Mumtaz & Associates offers registration of a company in Pakistan, registration of a private limited company, registration of a single member company, registration of a pubic limited company in Pakistan under company registration law in Pakistan.
Mumtaz & Associates offers registration of Company in Pakistan under the Companies Law. We can be engaged for registration of a Private Limited Company, Registration of a single member Company and Registration of a Public Limited Company.
What we will do for.
- Availability of Name Search.
- Documents for registration of a limited company
The following documents are required to be filed with the registrar concerned for registration of a private limited company:-
- Copy of national identity card or passport, in case of foreigner, of each subscriber and witness to the memorandum and article of association.
- Drafting and submission of Memorandum and articles of association.
- Form - 1 (Declaration of Compliance).
- Registration/filing fee.
- Obtaining Certified Copies of Memorandum & Articles of Association and Certificate of Incorporation
Mumtaz & Associates Guide our Clients to fullfill Legal
REQUIREMENTS AFTER INCORPORATION
a. Private companies
i. The number and names of first directors are required to be determined by the majority of subscribers of memorandum in writing and until so determined all the subscribers of the memorandum who are natural persons shall be deemed to be directors of the company. The appointment of first directors is required to be notified to the registrar concerned on Form '29' within 14 days from the date of incorporation. The first election of directors is required to be held at the first Annual General Meeting of the company and subsequently after every three years. The directors so elected are to hold office for a period of three years. However, casual vacancy occurring on account of death, resignation or removal of any director may be filled up by the other directors for the remainder period of the term.
ii. Directors of every company are required to appoint the first chief executive not later than fifteen days from the date of incorporation and thereafter within fourteen days from the date of election.
iii. The first auditor is required to be appointed by the directors within sixty days from the date of incorporation and thereafter in each AGM of the company.
iv. A single member company is also required to appoint a company secretary within fifteen days of incorporation or of becoming a single member company or of the office of company secretary falling vacant and notify such appointment on Form 29 within fourteen days of the date of such appointment .
v. Any appointment, election or change in the Directors, Chief Executive, Auditors, Chief Accountant, legal adviser etc is required to be notified to the registrar concerned on Form '29' within 14 days of the said election, appointment or change (Section 205).
vi. A company is required to notify the registered office of the company on Form-21 within 28 days from the date of its incorporation. This form is normally submitted with the registration documents to facilitate communication. Change of registered office is also to be notified on the same form within the same period. (Section 142)
vii. A private company may commence its business immediately after its incorporation.
viii. First Annual General Meeting (AGM) of the company is required to be held within eighteen months from the date of incorporation and subsequent Annual General Meetings are required to be held once at least in every calendar year, within a period of four months following the close of its financial year and not more than fifteen Months after holding of its last preceding AGM (Section 158).
ix. Directors of every company are required to lay before the company in its AGM audited balance sheet and profit and loss accounts in case of first accounts since the incorporation of the company and in any other case since the preceding account, made up to a date not earlier than the date of the meeting by more than four months (Section 233).
x. Annual return on prescribed Form ‘A' is required to be filed with the registrar concerned once in each year made as on the date of Annual General Meeting, where no such meeting is held, on the last day of the calendar year (Section 156).
xi. In case of increase in paid-up capital, the company is required to offer new shares to the existing shareholders and the offer is required to be accompanied by a circular issued under section 86(3) to all the shareholders strictly in proportion to the shares.
held by them and, on the allotment of shares, return of allotment on Form '3' is required to be filed with registrar concerned within 30 days from the date of allotment of shares. Partly paid shares are not allowed to be issued at all. (Sections 73 & 86).
xii. The company is required to issue share certificates to its shareholders within 90 days from the date of allotment or within 45 days after the date of filing of application for registration of transfer of shares (Section 74).
xiii. Particulars of every mortgage or charge created by the company on its property or undertaking and every modification therein or satisfaction thereof are required to be filed and registered with the registrar concerned within 21 days after the date of its creation, modification or satisfaction (Sections 121, 129 & 132).
xiv. In case of death of single member of a Single Member Company, the nominee director of SMC is required to inform the registrar concerned of death of the single member, provide particulars of the legal heirs and in case of any impediment report the circumstances seeking the directions in the form as set out in Form S3 within seven days of the death of the single member.
xv. The decisions taken by the single member or sole director in the meeting of director and member of a Single Member Company are required to be drawn up in writing and recorded in the minute's book by the company secretary.
b. Public companies
i. All the requirements meant for private companies given at serial Nos. (i) to (xiii) above are also applicable to public companies. However, the listed companies are also required to file list of members on floppy diskette to the Commission and the
Associations are required to file with the registrar concerned annual return on Form ‘B' instead of Form ‘A'.
ii. Company is required to file a list of Directors and consent of Directors and Chief Executive within 7 days of the incorporation and thereafter before the election/appointment of Directors and Chief Executive on Forms 27 & 28.
iii. Company shall be entitled to commence its business after obtaining commencement of business certificate from the registrar concerned (Section 146).
iv. Statutory meeting is required to be held within a period of not less than three months but not more than six months from the date at which the company is entitled to commence business. A statutory report is required to be circulated to the members and five copies thereof certified in the prescribed manner are required to be filed with the registrar concerned, at least 21 days before the date of Statutory Meeting. A private company which converts itself to public company after one year of incorporation is not required to hold such statutory meeting and issue such statutory report. (Section 157).
v. Two copies of the audited balance sheet and profit and loss accounts signed in the prescribed manner are required to be filed by public companies with the registrar concerned within 30 days from the date of their AGM (Sections 233 & 242).
vi. Every listed company is required to file three copies of audited balance sheet and profit and loss accounts to the SEC, Stock Exchange and the registrar at the time of sending the notice of AGM to the members as well as within 30 days of holding the Annual General Meeting.
vii. Return containing beneficial ownership of listed securities and change therein on Form 31 and Form 32 are required to be filed with the Registrar concerned and the SEC.
viii. A listed company is also required to appoint a company secretary.
c. Requirement after establishment of place of business by foreign companies
A Foreign Company incorporated outside Pakistan , is required to file the following documents to the registrar concerned within 30 days from the establishment of its place of business in Pakistan (Sections 450 To 458 Of The Companies Ordinance, 1984) :
i. A certified copy of the charter, statute or Memorandum and Articles of the company accompanied by Form 38. The certification is to be given by:-
(a) The public officer in the country where the company is incorporated to whose custody the original is committed or
(b) A notary public of the country where the company is incorporated; or
(c) An affidavit of a responsible officer of the company in the country where the company is incorporated.
The signature or seal of the person so certifying shall be authenticated by a Pakistani diplomatic consular or consulate officer.
If the document is not in English, duly certified translation in English or Urdu language is provided (Rule 23 of Companies (General Provisions and Forms) Rules, 1985.
ii. Address of registered office or principal office of the company, on Form 39;
iii. Particulars of directors, Chief Executive and secretary (if any) of the company, on Form 40;
iv. Particulars of principal officer of the company in Pakistan, on Form 41;
v. Particulars of person(s) resident in Pakistan authorized to accept service on behalf of the foreign company, on Form 42 along with the certified copy of the appointment order, authority letter of board of directors' resolution and consent of the principle officer;
vi. Address of principal place of business in Pakistan of the foreign company, on Form 43 (Section 451).
VII. Permission letter from the Board of Investment with a specific validity period for opening and maintaining of a branch/liaison office by a foreign company.
· Any change or alteration in particulars stated in the documents and returns filed at the time of registration u/s 451 is required to be filed on form 44 with the registrar concerned within 30 days of such change or alteration (Section 452); and.
· Foreign Company is required to file annually with the registrar concerned annual accounts in respect of its operations within Pakistan as well as its global accounts together with the list of Pakistani members and debenture holders and of places of Business of the company in Pakistan within the prescribed period (Section 453).
· Foreign company is required to submit the renewal/extension of the permission to open/maintain a branch/liaison office from the Board Of Investment on the expiry of the validity period of the permission, originally granted.
· Foreign company is required to give notice on form 46 to the registrar concerned at least 30 days before it intends to cease to have a place of business in Pakistan and to publish a notice of such intention at least in two daily newspapers circulating in the Province or Provinces in which such place or places of business are situated.
INFORMATION FOR THE COMPANIES HAVING FOREIGN INVESTMENT/ COLLABORATION
Foreign Investors are permitted to hold 100% equity of industrial projects without any permission of the Government. No Government sanction is required for setting up any industry, in terms of field of activity, location and size except for the following:
A. Arms and ammunitions.
B. High explosives
C. Radio-active substances
D. Security printing, currency and mint.
No new units for the manufacture of alcoholic beverages or liquors will be allowed. There is no requirement for obtaining No Objection Certificates (NOC) from the provincial governments for locating the project anywhere in the country except in areas that are notified as negative areas. With the announcement of Investment Policy, 1997 by Government of Pakistan, the foreign investment has since been allowed on repatriate able basis in agriculture, service, infrastructure and social sectors subject to conditions indicated against each. They will have to simply register a company with the SEC under the Ordinance and to inform the State Bank of Pakistan provided the relevant conditionality is fulfilled. (a) Service Sector:
"Foreign Direct Investment (FDI) in Service Sector is allowed for any activity subject to any condition that services which require prior permission/NOC or licence from the concerned agencies will continue to get the same treatment until and unless de-regulated by such agencies and will be subject to provisions of respective sectoral policies. The list of deregulated services in telecommunications is as under; -
a) E-mail/Internet/Electronic Information services (EIS)
b) Data Communication Network services
c) Trunk Radio services
d) Cellular Mobile telephone Services
e) Audiotex Services
f) Voice Mail Services
g) Card Pay Phone Services
h) Close User Group for Banking Operations
i) International Satellite Operations for Domestic Data Communication
j) Paging Services
k) Vehicle Tracking System (VTS)
l) Burglar Alarm System (BAS)
m) Global Mobile Personal Communication System (GMPCS)
n) Any other telecommunication service, which is dare gulated in future, will become part of this list.
Note: - Those sectors which have not been deregulated, and are with Pakistan Telecommunication Corporation Limited (PTCL), are open to foreign investors in collaboration with PTCL”
i. The amount of foreign equity investment in the company/project shall be at least US $ 0.3 million.
ii. Foreign investors are allowed to hold 100 % of the equity subject to the condition that the repatriation of profit shall be restricted to a maximum of 60 % of the total equity or profits and that a minimum of 40 % of equity is held by Pakistani investor (including sale of shares in stock exchange) within five years.
(b) Infrastructure sector:
"Infrastructure projects including development of industrial zones”
i. The amount of foreign equity investment in the company/ project shall be at least US $ 0.3 million.
ii. 100% foreign equity is allowed on repatriate able basis.
(c) social sector:
"Education, Technical/Vocational Training, Human Resource Development (HRD), Hospitals, Medical and Diagnostic Services."
i. The amount of foreign equity investment in the company/project
Shall be at least US $ 0.3 million.
ii. 100% foreign equity is allowed.
(d) Corporate Agriculture Farming (CAF) sector :
The Cabinet decision dated June 19 th , 2002 on Corporate Agriculture Farming (CAF) policy enunciates that such local and foreign companies would be entitled CAF legal entity that are locally incorporated under the Companies Ordinance, 1984 . In this connection, in case of foreign collaboration, 60% foreign equity is allowed with minimum investment of US$ 0.3 million. Beside the following agriculture related activities are included in CAF under the approved policy package , -
i. Land development/reclamation of batter land, desert and hilly areas for agriculture purpose and Crop farming.
ii Reclamation of water Front Areas/Creeks.
iii. Crops. Fruits, Vegetables, Flowers Farming/ Integrated Agriculture (Cultivation and processing of Crops).
iv. Modernization and Development of Irrigation Facilities and Water Management.
v. On farm construction of wheat/grain storage and construction of cold storage for captive use (not on commercial basis).
i) Tourism: Tourism has been given the status of industry and placed under priority industries i.e. category “C”of the Investment Policy.
ii) Housing and Construction : The Housing and Construction sector has also been declared as Industry and placed under priority Industries i.e. category “C”of the Investment Policy. Local and Foreign Companies involved in real estate projects will not market these projects unless the title of the property is transferred in the name of a locally incorporated company and the “Commencement of Business” certificate is issued by the Securities and Exchange Commission of Pakistan (SECP) to the company.
iii) Information Technology: Computer Software and Information Technology (IT) have been declared as Industry.