Firm Registration

With over 13 years of experience, Taximm Consultant has been at the forefront of assisting businesses in Pakistan. Our professional team specializes in registering firms, private limited companies, and single-member companies, ensuring a smooth and hassle-free process. Our expertise and dedication have earned us a long list of satisfied clients who trust us with their business needs.

Understanding Firm Registration in Pakistan

What is Firm Registration? Firm registration is the process of legally documenting a business entity with the relevant government authorities. It ensures that the business operates within the legal framework set by the government and provides a structure for legal recognition and protection.

Importance of Firm Registration Registering your firm is essential for several reasons. It establishes your business as a legitimate entity, facilitates easier access to bank loans and grants, ensures compliance with local laws, and builds trust with customers and partners.

Steps to Register a Firm in Pakistan To register a firm in Pakistan, start by choosing a unique business name and reserving it through the SECP online portal. Prepare necessary documents, including identification for all owners, proof of business address, and a detailed business plan. Draft the Memorandum and Articles of Association. Complete and submit the application forms along with the required documents to the SECP. Once approved, you will receive a certificate of incorporation, officially recognizing your firm as a legal entity.

Types of Business Entities in Pakistan

Sole Proprietorship

A sole proprietorship is the simplest form of business entity. It is owned and managed by a single individual, making it easy to set up and operate. However, the owner is personally liable for all debts and obligations of the business.

Partnership Firm

A partnership firm involves two or more individuals who share ownership and management responsibilities. Partnerships can be general or limited, depending on the level of liability each partner is willing to assume.

Private Limited Company

A private limited company is a separate legal entity that offers limited liability protection to its shareholders. This means that the personal assets of the shareholders are protected from the company’s debts and liabilities.

Single Member Company

A single-member company (SMC) is a type of private limited company with only one shareholder. It combines the benefits of limited liability with the simplicity of a sole proprietorship.

Step-by-Step Sole Proprietorship Registration

Requirements for Sole Proprietorship Registration

• Unique Business Name: Choose a distinctive name for your business that is not already in use. This name will be used for all legal and official purposes.
• Identification Documents: Provide a copy of your Computerized National Identity Card (CNIC) or passport.
• Proof of Business Address: A valid address where the business will operate, such as a rental agreement, utility bill, or property ownership documents.
• Business Plan: While not always mandatory, having a detailed business plan can be beneficial for guiding your business operations and securing future funding.
• Bank Account Information: A bank account in your name where business transactions will be conducted.

Registration Process

1. Online Registration: Visit the FBR’s Iris portal to register your sole proprietorship.
2. Create an Account: If you don’t already have an account, create one by providing your CNIC and other personal details.
3. Fill in the Application Form: Complete the registration form with accurate information about your business, including the business name, address, and nature of the business.
4. Submit Required Documents: Upload scanned copies of your CNIC, proof of business address, and other necessary documents.

Step-by-Step Single Member Company Registration

Requirements for Single Member Company Registration

• One shareholder
• One director
• Registered office address
• Memorandum and Articles of Association

Registration Process

1. Name Reservation: Reserve the company name with the SECP.
2. Document Preparation: Prepare the necessary documents, including the Memorandum and Articles of Association.
3. Submission: Submit the application and documents to the SECP.
4. Incorporation: Receive the certificate of incorporation upon approval.