What is private limited company?
A private limited company is the most professional class in the business industry of Pakistan. Many people in Pakistan are willing to start a business, but they do not know how to register a company. In Pakistan, the private company registration came according to the company ordinance act in 1984. But now, we follow the company ordinance 2017. Since 1984, it is considered one of the most recommended types of business. SECP is the platform through which we register a PLC.
Types of Private Limited Company
SMC (Single Member Company) Private Limited
Private Limited Company
Difference between PLC and SMC?
In a PLC, you need a minimum of two members and a maximum of 50. So, unlike SMC there is no nominee required any.
What is SMC?
It's specified from the name that SMC necessitates only one director. Also, you need to have a nominee. The nominee can be your mother, wife, brother, sister, anyone from your blood relative. A nominee is required because in case if something happens to the director, the nominee will be given the rights to the company.
Requirments for SMC?
CNIC of director and nominee
Relation with the nominee
Company name and address
Registered mobile number of director
Duration For Registration?
First, we go for name approval. So, it requires 36 hours normally. Then, after name approval, it takes 3 to 4 working days, for registration of a company
Who can incorporate a PLC?
For incorporating an SMC/PLC the directors and shareholders are required over the age of 18. Also, all the members and directors should have a CNIC.
Requirments for PLC?
- CNIC copy of all the directors
- Shareholding of directors
- Company name and address
- Registered mobile number of directors Paid-up capital
Company name search
While registering a company, you have to check for its name availability.
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.
Do I need a GST?
If you are a
If your business
For more information about Private Limited Companies, 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 Private Limited, 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.
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