Firm registration verification or company registration in Pakistan is a process by which the true identity of a business entity is ascertained and verified. Various authorities are responsible for this process. These authorities include the Federal Board of Revenue (FBR), the provincial revenue departments, and the department of economic affairs.
How to verify your firm registration:
According to Pakistan’s 1932 Partnership Act guidelines, two or more partners may establish a company. The procedure to register a company is as follows.
The documents necessary for firm registration verification in Pakistan are as follows:
- Partnership Deed on Rs. 1000 Stamp Paper
- Receipt for the payment of the registration fee to the NBP
- Affidavit on Five Rupee Stamp Paper
- Most importantly, along with a copy of a utility bill, including a copy of the lease agreement or proof that the office is yours (the Office of the Firm should be in the Commercial Area)
- Lastly, a copy of each partner’s and witness’s current computerized CNIC.
Note: A Notary Public must certify all documents.
It is a common practice for companies to register their businesses in Pakistan. Firm registration is a must if your business is to establish itself in the market. Firm registration is not the only thing you need to do. However, the process of registration verification is also important in all business dealings. Moreover, it is a process that helps you remain compliant with the regulatory requirements. Furthermore, it also protects your business from legal issues that can arise later. For registering a sole proprietorship business you may contact the CMA Law Associate.
Firm Registration Verification is an important process for any company. It is a process in which the Registrar of Firms verifies the authenticity of a company by looking at its registration documents. Here are the steps involved in the registration Verification process.
Complete the documents as specified in the section below.
- Download the Form-I application and complete it thoroughly.
- After that, create a partnership deed on a sheet of Rs. 1000 stamp paper.
- Most importantly, using a Challan Form, deposit the registration fee of Rs. 1000 in the National Bank of Pakistan (NBP) under the Head of Account: C-03545.
- Create an affidavit attesting to the legitimacy of the office and the accuracy of the papers on stamp paper costing Rs.
- Visit the Citizen Facilitation Center in Islamabad’s Mauve Area, G-11/4, to submit your application and supporting paperwork.
Lastly, after the completion of the necessary paperwork, officials will give the Partners and Witnesses a date and time to attend in person before the Registrar of Firms with their original, valid CNICs. After ten days of submitting their paperwork, partners should get in touch with this office to pick up their certificates.
What happens after you have submitted the form for verification:
The verification process typically begins with submitting an application form and other required documentation to the relevant authority. After that, the authority will then conduct a background check on the business entity and its owners. The purpose of the background check is to determine whether the business is legally formed if it complies with the regulations relating to its formation and operation and whether the owners comply with all applicable laws and regulations.
If the business satisfies all the legal requirements
Suppose the business entity complies with all relevant statutes. In that case, the authority will issue a Certificate of Registration along with the relevant tax identification numbers for the business and its owners. The Registration Certificate will prove the business’s legal existence and identity. Moreover, it will enable the business entity to obtain various facilities from the relevant government department or agency. Additionally, it will provide access to banking facilities and rights to conduct business under other business licenses.
If the business does not satisfy all the legal requirements
If the business entity is not in compliance with relevant regulations or its owners are not in compliance with applicable laws and regulations, the authority may refuse to issue a Certificate of Registration. In such a case, the business will not be able to conduct any legal activities in Pakistan. Moreover, the authorities may hold owners liable for any losses they cause due to their failure to comply with the applicable laws and regulations. Therefore, Firm registration verification in Pakistan is an important step that must be taken before a business can commence its operations in the country. By ensuring that a business’s true identity and legal status are verified, the authorities can protect the general public and the registered businesses from illegal and fraudulent acts that unregistered companies and their owners can commit.
If you are planning to start a business in Pakistan, it is mandatory that you verify the firm’s registration with the relevant authorities. By doing so, you can avoid any legal problems and ensure that your business is legitimate. Contact our firm today for a full review of your registration options.
We can help you navigate the complex regulatory landscape in Pakistan and ensure that your business is compliant with all applicable laws. Thank you for considering our firm as your go-to source for business registration in Pakistan. If your business entity is found to be in compliance with all relevant regulations, the authority will issue a Certificate of Registration. This certificate will serve as proof of your legal entity’s identity and legitimacy in the country. It will enable you to open a bank account and legally conduct all other business activities within the country.