[Updated] In recent times, SECP, has started providing e-services which includes online company registration and some affiliated services as well, like company name lookup and availability. The process is getting brisk every day and according to our research,
ETA for online registration of companies is
- Normal Way: 3 days
- Fast Track Registration Services (FRTS): under 1 day
However Companies involving Foreign Directors (Non Pakistani) requires security clearance. In this case these companies are also required to submit subsequent undertaking (Specifically for Foreign directors). For Online Incorporation under newly promulgated Companies Act 2017, the process can be illustrated into 3 simple steps,
Step 1: Online Account with SECP
For online incorporation, the user shall create account under new user registration system of e-services.
- Every Subscriber/Shareholder/Director would be termed as user here and needs their own registration of account with E-services portal SECP.
- New Users can be registered here at https://eservices.secp.gov.pk/eServices/
- Data fields require simple mandatory information such as CNIC, Active mobile phone number and Email address of user.
Step 2: Reservation of Company Name
After successful creation of User Ids for every subscriber of proposed company, first step towards incorporation of a Company is to seek availability of name from the Registrar concerned in terms of section 37 of the Companies Ordinance, 1984. Before applying for name reservation, make sure that the proposed name complies with the following conditions
- It is neither identical or nor closely resemble with the name of any existing company;
- It is not be inappropriate and deceptive; and
- It doesn’t contain any prohibited word.
Steps required for Online Reservation of Names:
- Log on to eServices Portal using username and password.
- Select FTRS or submit application before 10:00 a.m. under Swift Incorporation Mode if you want urgent processing.
- Enter data in the online form.
- Sign the form using PIN.
- Submit the form for processing.
Make payment of PKR 200/- for normal and swift incorporation mode or PKR 700/- for FTRS through credit card or online fund transfer (MCB and UBL account holders only). You may also take print out of the fee challan and deposit in the selected branch of MCB bank or UBL.
NOTE: SECP will Email confirmation of Name within 1 business day if it doesn’t contain any prohibited word.
Step 3: Incorporation of Company
After Name Reservation, user is required to log on to eServices Portal once again. Total documents (Forms) to be uploaded/submitted online are as follows:
- Name Reservation Confirmation Email from SECP.
- Form 1 which contains Objectives of the company along with subscriber information and prerequisites of company formation.
- Form 21 contains notice of situation of registered office or any change therein.
- Form 29 contains information about the directors/officers of the company.
- Memorandum and Articles of Association as per the objectives of the company. Memorandum and Articles of Association formats are easily available on https://www.secp.gov.pk/company-formation/memorandum-and-articles-of-association/memorandum-of-association/
- Submission of Fee as calculated by online portal of SECP after evaluating Authorized Capital of the company. Estimate for online incoporation is available at following link: https://www.secp.gov.pk/company-formation/fee-calculator/company-incorporation-fee-calculator/
- All users of company have to authorize the form through logging into their user accounts and using PIN created during signup process.
Once all the forms are authorized, process will become ready to be submitted. After submission, it takes usually 1 Business day for SECP to issue incorporation certificate through concerned CRO office. An email confirming this would be send to user official email address linked with account.
Fees
- Normal Way: This procedure takes around 3 days and will cost you around 3300 PKR. This cost is subject to minimum paid up capital
- Fast Track Registration Services (FRTS):This procedure takes few hours and is usually settled in 1 day, given that everything required is ready. This will cost you around 5000PKR and is subject to minimum paid up capital
If you need professional help,
We have a special arrangement with our legal expert partners that can help you in any type of company registrations (foreign or local). You have the opportunity to get discount from them if you contact them via Clarity.pk. Offer is still active!
To avail this offer, drop us an email to get in touch with them.