Benefits of Company Registration in Taxila, Pakistan

In Taxila and throughout Pakistan, Private Limited Company registration is more popular than other business registration types. This structure is ideal for new businesses because it allows for funding through shareholding. A company can be registered with a minimum of two people, who become directors and receive shares based on their capital. Directors can easily transfer their shares to others in the future if needed. 

Private Limited Company is a separate legal entity. In this Business Entity Directors and shareholders’ liability is limited up to the extent of their shareholding, which means Private Limited Company is protecting its Directors and shareholders from against liability of the Company. Private Limited Company is more famous due to this prominent reason.

Registering a private limited company in Taxila, Pakistan, offers several benefits.

1. A formation which attracts funding
2. Separate legal entity.
3. Smooth Business Growth domestically and internationally.
4. No-Risk of Personal Assets attachment in case of loss
5. Being legal entity comfortable in getting foreign investment
6. Transfer of shares to others through an easy procedure
7. Perpetual succession
8. Recognized 
9. Market Place Credibility 
10. Low Cost and Highly Targeted
11. Exponential Chances of Growth

Steps for Company Registration in Taxila, Pakistan

SECP User Login Creation

Before processing the application for company registration, we need to create a Director's login in SECP. The following information is required for this purpose:;

1. Copy of CNIC 
2. Email of Proposed Director
3. Mobile Number of Proposed Director

Application for Name Reservation

The initial step for company registration is to submit an application for “Availability of Name" for the proposed Company in the Security and Exchange Commission of Pakistan (SECP). 

Submit the required documents and pay the company registration fee.

After receiving the Name Availability Letter from SECP, applicants must apply for company registration either online or manually, based on client requirements. 

List of Documents Required for Company Registration in Taxila, Pakistan

Documents and forms required by SECP to file an application for company registration include;

1. FORM II (Application for Registration/ Incorporation)
2. Name Availability Letter
3. CNIC Copies of Proposed Directors
4. Memorandum and Articles of Association

The fees for Company Registration must be paid using the appropriate bank form at designated branches Muslim Commercial Bank (MCB) and United Bank Limited (UBL) in Pakistan.

Procedure for Company Registration in Taxila, Pakistan

Minimum Requirements for Registration of Company in Taxila, Pakistan

1. Minimum 2 Directors required.
2. Minimum 2 Shareholders required.
3. Minimum Share capital Rs. 100,000/-

Registration of Company for Income Tax, Sales Tax and Professional Tax

To obtain Income Tax for your company, apply for a National Tax Number (NTN) at the tax facilitation center  Regional Tax Office (RTO) of the Federal Board of Revenue (FBR). The requirements for this application are:

• NTN Form (TRF-01) 
• Incorporation Certificate
• Memorandum and Articles of Association
• Bank account number
• Copies of National Identity Cards (NICs) of company Directors
• Electricity Bill 
• Tenancy Agreement along with a copy of the owner's CNIC or ownership proof if directors own the business premises.

Professional Tax Registration 

ETO Professional Tax will issue a Payment Challan (PFT-2) on 32-A based on Company Paid-up Capital. You have to Deposit Professional Tax in any branch of NBP/SBP in Punjab later; you have to provide a copy of Paid Challan to ETO Professional Tax.

Modes of Professional Tax

Assessment Criteria for Professional Tax held under the following parameters:

Companies		On Paid Up Capital of the Company
Factories		On Numbers of Employees
Commercial Establishments		Based on Number of Employees except for retailers and Whole sellers
Importers/ Exporters		On the Value of Goods Imported or Exported During the Year
Government Contractors		On the Value of Services provided During the Year
Government Property Developers		On the Value of Contracts Executed
Service Providers		Fixed

Registration of Company with ESSI and EOBI

Depending on the location of the business, the company must register with: 

• Punjab Employees Social Security Institutions (PESSI)
• Sindh Employees Social Security Institution (SESSI)
• Baluchistan Province (BESSI) or Khyber Pakhtunkhwa (KPKESSI).

In Case Employees are registered under Employees Old-Age Benefits Institution (EOBI) They can get a pension at the age of their retirement and in the case of disability of any employee old-age grant and survivor’s pension. Industries or Commercial Entities having five or more employees needs to be registered with the Region wise Employees Old-age Benefits Institution (EOBI).

Registration of Company with Labour Department of the District

Registered Companies who wish to protect the labor rights of their workers are required to register with the District Chief Inspector of the labor department in their Region. For registration, the employer must submit the application Form A accompanied by the relevant bank form.

We at MAS Law Firm commonly advise and furnish legal opinions on the following areas;

• Incorporation and registration of a Private or a Public Company in Taxila, Pakistan
• Incorporation and Registration of a Partnership Firm in Taxila
• Preparation of Memorandum and Articles of Association of your company
• Annual General Meeting and Extraordinary General Meetings Drafting and Documentation
• Obtaining the Registration Certificate
• Development of Legal Policies and Disclaimer Documentation for the proper performance of your company
• Registering Company Trade Mark before the Intellectual Property Organization
• Advising on employee placement within the business
• Employment Contracts of Company with its Employees
• Appointment and Resignation of Directors
• Change of Registered Office Address
• Change in Main Objects of the Company
• Change of Company Name 
• Winding up of Company through Easy Exit Scheme of SECP
• Transfer of Company Shares
• Increasing Authorised and Paid-up Capital of the Company
• Changing the status of Company in LLP and SMC PVT Limited.