What is one person company?
In Pakistan, the one-person company is also known as SMC (single-member company) This company came to existence in 2010. Additionally, it is a type of private limited. But, the difference is that only one member is required to incorporate the company.
Moreover, the SMC is limited by shares. So, the SMC can not sell or trade the shares with the public in the stock market.
Furthermore, the member who is incorporating the company would have to appoint a nominee. The nominee can be anyone from their blood relatives. Plus, the nominee will replace the sole director of the company in case they are disabled. Consequently, the director should specify the nominee in the MOA & AOA of the corporation.
Spectrum Consultancy provides leading company registration services throughout Pakistan. We offer all types of company registration starting from a sole proprietorship to private limited, public limited, one person, partnership firm, limited liability, a foreign company, and more. On average, we incorporate a company in 5-10 days. However, it relies upon the type of company, government procession period, and customer documents submission. Despite this, you can set an appointment with our expert legal advisors if you need any type of consultation regarding the one-person company and other businesses.
What is the incorporation process?
It takes usually 10-15 days for registration of a one-person company. But, it greatly relies upon the government processing time and client document submission time.
Who can incorporate a one-person company?
The first step is to check the company name availability. If there is no objection submitted, then your company registration will proceed. Otherwise, you will have to submit the request again. After the name check, you will have to fulfill the requirements of SECP which are mentioned below
If you are two persons (1 director & 1 nominee) and you are above 18, then you are eligible to startup a one-person company.
After doing registration, you will receive the registration documents from the department. So, after that, the next step will be NTN It will help you in opening a bank account.
After registration, you may require to register your business with some other concerned departments such as taxation departments, food departments, chamber of commerce, custom department, Pakistan software engineering board, Pakistan engineering council, etc. It depends upon your business type. You may contact our experts to get a consultation about your business registration in Pakistan.
After registration of the company, you will proceed for a bank account opening. To open a bank account, you will need a NTN. You will have to take the NTN and registered documents of the company.
Requirements for one person company
CNIC of director and nominee
Relation with the nominee
Company name and address
Registered mobile number of director
After registration of the company, you will proceed for a bank account opening. To open a bank account, you will need a business NTN. You will have to take the NTN and registered documents of the company.
Do I need a GST?
If your business
If you are a
Do I need to do PSEB Registration?
If you have a
I so you should do PSEB registration. For call center it is mandatory otherwise you can not operate in Pakistan, But, if you have an IT company then you should also register, so it will allow you to avail the tax exemption. We offer consultation for all kinds of business, so contact us now and we will give you a complete guide.
Do I need to do PEC Registration?
If you are starting an engineering business, then you have to do PEC registration. Otherwise, you can not undertake your work.
Is the Chamber Of Commerce needed?
If you have a business of trading, so the chamber of commerce is mandatory for you.
Do I need Weboc registration?
If you want to do an import/export business, then you must need weboc registration. Otherwise, you can not run your business.
For more information about One Person Company, such as it's benefits, disadvantages, and history you should read our blog! We are committed to giving you a complete guide and awareness. Starting from company name search to registration, incorporation, and further processes we are always here! If you want to make a Public Limited Company, you are just a call away from that. So, take out your phone and dial now: 03222812976 If you want to have a meeting, you can visit our office from noon to 7 PM (Pakistani time)! We are open every day except Sundays. Also, you should know that we won't ever overburden our clients. Spectrum Consultancy is a combination of quality and cheapness.