Business registration is a legal requirement for any individual or entity that wants to start a business in Pakistan. The process of business registration is regulated by the Securities and Exchange Commission of Pakistan (SECP), which is the regulatory body responsible for the registration of companies in Pakistan. In this article, we will discuss the documents required for business registration in Pakistan.
Memorandum and Articles of Association (MOA and AOA)
The MOA and AOA are two separate documents that outline the objectives, powers, and rules of the company. The MOA specifies the main objectives of the company, while the AOA lays out the rules and regulations governing the internal affairs of the company. The MOA and AOA must be signed by all the initial shareholders of the company and submitted to the SECP as part of the business registration process.
Example: A software development company may specify its objective as “to provide high-quality software development services to clients worldwide,” while its AOA may outline rules governing the appointment and powers of directors, the conduct of meetings, and the distribution of dividends.
National Tax Number (NTN)
The National Tax Number (NTN) is a unique identification number issued by the Federal Board of Revenue (FBR) to individuals and businesses for tax purposes. The NTN is a mandatory requirement for business registration in Pakistan, and the application for an NTN can be made online through the FBR’s e-portal.
Example: A new company would need to apply for an NTN before registering their business with the SECP. The company would use the NTN to file their tax returns and pay taxes to the government.
Digital Signature
A digital signature is an electronic method of verifying the authenticity of a document or message. The SECP requires all companies to have a digital signature to submit their registration documents online. The digital signature can be obtained from any of the SECP’s authorized service providers.
Example: A company director can use their digital signature to sign and submit their company’s MOA and AOA online to the SECP.
Bank Account
A bank account is required to deposit the company’s share capital and for other financial transactions related to the business. The SECP requires a bank account statement to be submitted as part of the business registration process.
Example: A new company would need to open a bank account and deposit the minimum required share capital before registering their business with the SECP.
Proof of Address
The SECP requires proof of the company’s registered address to complete the business registration process. This could be a utility bill or a lease agreement showing the company’s registered address.
Example: A company could submit a copy of their lease agreement showing their registered office address to the SECP as proof of their address.
Consent Letter
If the company’s registered address is owned by someone else, the SECP requires a consent letter from the owner authorizing the company to use the address for business purposes.
Example: A company that has rented office space would need to obtain a consent letter from the landlord allowing them to use the address for business registration purposes.
Form 1
Form 1 is a declaration of compliance with the requirements of the Companies Act, 2017. The form is required to be signed by the company’s promoters, directors, and secretary and submitted to the SECP as part of the business registration process.
Example: A company’s directors and promoters would need to sign and submit Form 1 to the SECP to declare their compliance with the requirements of the Companies Act, 2017.
Form 21
Form 21 is a notice of appointment of the company’s directors, chief executive, and secretary. The form must be signed by the company’s directors and submitted to the SECP within fourteen days of the company’s incorporation
Form 29
Form 29 is a notice of the address of the company’s registered office. The form must be signed by the company’s directors and submitted to the SECP within fourteen days of the company’s incorporation.
Example: A company’s directors would need to sign and submit Form 29 to the SECP to notify the regulatory body of the company’s registered office address.
Form A
Form A is a declaration of compliance with the requirements of the Securities and Exchange Ordinance, 1969. The form is required to be signed by the company’s promoters, directors, and secretary and submitted to the SECP as part of the business registration process.
Example: A company’s directors and promoters would need to sign and submit Form A to the SECP to declare their compliance with the requirements of the Securities and Exchange Ordinance, 1969.
Certificate of Incorporation
The Certificate of Incorporation is a legal document that confirms the registration of the company with the SECP. The certificate contains important details such as the name of the company, the date of incorporation, and the company’s registration number.
Example: A company that has successfully completed the business registration process would receive a Certificate of Incorporation from the SECP, which would confirm the company’s registration and provide important details about the business.
Conclusion
In conclusion, business registration is an essential step for any individual or entity that wants to start a business in Pakistan. The process of business registration is regulated by the Securities and Exchange Commission of Pakistan (SECP), and there are several documents that must be submitted as part of the process. These include the Memorandum and Articles of Association (MOA and AOA), National Tax Number (NTN), digital signature, bank account, proof of address, consent letter, Form 1, Form 21, Form A, and Certificate of Incorporation. By providing these documents, individuals and entities can register their business with the SECP and start their entrepreneurial journey in Pakistan.
