Many people dream of becoming an entrepreneur but very few succeed in it. However, it is not just about becoming an entrepreneur but also running a whole business legally. For that, you need to follow every step to register your company for smooth operations. Now the question arises of “How to register a company in Pakistan?”.
It used to be a really painstaking thing to register a business in Pakistan but it is becoming more convenient because of online services. This is why you will see many startups in Pakistan taking place faster than ever before. Some people are finding ways how to start a business in Pakistan even with very little or no investment. While some people are already on their way to register a company in Pakistan.
The reason is legality because when your business is legally bound, you will not have to worry about anything else. Whether you need a sole proprietorship or a private company, you will have to follow these five steps to register a company in Pakistan. Let’s have a look at these crucial steps. Also, learn about NTN verification here.
5 Steps of How to Register a Company in Pakistan
Online services are growing rapidly in Pakistan, therefore e-services of SECP (Security and Exchange Commission of Pakistan) can help you to register a business in Pakistan.
- ID Generation
- Company Name Registration
- Document Submission
- Digital Certification Issuance
- NTN Number Generation
Also, read about checking assets online via FBR and NADRA.
Step 1: Login ID Generation
First of all, you need to generate your login ID in the SECP e-portal. For that, you will have to fill out a form with basic details that will lead to pin code generation. Moreover, each director of the company will have to follow this process to generate a separate pin code.
- Visit SECP’s official website
- Select the tab of SECP e-services
- Click the “Sign up for National” option (NICOP holder’s option in case of overseas)
- Fill out the online form
- Now you will receive verification pin codes via SMS and email, which you need to mention in the next step.
- Now after the process completes, you will receive final pin codes via SMS and email.
- Save those pin codes as confidential codes that will help you in the company registration process in the next step.
You must own at least one share to be a subscriber of a company. If you are subscribing to it, select the proposed subscriber. Though, if an intermediary or third party is doing it on behalf of a company, they need to select an authorised intermediary option. Furthermore, choose the ordinary shares option to register a company in Pakistan.
Step 2: Company’s Name Registration
Once you complete the above process of generating your login ID in SECP’s portal, now you are on the 2nd step. Likewise, this step of company registration in Pakistan is about the selection of the company’s name. You will have to follow the steps below for it.
- Login SECP e-services portal.
- Feed your login credentials (CNIC number and pin code).
- Select the “Company Name Reservation and Incorporation” option .
- Fill in the details and proceed.
Rules for Business Name
- The business name will take place by following the rules of section 10 of the Companies Act 2017 and regulation 4.
- The name must not duplicate the other registered business names.
- Must not contain inappropriate, deceptive or offensive words that could offend any nation, religion or caste’s sentiments.
Step 3: Documentation
For the documentation step, you need to provide documentation along with capital and other mandatory information. The applicant must have an authorized capital of a minimum of Rs. 100,000 for registration. In addition, they need to pay a fee of Rs. 1800 as online registration via credit/debit card, or any other online payment mode.
The other option is offline registration, which is Rs. 3,500 via voucher/challan system. It is through UBL or MCB and this challan form is available on the portal. However, the registration fee can vary according to capital and business size. Finally, you can submit all the scanned files of the documents below and pictures of paid challan on the portal. In addition, these documents are for authenticity and will help you to register a company in Pakistan.
- Memorandum and articles (business sector information).
- CNIC/NICOP copies of applicant/sole proprietor/directors/CEO.
- Passport copies (if an applicant is foreign).
- NOC/license if the business has any specialisation.
- Provision of complete information about the company, owner and directors is mandatory if the firm is foreign (company profile, directors’ nationalities, memorandum and articles).
- Authorisation of subscribers and registration with fee.
Step 4: Incorporation Certificate
After submission and verification of all the information, you will get an incorporation certificate or digital certificate from NIFT (National Institutional Facilitation Technologies). In the last step after all of it, you need to register your business in FBR to get an NTN number.
Step 5: NTN Number Generation
Here comes the final step, where you need to register yourself in FBR’s portal for NTN (National Tax Number). Despite that you don’t need to visit FBR’s office for it. Just perform the online registration process via a website or mobile application. Furthermore, you need to scan and submit documents for the NTN number.
- Visit FBR’s official website.
- Select the “Income Tax/IRIS” tab.
- Click one of the two options on the new page.
- Now a portal will open and you can fill in details in the form by clicking the tab “Registration for the unregistered person”.
Now you may fill out your information and submit the below documents upon completion of your registration in FBR.
- Incorporation document/digital certificate of the company
- CNIC’s copies of directors (owner’s CNIC if it is sole proprietorship)
- Request on original letterhead with signatures of all the directors
- Company’s email address and cellphone number
- Original certificate of company’s bank account
- Original documents of business-property ownership/tenancy
- Recent utility bills as evidence of business property
After all these steps, now you can hopefully register a company in Pakistan for official activities and operations. We hope we have provided you with an exact amount of information so you can be on your way to register a company in Pakistan for a successful business endeavour ahead. Those who have questions about how to register a company in Pakistan can perform this simple process within a few minutes.
Furthermore, Have a look at Ehsaas Program and Roshan Digital Account with their benefits. Also, read about how to calculate property tax in Pakistan. If you want to read more informative blogs at Jagah Online and don’t forget to follow us on Facebook and Instagram.