Introduction
The security Exchange commission of Pakistan was set up in pursuance of the Security Exchange Commission of Pakistan Act, 1997 and became operational on January 1, 1999. The current mandate of SECP includes the following:
- Regulation of corporate sector and capital market
- Supervision and regulations of insurance companies
- Supervision and regulation of non-banking finance companies and private pension schemes
- Oversight of various external service providers
- First step towards incorporation of a company is to submit an online or offline application for the reservation of the Company's name and incorporation of the company. The registrar would allow an available name, which will be included in the incorporation documents. When choosing the name of the company refer to Section 10 of the Companies Act, 2017 (the “Act”) and Regulation 4 of the Regulations for prohibitions/ restrictions on certain company names. Citizens can conduct company name searches free of cost through the “Company Name Search Section”, available on SECP’s website.
Document checklist
The documents required for a new company incorporartion are listed below;
- Memorandum and Articles of Association (prefer samples available on SECP’s website for different sectors)
- Copies of CNIC/NICOP of the subscribers/ directors/ chief executive officer/ nominee (for single member company)/authorized representative or copies of Passport in case of a foreigner
- NOC/Letter of Intent/ License (if any) of the relevant regulatory authority in case of specialized business
- In case the subscriber is a foreign company, the profile of the company, details of its directors, their nationality and country of origin, certified copy of its charter, statute or memorandum and articles etc.
- Authorization for filing of documents by the subscribers
- Registration/ Filing Fee.
- In case of a small company having nominal share capital not exceeding Rs.100,000, total incorporation fee is Rs. 1,800 for online submission and Rs. 3,500 for offline submission. In case the subscriber/entrepreneur intends to obtain name availability first and then submit the incorporation documents, separate applications can be submitted as outlined in the Regulations.
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