We all know that starting a business is a difficult task. Similarly lack of relevant information is one of the difficulties that entrepreneurs face. Many people would like to know what the official way to register a company in Pakistan is.
The following article therefore lists the steps required to register a company in Pakistan.
Step 1. Get the name of your company approved
Get the company name approved through the Securities and Exchange Commission of Pakistan (SECP)'s e-Service website. The company needs to provide the SECP with one or more company names. Their availability is checked with the current lost of company names and the decision is made accordingly.
Step 2. Pay the fees for name registration and company incorporation
Currently this can be paid using bank challans at designated Muslim Commercial Banks (MCB)
Step 3. Register company for incorporation
This can again be done online using the e-Services of the Securities and Exchange Commission of Pakistan (SECP)'s website. Three forms are required to be submitted (declaration of compliance, identification of office's location and particulars of directors, secretary, chief accountant, auditors and others) along with copies of the memorandum and articles of association with each member's signature.
Step 4. Get digital signatures from the National Institutional Facilitation Technologies (NIFT)
These signatures can again also be obtained using SECP's e-Services
Step 5. Make a Company Seal
Depending on which city you are going to start your business in, you may be required to present a company seal. It is prepared generally after the certificate of incorporation is issued
Step 6. Register for income tax.
Apply for a National Tax Number (NTN) at the tax facilitation center of the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR) to register for income tax. The requirements of this application are the NTN form, proof of registration, memorandum and articles of association, bank account number, copies of national identity cards of the company's directors, and an attestation of the business address. All of these are required to be submitted at the nearest tax facilitation counter of the Regional Tax Office in Pakistan
Step 7. Register for sales tax
Just like the income tax you can register for sales tax too by applying for a Sales Tax Number (STN) at the tax facilitation center of the Regional Tax Office (RTO) of the Federal Board Revenue (FBR)
Step 8. Register for professional tax
You will need to register for professional tax with the Excise and Taxation Department of the District
Step 9. Register with Employees Social Security Institution
Depending on where your business is located you will either need to register the company with the Balochistan Employees Social Security Institution (BESSI), Sindh Employees Social Security Institution (SESSI), Punjab Employees Social Security Institution (PESSI) or with the Khyber Pakhtunkhwa Employees Social Security Institution (KPKESSI)
Step 10. Register with the Employees Old Age Benefits Institution (EOBI)
Any establishment with five or more employees has to be registered with the federal EOBI. Under the EOBI, insured employees are entitled to a pension, disability, old-age grant and survivor's pension.
Step 11. Register with the Labor Department of the District
Registration with the Labor Department under the West Pakistan Shops and Establishment Ordinance 1969 is required
For more information you can visit the following sites:
For more information you can visit the following sites:
- http://www.secp.gov.pk/, for general laws on companies
- http://www.cbr.gov.pk/, for laws on income tax, sales tax, professional tax etc
- http://www.sbp.gov.pk/, for laws on banking and insurance
- http://www.molm.gov.pk/ for laws on labor and manpower
