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| SECP Company Registration |
What is SECP?
SECP stands for the Securities and Exchange Commission of Pakistan. It is the regulatory body responsible for regulating and overseeing the securities and financial markets in Pakistan. The SECP was established in 1997 under the Securities and Exchange Commission of Pakistan Act, 1997, with the primary objective of promoting the development of a modern and efficient corporate sector in Pakistan. In addition to regulating the capital markets, the SECP also oversees the insurance, pensions, and non-banking finance sectors in Pakistan. The SECP plays a critical role in promoting investor confidence and protecting the interests of stakeholders in Pakistan's financial markets.
Why to Register with SECP?
Registering a company with the Securities and Exchange Commission of Pakistan (SECP) offers several benefits for businesses operating in Pakistan. Here are some of the key reasons why businesses should consider registering with the SECP:
Legal status: Registering a company with the SECP gives it a legal status, which separates the company from its owners. This means that the company has its own legal identity and is considered a separate legal entity from its owners. This separation protects the personal assets of the owners from any business liabilities.
Credibility: A registered company is perceived as more credible and trustworthy than an unregistered company. Being registered with the SECP demonstrates that the company has met certain legal and regulatory requirements, which enhances its credibility in the eyes of customers, suppliers, investors, and other stakeholders.
Limited liability: Registering a company with the SECP offers limited liability protection to its shareholders. This means that the shareholders are only liable for the amount of money they have invested in the company and are not personally responsible for the company's debts or liabilities.
Access to funding: Registered companies have access to a wider range of funding options, including bank loans, venture capital, and other forms of funding. Investors and lenders are more likely to invest in a registered company because it offers greater transparency, accountability, and legal protection.
Brand protection: Registering a company with the SECP allows the company to protect its brand name and logo through trademark registration. This protects the company's intellectual property and prevents others from using its name or logo without permission.
How To Register Company with SECP:
The SECP has made the process of company registration in Pakistan relatively simple and streamlined. Here are the steps involved in SECP company registration:
Name availability: The first step in company registration is to check the availability of the proposed company name with the SECP. The company name should not be similar to any existing company name or trademark. Once the name is approved, the applicant can move on to the next step.
Memorandum and Articles of Association: The applicant must prepare the Memorandum and Articles of Association (MAA) of the company. The documents provided detail the objectives, guidelines, and policies of the company. The MAA must be signed by all the shareholders and directors of the company.
Form A and Form 21: The applicant must complete and file Form A and Form 21 with the SECP. Form A contains information about the proposed company's directors, shareholders, and registered office. Form 21 contains a declaration that the requirements of the Companies Act, 2017 have been fulfilled.
Payment of fee: The applicant must pay the required registration fee to the SECP. The fee varies depending on the company's authorized share capital.
Certificate of incorporation: After reviewing the application and ensuring that all the requirements have been met, the SECP issues a Certificate of Incorporation. This document certifies that the company has been registered and is authorized to carry out its business activities.
Required documents SECP Company registration ??
To register a company with the Securities and Exchange Commission of Pakistan (SECP), you will need to provide the following documents:
Memorandum of Association (MOA): The MOA outlines the company's objectives, powers, and the nature of its business activities. It includes the company's name, registered office, and details of its shareholders and directors.
Articles of Association (AOA): The AOA sets out the rules and regulations governing the internal management of the company. It includes details of the company's share capital, rights of shareholders, and the procedures for calling and conducting meetings.
Form A: This is the application form for registration of a company with the SECP. It includes basic information about the company, such as its name, registered office, business activities, and details of its directors and shareholders.
Form 21: This is a declaration of compliance with the requirements of the Companies Act, 2017. It is signed by the company's directors and secretary, and confirms that the company has met all the legal requirements for registration.
Bank Challan: This is a receipt of payment for the registration fee, which is deposited in the SECP's designated bank account.
NTN Certificate: This is the National Tax Number certificate, which is obtained from the Federal Board of Revenue (FBR). It is required for registration with the SECP.
CNIC Copies: Copies of the National Identity Cards of the company's directors and shareholders.
These are the basic documents required for SECP company registration. Depending on the nature and type of the company, additional documents may be required. It is always best to consult with a professional consultant or a legal expert to ensure that all the necessary documents are in order before submitting the application for registration with the SECP.
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