REGISTRATION OF COMPANIES Presented by: Naeem Mahmood Senior Manager 4 th Floor, Central Hotel Building Mereweather Road, Karachi Phone: 021 – Fax: 021 – Contact Address: Karachi Tax Bar Association In Collaboration with Securities & Exchange Commission of Pakistan (SECP) Workshop on Corporate Laws 10 th December, 2011

2 FORM OF BUSINESS IN PAKISTAN SOLE PROPRIEOTRSHIP CONCERN PARTNERSHIP CONCERN UNDER PARTNERSHIP ACT 1932 COMPANY UNDER THE COMPANIES ORDINANCE, 1984

3 REGISTRATION OF COMPANIES UNDER COMPANIES ORDINANCE, 1984 COMPANIES LIMITED BY SHARES  PRIVATE  PUBLIC  SINGLE MEMBER ASSOCIATION NOT FOR PROFIT  GRANTED LICENCE UNDER SECTION 42 OF THE COMPANIES ORDINANCE, 1984

4 REGISTRATION OF COMPANIES UNDER COMPANIES ORDINANCE, 1984 Contd…. COMPANIES LIMITED BY GUARANTEE  UNDER SECTION 43 OF THE COMPANIES ORDINANCE, 1984 NON-BANKING FINANCE COMPANIES  UNDER SECTION 282C OF THE COMPANIES ORDINANCE, 1984 EXCHANGE COMPANY  LICENCING UNDER CHAPTER II OF FOREIGN EXCHANGE MANUAL OF SBP

5 REGISTRATION OF PRIVATE LIMITED COMPANY AVAILABILITY OF NAME OBTAINING DIGITAL SIGNATURE CERTIFICATES FROM NIFT FILING OF DOCUMENTS WITH COMPANY REGISTRATION OFFICE CERTIFICATE OF INCORPORATION POST INCORPORATION COMPLIANCES

6 REGISTRATION OF PUBLIC LIMITED COMPANY AVAILABILITY OF NAME OBTAINING DIGITAL SIGNATURE CERTIFICATES FROM NIFT FILING OF DOCUMENTS WITH COMPANY REGISTRATION OFFICE CERTIFICATE OF INCORPORATION POST INCORPORATION COMPLIANCES CERTIFICATE OF COMMENCEMENT OF BUSINESS

7 REGISTRATION OF SINGLE MEMBER COMPANY AVAILABILITY OF NAME OBTAINING DIGITAL SIGNATURE CERTIFICATE FROM NIFT FILING OF DOCUMENTS WITH COMPANY REGISTRATION OFFICE CERTIFICATE OF INCORPORATION POST INCORPORATION COMPLIANCES

8 REGISTRATION OF ASSOCIATION NOT FOR PROFIT GRANTED LICENCE UNDER SECTION 42 OF THE COMPANIES ORDIANCE, 1984 OBJECTS IT IS ESTABLISHED FOR THE PROMOTION OF ANY OR ALL OF THE FOLLOWING OBJECTS:  COMMERCE  ART  SCIENCE  RELIGION  SPORTS  SOCIAL SERVICES  CHARITY  ANY OTHER USEFUL OBJECT

9 REGISTRATION OF ASSOCIATION NOT FOR PROFIT GRANTED LICENCE UNDER SECTION 42 OF THE COMPANIES ORDINANCE, 1984 Contd…. AVAILABILITY OF NAME LICENCE UNDER SECTION 42 OF THE COMPANIES ORDINANCE, 1984 FROM SECP OBTAINING DIGITAL SIGNATURE CERTIFICATES FROM NIFT REGISTRATION OF ASSOCIATION NOT FOR PROFIT GRANTED LICENCE UNDER SECTION 42 OF THE COMPANIES ORDINANCE, 1984 WITH COMPANY REGISTRATION OFFICE CERTIFICATE OF INCORPORATION POST INCORPORATION COMPLIANCES

10 REGISTRATION OF COMPANIES LIMITED BY GUARANTEE UNDER SECTION 43 OF THE COMPANIES ORDIANCE, 1984 Contd…. AVAILABILITY OF NAME OBTAINING DIGITAL SIGNATURE CERTIFICATES FROM NIFT FILING OF DOCUMENTS WITH COMPANY REGISTRATION OFFICE CERTIFICATE OF INCORPORATION POST INCORPORATION COMPLIANCES CERTIFICATE OF COMMENCEMENT OF BUSINESS

11 NON-BANKING FINANCE COMPANIES TYPES OF SERVICES THAT FALL UNDER THE DOMAIN OF NON- BANKING FINANCE SERVICES INCLUDE THE FOLLOWING:  INVESTMENT FINANCE SERVICES  LEASING  HOUSING FINANCE SERVICES  VENTURE CAPITAL INVESTMENT  DISCOUNTING SERVICES  INVESTMENT ADVISORY SERVICES  ASSET MANAGEMENT SERVICES. ANY OTHER FORM OF BUSINESS WHICH THE FEDERAL GOVERNMENT MAY, BY NOTIFICATION IN THE OFFICIAL GAZETTE SPECIFY FROM TIME TO TIME.

12 MINIMUM EQUITY REQUIREMENT FOR NBFC FOR FRESH LICENCE FORM OF BUSINESSMINIMUM EQUITY REQUIREMENT FOR FRESH LICENCE INVESTMENT FINANCE SERVICESRs. 1,000 Million LEASINGRs. 700 Million HOUSING FINANCES SERVICESRs. 700 Million INVESTMENT ADVISORY SERVICESRs. 30 Million ASSET MANAGEMENT SERVICESRs. 200 Million

13 REGISTRATION OF NON-BANKING FINANCE COMPANIES UNDER SECTION 282C OF THE COMPANIES ORDINANCE, 1984  AVAILABILITY OF NAME  PERMISSION TO FORM A NBFC FROM SECP  OBTAINING DIGITAL SIGNATURE CERTIFICATES FROM NIFT  REGISTRATION OF NBFC WITH COMPANY REGISTRATION OFFICE  CERTIFICATE OF INCORPORATION  POST INCORPORATION COMPLIANCES  LICENCE FROM SECP  CERTIFICATE OF COMMENCEMENT OF BUSINESS

14 REGISTRATION OF EXCHANGE COMPANY OBJECTS AUTHORIZED TO DEAL IN FOREIGN CURRENCY NOTES, COINS, POSTAL NOTES, MONEY ORDER, BANK DRAFTS, TRAVELLER CHEQUES AND TRANSFERS PROHIBITION THE EXCHANGE COMPANIES WILL BE PROHIBITED TO ENGAGE IN ANY OTHER ACTIVITY SUCH AS DEPOSIT TAKING, LENDING ETC., DIRECTLY OR INDIRECTLY MINIMUM AUTHORIZED AND PAID-UP CAPITAL THE MINIMUM AUTHORIZED AND PAID-UP CAPITAL OF THE COMPANY WOULD BE RS. 200 MILLION AND RS. 100 MILLION RESPECTIVELY. PAID-UP CAPITAL OF THE COMPANY WILL HAVE TO BE INCREASED TO RS. 200 MILLION WITHIN 3 YEARS FROM THE DATE OF INCORPORATION

15 REGISTRATION OF EXCHANGE COMPANY Contd….  AVAILABILITY OF NAME  OBTAINING NOC FROM STATE BANK OF PAKISTAN  OBTAINING DIGITAL SIGNATURE CERTIFICATES FROM NIFT  REGISTRATION OF EXCHANGE COMPANY WITH COMPANY REGISTRATION OFFICE  CERTIFICATE OF INCORPORATION  ISSUANCE OF LICENCE FROM STATE BANK OF PAKISTAN  COMMENCEMENT OF BUSINESS  POST INCORPORATION COMPLIANCES

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