To have an own company is the most favored most thing of business organizations whether they are small, medium or large-scale business enterprises. So, when to register a company it means providing a legal cover to company and nothing else. It is widely believed that registered company will grow rapidly than other company which is a wrong assumption. Before company registration, there is need to focus on a workable business idea and plan. Once planning and arrangement is done next step is to authentically register the company. Private limited companies bounds within the legal responsibility of the business up to the capital amount to which the company is registered. So in Pakistan its really important to knows that how register a Private Limited Company in Pakistan, a complete procedure for registration and details of required documents are also given in below.
Furthermore, there are several advantages with registration of the company. As when private companies got registered they will have unlimited business life. Once company is registered, then it will limit the liability of the members to the extent with which the company is registered. In addition, it also provides the opportunity of easily transfer the ownership from one person to another. Private limited companies can also use their name as a brand name. So, in Pakistan due to these benefits people wants to have the ownership. In this article the company registration process is described below:
Application of Name Availability:
This is the first step for company registration. In this step company registrar make an application to confirm that the chosen name is available or already allotted to any other company and to ensure that there is no objection with the selected name with the applied name.
For Digital Signature, Application to NIFT:
In the following step application is made to National Institute of Facilitation Technologies (NIFT) for assigning the digital signature to each director of the private limited company. Each company director has its own signed application.
Required Documents Submission:
After receiving the signed application with the digital signature, next step is to submit the legal documents for the registration of the company.
- A Note (Memorandum) and Article of Association (printed four copies of memorandum of association properly signed by each subscriber in the availability of eyewitness)
- Form 1 (Declares fulfillment of agreement with the requirements for company formation)
- Form 21
- And along with Form 29
- Letter on which Name Availability is properly mention
- ID card (Copy of National ID of every Subscriber and Witness)
Company Registration Fee:
This is the last step for company registration and the fee depends on capital amount. After 4-5 days of fee submission a confirmation is received from Securities and Exchange Commission of Pakistan. And these is received if there will be no objection or documents are complete.