Limited personal liability is one of the most common reasons businesses become corporations. A corporation is a distinct legal entity, so incorporating protects the business owner’s personal assets, even if the corporation is in debt or facing other liabilities. It’s very easy nowadays to incorporate a company online by using the Securities and Exchange Commission of Pakistan SECP’s e-services. Let me guide you in a way anyone can learn.
Step 1- Search Company’s Name Availability
Search the availability of the name of the proposed company for Company Registration in Pakistan. If the same name or any identical name is already taken, then try other options for the new company name. Company Name Search is free and attracts no fees.
Step 2- Getting The Company’s Name Registered
If the proposed name of the company is available, then the second step is to apply for a company name reservation. For name reservation, go to the SECP website create the user login and start the name reservation process. Follow the steps as directed.
The first step in company registration in Pakistan is to make an application to the registrar of companies for the availability of names. The application can be made both online and in offline mode and normally takes a period of one to two days before confirmation of the name applied for new company registration in Pakistan. Before making an application to the Securities and Exchange Commission of Pakistan for company registration please do not forget to do a Company Name Search on the Securities and Exchange Commission of Pakistan website. Once the name is confirmed you can proceed with the process of company registration in Pakistan.
Step 3- Obtaining The Digital Signatures Of The Directors
You already have one login/user ID which will be used for one Director of the proposed Company. For remaining directors create secondary user ids through login into existing user ID in SECP services for all directors.
Digital signatures are mandatory for submitting cases through e-services (online). For the digital signature of directors, obtain the form and get it signed by each director (One form for one director). SBC will fill in the rest of the NIFT Form and submit the same at the NIFT counter at CRO-SECP along-with following documents;
- Attested copies of CNIC of all Directors
- Availability of Name Letter issued by SECP.
NIFT will deliver digital signatures details through email. Download the signature on the same day while following the instructions given in that email. If have a problem downloading call at NIFT Help Line.
Step 4- Applying for Online Company Registration
Before starting the process of online filing of an application for incorporation, prepare a folder with Company Name and prepare following documents and also convert them into PDF documents;
- Memorandum of Association
- Article of Association
- Please note that there is no need to create Form 1, Form 21 and Form 29 manually, as eservices system will automatically generate these forms when you fills in eservices main form
- Availability of Name letter issued by SECP
- CNIC copies of all Directors
Memorandum of Association: Memorandum of Association is the basic document where all the objectives of the company registration are stated e.g. the basic objective of company registration is to engage in the business of a general order supplier or trading company or any other business. All the business the company is planning to undertake must be stated in the memorandum in order to get the process of company registration in Pakistan complete.
Articles of Association: Articles of Association is the basic document where all the rules of the company to operate are stated e.g. How directors are going to operate, when how General Meetings of the company undergoing the process of company registration in Pakistan is to be conducted etc.
Form 1 (Form One): Form 1 for company registration is basically a declaration of one of the directors of the company about to be registered. Form 1 can be downloaded from the Securities and Exchange Commission of Pakistan website. This is another compulsory component of the company registration process in Pakistan.
Form 21: Form 21 is the form whereby the address of the company undergoing the process of company registration in Pakistan is notified to the registrar.
Form 29: Form 29 contains information about the particulars of the directors of the company that is undergoing the process of company registration in Pakistan.
Step 5- Completing The Online Registration Process
- Login at SECP, click on company incorporation
- Fill the form and provide the given information
- Attach the MOA, AOA, CNICs of directors, Company Name Reservation (All in PDF)Then click on bank challan and save
- Click on start process, sign the documents and then submit to SECP (remember to install Java)
- Click on submitted process, click on bank challan, print and pay at MCB Bank
- Then follow up with CRO-SECP
