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BUSINESS FORMATION IN PAKISTAN » PUBLIC LIMITED COMPANY (UNLISTED)
 
MINIMUM NUMBER OF MEMBERS:
Minimum three persons are required to form a private limited company.
 
MAXIMUM NUMBER OF MEMBERS:
There is no such restriction.
 
MINIMUM NUMBER OF DIRECTORS:
A public limited company must have at least three persons who should be individuals to constitute a Board of Directors (BOD) with powers vested in it to conduct the business and affairs of a company.   
 
MINIMUM NUMBER OF DIRECTORS:
There is no such restriction. The directors shall meet at least twice in a year.
 
MINIMUM NUMBER OF SHARES:
Each subscriber is required to hold at least one share in his /its own name or in the name of the company or institution he is to represent on the BOD of a company.
 
STATUS OF THE COMPANY:
It may be an associate, subsidiary or wholly-owned subsidiary of a foreign company incorporated abroad or its share capital may be held partly by one or more foreign investors (companies or individuals) together with the any number of local shareholders. There is no restriction on number of shareholders.
 
TRANSFERABILITY OF SHARES:
There is no such restriction and shares are freely transferable.
 
INVITATION TO PUBLIC:
There is no such restriction, subject to the provisions of the Companies Ordinance, 1984.
 
PROSPECTUS:
It may issue a prospectus to invite general public to subscribe to its shares, debentures or deposits.
 
STATEMENT IN LIEU OF PROSPECTUS:
A public company is required to file a statement in lieu of prospectus with the Registrar of Companies at least three days before allotment of shares, where it does not issue a prospectus.
 
COMMENCEMENT OF BUSINESS:
A public company can commence business only when it receives the certificate to commence business from the Registrar of Companies. 
 
STATUTORY MEETING AND STATUTORY REPORT:
A public company must hold a statutory meeting and file statutory report.
 
QUORUM OF GENERAL MEETING:
Two members personally or by proxy present at the general meeting shall be a quorum representing in the aggregate not less than 25% of the total voting power of a company.
 
BOOK OF ACCOUNTS:
Books of account are required to be maintained at Registered Office of a company and are subject to audit. Company may keep books of account at some other place other than the registered office address subject to the prior intimation to the Registrar of Companies.
 
AUDITORS:
Auditor is to be appointed annually by a resolution of shareholders passed at their annual general meeting. A company is required to appoint a Chartered Accountant within the meaning of Chartered Accountants Ordinance, 1961 as auditors of a company.
 
BORROWING:
Funds in local and foreign currencies may be borrowed for working capital and other financial needs from its head office and affiliates, banks and others in Pakistan, subject to the limit laid down in the Foreign Exchange Regulations (FER) and the Prudential Regulations issued by the State Bank of Pakistan as applicable from time to time.
 
LOANS:
A public limited company subject to prior approval of SECP may make loan to its directors, firm in which any director or his relative is a partner or director in a private limited company. 
 
FOREIGN CURRENCY ACCOUNT:
Foreign currency account(s) may be opened, maintained and operated in Pakistan in accordance with the Private Foreign Currency Account Scheme, as stipulated in the FER.
 
TAX STATUS:
Corporate net profits before distribution of dividend to shareholders and / or appropriation of profits is liable to tax in Pakistan currently at the rate of 39 percent.
 
DIVIDEND: 
Dividend distributed to the shareholders including non-resident shareholders is liable to tax in Pakistan at the rates ranging from 10 to 20% depending on the taxable status and the Tax Treaty concerned.
 
DISCLOSURE OF INTEREST BY DIRECTOR:
Every director of a company who is directly or indirectly, concerned or interested in any contract or arrangement by or on behalf of the company shall make a disclosure of his interest. Accordingly, interested director shall not participate or vote in proceedings of directors’ meeting wherein such matters are to be discussed and approved. 
 
RIGHT OF COPIES OF FINANCIAL STATEMENTS AND AUDITORS’ REPORT:
A shareholder of a company shall be entitled to receive copies of the financial statements director’s report, and the auditors’ report on payment of fee as fixed by the company.
 
 
 
 
 
AREAS OF PRACTICE
Business Formation in Pakistan
  Sole-Proprietor
  Partnership Firm
  Private Limited Company
  Public Limited Company (Listed)
  Public Limited Company (Unlisted)
  Single Member (SMC-PVT) Limited
  Company Limited By Guarantee
  Joint Venture Company
  Non-Banking Finance Company
  Not for Profit Organization
  Trade Organizations
Taxation Services
Accounting & Internal Audit Services
Acquisition, Merger & Liquidation of Business
Corporate Secretarial & Advisory Services
Business Management Consultancy Services
Legal Advisory Services
HR Consultancy Services
SME Finance
Arbitration and Dispute Resolution Services
Website Design & Development
 
       
       
 
SME Business Solutions Limited is a Corporate Law Consultant Business Services Company to provide quality services to its clients in different areas with the highest level of integrity.SME Business Solutions Limited is a Corporate Law Consultant Business Services Company.
 
OUR SERVICES
   
Business Formation in Pakistan
Business Management Consultancy
Taxation Services
Legal Advisory
Accounting & Internal Audit
Consultancy
SME Finance
Acquisition, Merger & Liquidation
Arbitration and Dispute Resolution
Corporate Secretarial & Advisory
HR Services
LOCATION
   
Suit No. 401 Al-Fatima Chamber Opp: Passport Office Saddar Karachi-74400 (Pakistan) 
Phone: +92-21-35636001-5
Helpline: +92-322-2663007
Email: info@sme.org.pk 
   
Branch Office: 173-B 2nd Floor Sector C Near Talwaar Chowk Behria Town Lahore (Pakistan)
Phone: +92-423-7861471
Mobile: +92-3000997192 /
+92-3000997191
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