ll acquire the digital signature. The digital signature also allows you to submit your registration documents, which includes the following:
- An official letter of the testimony of compliance
- Copies of Articles and Memorandum of Association displaying members signatures
- Identification details of the directors, chief accountant, company secretary, among others
- A registration identification of the location of the office
The moment the authorities have validated all the documents, you’ll receive the certificate of incorporation which gives you a head-start to apply for a company seal.
Registration for Tax Status
Pakistan company formation under the Company’s Act requires every company to register for tax status. Now, the agency responsible for tax matters is the Regional Tax Office (RTO) in conjunction with the Federal Board of Revenue (FBR). Here’s where the authority issues you with a National Tax Number (NTN) where then you may register for Income Tax, Sales Tax, and Professional Taxes. Some of the requirements needed while registering for the Income Tax include:
- Certificate of incorporation
- The National Tax Number form
- Articles and Memorandum of Association
- Copies of the National Identity cards of directors
- Confirmation of company address
As it’s your prerogative to abide by the taxation rules and regulations, you may also seek the services of 3E Accounting UK concerning taxes if the process is deemed challenging.
In Pakistan, the Company’s Act stipulates that the shareholders must deposit their equal amount of shares through a commercial bank account.
Registration with the Social Security Institutions
According to the Employment Act, every company must register with the Employees Social Security Institutions (ESSI) and the Employees Old-Age Benefits Institution (EOBI). Then, every employer must abide by the act, which depends on the business or municipality location for Pakistan Company Formation. Again, you must register with the Labour Department of the District once submitting application Form A and Bank Challan.