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Incorporation Steps:

According to Companies Incorporation Regulations 2017 and the eServices portal by SECP, a company may be incorporated in the following steps (Section 5, Regulations 2017):

1)    Making an account on the eServices portal by SECP

2)    Add declarant and subscribers’ details on the portal (e.g. NIC, Power of Attorney, Mobile Phone number linked with CNIC, etc.)

3)    Provide corporate and financial information for the company (e.g. the registered business address)

4)    Attach documentation- Memorandum of Association, Articles of Association, New Challan

After this, as per section 11 of the regulations, the incorporation may be issued by SECP after verification of all documents.

Post Incorporation:

Step 1: According to Section 16 regulations for incorporation of companies 2017, the first thing to do is to file certificate of receipt of share money with SECP, within 45 days of the incorporation. The certificate must be issued by a practicing chartered accountant or cost and management accountant, according to the form provided in Annexure VII of the regulations.

Step 2: Apply to Federal Board of Revenue and register to get a National Tax Number (NTN) as per section 181 of Income Tax Ordinance, 2001 and Rule 79 & 80(3) of Income Tax Rules, 2002. This can be done by e-enrollment on the IRIS portal by FBR. The list of documents that are required for this registration are given in Rule 80B(2) of the same.

(a) name of company or AOP;

(b) business name;

© business address;

(d) accounting period;

(e) phone No of business;

(f) e-mail;

(g) cell phone of principal officer of the company or AOP;

(h) principal business activity;

(i) address of industrial establishment or principal place of business;

(j) company type, like public limited, private limited, unit trust, trust, NGO, society, small company, modaraba or any other;

(k) date of registration;

(l) incorporation certificate by Securities and Exchange Commission of Pakistan (SECP) in case of company;

(m) registration certificate and partnership deed in case of registered firm;

(n) partnership deed in case firm is not registered;

(o) trust deed in case of trust;

(p) registration certificate in case of society;

® name of representative with his CNIC or NTN;

(s) following particulars of every director and major shareholder having 10% or more shares in case of company or partners in case of an AOP, namely:-

(i) Name;

(ii) CNIC/NTN/Passport;

(iii) Share %

Step 3: Set up a Registered office and provide all details of said office within 30 days of the incorporation to the Registrar of Companies at SECP, as per the requirements of Section 21 of the Companies Act of 2017.

Step 4: Publish the Company name to complete the requirements of Section 22 of the Companies Act, by displaying it outside the place of business and display certificate of incorporation at every place of business of the company.

Step 5: Start maintaining records e.g. the register of members as required by section 119, or books of accounts as required by section 220.

Step 6: Companies act, as laid down in section 132(1), requires that every company, including private companies, hold an annual general meeting (AGM) within 16 months of incorporation.

Step 7: One of the most essential steps is to set up a company bank account, which may be done by approaching a bank with documentations including memorandum of association and articles of association which specifically highlight who has the authority to open and administer a bank account, and a board resolution which have allowed the opening of the bank account of the company.