THE FORMATION OF A CORPORATION
In Pakistan, there are five essential steps to forming a business. Each of these steps is described in detail below, along with their special prerequisites.
STEP 1: RESERVATION OF THE COMPANY NAME
To begin, use SECP’s Company Name Search to see if the name you want is available.
Go to your eServices account and log in. Company Name Reservation is the only step available to you on this page. Begin the procedure by filling in the blanks. To complete this process, you must make a payment of Rs. 200, either online through credit card or in person at the bank of your choice.
- Make certain that the organization type you select is the right one for you.
- At least two directors are required for a Private Limited Company.
- At least one director and a secretary are required for a single-member company.
- If your name reservation is successful, you will receive an email at your registered email address within two to three days. If there are any objections, you may need to go back to step one.
- Your firm name will be held for 90 days. You can pick up the Company Name Reservation Certificate the next working day from the concerned Company Registration Office (CRO) or have it delivered to your address in 2–4 days.
STEP 2: CORPORATION DOCUMENTS
During the incorporation procedure, you will be required to file the following documents. Begin drafting your Memorandum and Articles of Association at the same time you submit your application for name availability.
The Memorandum of Association lays out the basic terms under which the business can operate. It is the contract that controls the company’s connection with the outside world. It’s one of the most significant documents you’ll ever write, so take your time.
This page contains sample memorandums organised by business type. If you can’t find an example for your business, you’ll have to employ a competent lawyer to draught them for you. At the bottom of the page, you’ll find the contact information of SG Advocates & Legal Consultants
The company’s constitution is comprised of the Articles of Association and the Memorandum of Association, which define the directors’ responsibilities, the types of business to be conducted, and the means by which shareholders exert control over the board of directors.
You may utilize a single-page Articles of Association available at this link for your convenience.
- Forms 1, 21, and 29
- FORM 1: Declaration of conformity with the Companies Ordinance of 1984
- FORM 21: Notice of Changes to the Company’s Registered Office
- FORM 29: Information about the Board of Directors and Officers, such as the Chief Executive, Secretary, and so on.
Note: You simply need to upload the following documents in PDF format to use eServices.
Memorandum of Association Articles of Association Scanned version of Directors’ CNICs Scanned Receipt of Bank Deposit (In Case of Offline Payment) Form 1, Form 21 & Form 29 are generated automatically from the information you input in the Form of Incorporation.
This is where you fill in the information and upload the files.
STEP 3: SIGNATURES IN DIGITAL FORMAT
When you use eServices to incorporate your business, NIFT will act as the witness to your documents, and you will need to receive a digital certificate from NIFT for each of the company’s directors in order to electronically sign all documents, including the Memorandum, Articles, and other forms. After receiving a Name Reservation Certificate from SECP, you must submit an application to NIFT for digital certificates.
STEP 4: INCORPORATION/FILING FEE
The incorporation charge is calculated using the Incorporation Fee Calculator and is based on your share capital. See the Fee Schedule for further information.
OFFLINE PAYMENT: Before completing the transaction, you must attach the deposit receipt.
ONLINE PAYMENT: Once you’ve completed the previous steps, you’ll need to submit the form, which will then appear on the eServices online payment section, where you can make an online payment.
NOTE: Please preserve the offline payment receipt or print the online receipt in a secure place. It will be required for step 5.
STEP 5: CERTIFICATE OF INCORPORATION
You might receive an email if an objection arises. Make the required correction and submit the concerned form again through eServices Portal. SECP will take about seven working days to complete the process if there is no objection and you will receive a confirmation email regarding successful incorporation of your company including the incorporation number.
You can pick up the Incorporation Certificate from the concerned Company Registration Office (CRO) by showing a copy of the payment receipt or it will be delivered to your registered address after seven working days.
For more info or consultation please contact us on this number +923007493594