Corporate law in pakistan
Pakistan came into being, the Companies Act, 1913 was adopted.
In the year 1984, the President of Pakistan passed the Companies ordinance, 1984.
At then the Companies act 1913 was repealed.
Currently, companies ordinance, 1984 is the main law regarding companies and it regulates all matters relating to the companies.
514 sections and eight Schedules.
Later, time to time, different amendments have been made in it.
Growth of the Corporate Enterprises
Protection of Investors and Creditors
Promotion of investment and development of economy and matters arising out of above factors or connected therewith.
Main source of Company Law is the companies ordinance, 1984.
The Companies Rules, 1985. It provides guidance to follow the law.
Notifications and circulars, etc., issued by the Securities and Exchange Commissions of Pakistan (SECP) or the Federal Government.
The Case Laws of High Court and Supreme Court.
A company becomes an Artificial legal person and recognized by law as person.
It is not a natural person.
Does not have heart, mind, hands or feet but still recognized by law as a person that is why it is considered to be Artificial Legal Person.
Can purchase assets in its name,
Have liabilities in its name.
Sue or can be sued.
The company is said to be a separate and distinct entity.
But separate from whom?
It means that company is separate from its.
The liability Company and the liability of members are different.
If company is sued it does not mean member is sued.
Bank account of owner VS company
The members are the owners of the company.
But they don’t directly manage the company.
The members elect the directors who manage the company.
Directors acts independently from the members.
The members are not the agents & cannot bind the company in any contract.
Directors are the agents of the company and manage the company.
Directors are elected normally out of members but members other than directors are not part of management.
Corporate law in pakistan
Pakistan came into being, the Companies Act, 1913 was adopted.
In the year 1984, the President of Pakistan passed the Companies ordinance, 1984.
At then the Companies act 1913 was repealed.
Currently, companies ordinance, 1984 is the main law regarding companies and it regulates all matters relating to the companies.
514 sections and eight Schedules.
Later, time to time, different amendments have been made in it.
Growth of the Corporate Enterprises
Protection of Investors and Creditors
Promotion of investment and development of economy and matters arising out of above factors or connected therewith.
Main source of Company Law is the companies ordinance, 1984.
The Companies Rules, 1985. It provides guidance to follow the law.
Notifications and circulars, etc., issued by the Securities and Exchange Commissions of Pakistan (SECP) or the Federal Government.
The Case Laws of High Court and Supreme Court.
A company becomes an Artificial legal person and recognized by law as person.
It is not a natural person.
Does not have heart, mind, hands or feet but still recognized by law as a person that is why it is considered to be Artificial Legal Person.
Can purchase assets in its name,
Have liabilities in its name.
Sue or can be sued.
The company is said to be a separate and distinct entity.
But separate from whom?
It means that company is separate from its.
The liability Company and the liability of members are different.
If company is sued it does not mean member is sued.
Bank account of owner VS company
The members are the owners of the company.
But they don’t directly manage the company.
The members elect the directors who manage the company.
Directors acts independently from the members.
The members are not the agents & cannot bind the company in any contract.
Directors are the agents of the company and manage the company.
Directors are elected normally out of members but members other than directors are not part of management.
The liquidation of the Company’s assets, which are collected and sold in order to satisfy the obligations accrued, is referred to as winding up. When a corporation is wind up, the debts, expenditures, and charges are first paid off and dispersed among the shareholders. When a company is subject to liquidation, it dissolves officially and ceases to exist.
Discussion agenda of company registration in Malaysia: https://www.sfconsultingbd.com/asia/malaysia-foreign-company-registration-formation/company-registration-in-malaysia/
Bank Account Open
Income Tax Certificate
Sign Board & Premise
Import/ Export
SOCSO
Halal License
Accounting, Tax and Auditing
1st reserve company name (proposed 3 names as name is not available always)
Contact Company Secretary to arrange documents to be signed and forward to SSM
It might take 1 day to get name approval
It might take another 2 days for company incorporation and received certified copies
There are 3 addresses used: 1. registered address 2. business address 3. residence address
Normally charged to company registration Ringgit: 4000-5000 in total.
Break down:
Bank Account:
Its not easier to open corporate account if all directors are foreigner (s).
In Malaysia, most of the banks will discourage to open account for internal issue and its really a cry situation.
Solution with us, make a call us (+601136901890 Viber, WhatsApp, IMO), will facilitate to open bank account
Local banks like to have local director and foreign banks like to have big amount of deposit, profit forecasting and business activities in detail.
Income tax certificate:
Each company has to have income tax certificate and within 3 months of company registration as law
In that case, we may help to get the certificate
It charged might be Ringgit 1000-1200.
Required documents: Passport copies of directors and certified copies of company
It might be take 3-5 days to be obtained
Sign Board and Premise:
It’s a required license have to have starting business in Malaysia.
The process of sign board license is to be applied local council with supporting papers
Required supporting papers: (1) office rental agreement (2) sign on prescribe forms by the director (s) (3) sign on forms from property owner (4) furniture of office (5) premise design plan
Required cost: Ringgit 400-500
Time to obtain licenses: 1-2 days.
Import/ export license:
We have noticed, most of the cases company registration process, formalities are done and cooperated by Company Secretary and after company registration activities investors have to move one door to another.
However, if you like to apply for import/ export license in Malaysia is required to knock 3 government bodies and being such cases consultant unlike to cooperate.
Come to us as package of following: Company Incorporation, Bank Account Open, Income Tax Certificate, Sign Board & Premise, Import/ Export, SOCSO, Halal License, Accounting and Tax and Auditing
Required supporting papers: all certified copies, tax, rental, passport of directors, sign board & premise, sample of product and determine of certain port.
Required time line: 15-45 days, depend on type of products
Total cost: Expected cost depend on some categories (Ringgit 2000-3000), provided that consultancy fees vary consultant to consultant.
SOCSO:
The liquidation of the Company’s assets, which are collected and sold in order to satisfy the obligations accrued, is referred to as winding up. When a corporation is wind up, the debts, expenditures, and charges are first paid off and dispersed among the shareholders. When a company is subject to liquidation, it dissolves officially and ceases to exist.
Discussion agenda of company registration in Malaysia: https://www.sfconsultingbd.com/asia/malaysia-foreign-company-registration-formation/company-registration-in-malaysia/
Bank Account Open
Income Tax Certificate
Sign Board & Premise
Import/ Export
SOCSO
Halal License
Accounting, Tax and Auditing
1st reserve company name (proposed 3 names as name is not available always)
Contact Company Secretary to arrange documents to be signed and forward to SSM
It might take 1 day to get name approval
It might take another 2 days for company incorporation and received certified copies
There are 3 addresses used: 1. registered address 2. business address 3. residence address
Normally charged to company registration Ringgit: 4000-5000 in total.
Break down:
Bank Account:
Its not easier to open corporate account if all directors are foreigner (s).
In Malaysia, most of the banks will discourage to open account for internal issue and its really a cry situation.
Solution with us, make a call us (+601136901890 Viber, WhatsApp, IMO), will facilitate to open bank account
Local banks like to have local director and foreign banks like to have big amount of deposit, profit forecasting and business activities in detail.
Income tax certificate:
Each company has to have income tax certificate and within 3 months of company registration as law
In that case, we may help to get the certificate
It charged might be Ringgit 1000-1200.
Required documents: Passport copies of directors and certified copies of company
It might be take 3-5 days to be obtained
Sign Board and Premise:
It’s a required license have to have starting business in Malaysia.
The process of sign board license is to be applied local council with supporting papers
Required supporting papers: (1) office rental agreement (2) sign on prescribe forms by the director (s) (3) sign on forms from property owner (4) furniture of office (5) premise design plan
Required cost: Ringgit 400-500
Time to obtain licenses: 1-2 days.
Import/ export license:
We have noticed, most of the cases company registration process, formalities are done and cooperated by Company Secretary and after company registration activities investors have to move one door to another.
However, if you like to apply for import/ export license in Malaysia is required to knock 3 government bodies and being such cases consultant unlike to cooperate.
Come to us as package of following: Company Incorporation, Bank Account Open, Income Tax Certificate, Sign Board & Premise, Import/ Export, SOCSO, Halal License, Accounting and Tax and Auditing
Required supporting papers: all certified copies, tax, rental, passport of directors, sign board & premise, sample of product and determine of certain port.
Required time line: 15-45 days, depend on type of products
Total cost: Expected cost depend on some categories (Ringgit 2000-3000), provided that consultancy fees vary consultant to consultant.
SOCSO:
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Contents:
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2) How to incorporate: requirements, process, costs
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10. Duration and fees of company registration
and others in Malaysia
Relating of Registration Fees in Ringgit Duration
LLC (Sdn Bhd) Company 3000 – 4000 2 – 3 Days
Hire Company Secretary 1200 – 2000 Yearly
Open Bank Account Initial Deposit as Banks
requirement 30k – 50k
10 – 15 Days
Signboard License 1500 5 – 10 Days
Export & Import License 3000 1 – 3 Months
Halal License 3000 15 – 30 Days
ESD & VISA 8000 – 12000 1 – 3 Months
Tax Filing 1000 – 1500 10 – 15 Days
Financial Statement 2000 – 5000 15 – 30 Days
Strike Off 1500 - 2000 7 – 10 Days