Private Limited Company Registration

private limited company

What is private limited company?

A private limited company is the most professional being 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 Registration?

SMC (Single Member Company) Private Limited
Private Limited Company

What is SMC?

It's specified from the name that SMC necessitate 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.

Difference between PLC and SMC?

In a PLC, you need a minimum of two members and maximum 50. So, unlike SMC there is no nominee required.

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.

Note that one person can be a shareholder and director at the same time.

Company name search

While registering a company, you have to check for its name availability.

Requirments for PLC?

CNIC copy of all the directors
Shareholding of directors
Company name and address
Registered mobile number of directors
Paid-up capital

Requirments for SMC?

CNIC of director and nominee
Relation with the nominee
Company name and address
Registered mobile number of director
Paid-up capital

Duration For Registration?

First, we go for a name approval. So, it requires 36 hours normally. Then, after name approval it takes 3 to 4 working days, for registration of a company

What to do next?

After doing the company registration, you will receive the registration documents from the department. So, after that, the next step will be Business NTN Registration. It will help you in opening a bank account.
After SECP registration, you need 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.

How to open a bank account?

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 you are a
Trader
Wholesaler/Distributor
Dealer
A service provider (courier, hotel, shipping, etc)
If your business
Has a turnover of more than 10 million
Utility bills exceed 8 lac
Has different branches
Is in a shopping mall
Then it is mandatory for you to get a GST registration number. Otherwise, it will be a violation of the law. But, you don't have to worry about that. We will provide you complete consultation about business formation. Here is a complete guide of GST.

Do I need to do PSEB Registration?

If you have a
Call center
IT company
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 have a business-related to engineering, 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. Also, if you want to apply for a business visa, so you have to get

it.

Do I need Weboc registration?

If you want to do import/export business, then you must need weboc registration. Otherwise, you can not run 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.