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Corporate governance are rules or laws by which businesses are operated, regulated, and controlled.
Due diligence services includes a process of investigation or exercise of care that a reasonable business or person.
Mergers & acquisitions refer to the aspect of strategy and management dealing with buying and selling of companies.
Common retirement plan to benefit the employees, which is contributory in nature and yields a feeling of participation.
Corporate law involves general rules and regulations associated with corporate affairs, such as the incorporation of entities, directors’ and shareholders’ rights, memorandum, articles, board meetings, secretarial matters, operational management, ownership, and the public listing or delisting of entities.
Whether you are a company director or secretary struggling to make sense of your legal obligations or a busy professional looking to outsource your legal support requirements, Kakakhel Law Associates can help. Our range of corporate legal services will enable you to safely implement a variety of corporate law transactions in a cost-effective manner. Have you ever been asked to cancel unissued shares in a company or to prepare documentation to amend a memorandum or articles of association but find that you have no idea where to start? Would ploughing through the provisions of the Companies Act, 2017, legal textbooks, and precedent books to find out what you need to do eat into your valuable time?
Kakakhel Law Associates through its Corporate Lawyers in Islamabad and Peshawar specializes in providing businesses with the complete range of services they need and has a long-standing reputation for providing expert support and practical solutions to everyday problems. We are unrivalled in our ability to work closely with our clients to ensure that they have the correct corporate legal structure in place. Our in-house Corporate Legal Services team can help you with a range of matters, at very competitive rates.
The Corporate department at Kakakhel Law Associates offers a comprehensive array of services that draw on all of the firm's resources and expertise. Our corporate lawyers are committed to providing our clients with incomparable service that includes:
Kakakhel Law Associates' other corporate legal services range from amending memorandum and articles, company name changes, company re-registration, share classes, share transactions, cancellation, sub-division and consolidation of shares, elective resolutions, and issues of share warrants to bearer.
The Corporate Group at Kakakhel Law Associates operates as part of an overall business team and views legal issues through the lens of the specific goals and objectives of the client's business. Our 1:1 partner-to-associate ratio ensures senior-level involvement in every client matter. We structure our teams to match client expectations relative to billing, communication, budget, and reporting structure. Partners are actively involved and readily available to clients.
We provide counsel to domestic, multinational, and public limited companies, Pakistani and foreign privately-held companies at all stages of development, including startups and emerging companies, entrepreneurs, closely held and family businesses, financial institutions, private equity firms, venture capital, and hedge funds, as well as corporate executives. Our clients are engaged in a wide spectrum of industries, including manufacturing and distribution, high technology, Internet, financial services, real estate, capital formation, health care, medical technology, and not-for-profit and charitable efforts.
We specialize in both sophisticated and innovative legal solutions. Achieving our clients' business goals is our primary objective. Because tax considerations are critical to all business planning, in all our representations we stress efficient tax planning that takes into account the economic interests of both the individual entrepreneur and the business enterprise. Our attorneys provide advice with respect to:
For the convenience of the general public, promoters, and directors of companies, the SECP has established eight Company Registration Offices (CROs) in Islamabad, Karachi, Lahore, Peshawar, Faisalabad, Multan, Sukkur, and Quetta. In addition to registering companies and monitoring their operations in accordance with the law, the functions of the CROs include providing services and guidance and ensuring that companies and their directors comply with the statutory requirements under the Companies Act, 2017. The records of companies maintained by the CROs are considered public records. Investors, shareholders, creditors, and the general public may inspect these records as needed and can also obtain certified copies of specific documents upon payment of a nominal fee.
Find more information on our specialised corporate services and setup procedure, please click on any of the service areas mentioned below:
Any three or more persons associated for any lawful purpose may, by subscribing their names to the Memorandum of Association and complying with the requirements of the Companies Act, form a public company. Similarly, any two or more persons may form a private company in the same manner. A private company formed by only one member is referred to as a Single Member Company, whereas a private company formed by more than one member is termed a Private Company. For legal guidance on company formation, compliance, and corporate matters, consulting corporate lawyers in Peshawar can be beneficial.
Prior approval of the Ministries / Departments etc. noted against each category of the following companies is required to be obtained before incorporations of companies:
Following are the requirements for registration of a new company under the Companies Act, 2017:
The first step with regard to incorporation of a company is to seek the availability of the proposed name for the Company from the registrar. For this purpose, an application is to be made and Rs.200/- for online application and Rs.500/- for offline application is required to be paid seeking availability certificate for each name. To facilitate the promoters, a list of prohibited / sensitive names has also been provided at the link: Prohibitd Words
The following documents are required to be filed with the registrar concerned for registration of a private limited company:
In addition to the requirements for incorporation of a private limited company as stated above, the public companies are required to file the following documents at the time of incorporation:
In case of company intending to provide the services of security guard, nine additional sets of each of the documents at I and II above along with the bio-data, four attested photographs of each subscriber and financial position / bank statement of the subscribers are also required to be provided. The Ministry of Interior normally grants the NOC for a security object company.
Any individual may form a Single Member Company (SMC) and must file a nomination at the time of incorporation, using Form S1, which designates at least two individuals to act as nominee director and alternate nominee director for the Company in the event of the founder's death. All the requirements for the incorporation of a Private Limited Company apply mutatis mutandis to SMCs.
To obtain certified copies of the Memorandum & Articles of Association and Certificate of Incorporation, a challan for the required copying fee and court stamp fee must be submitted along with the registration documents.
All the documents meant for incorporation of a limited company along with a licence issued by the SECP. In case of a trade body, a licence issued by Ministry of Commerce would also be submitted to the registrar concerned. The application for obtaining the requisite licence from the commission should be accompanied by draft memorandum and articles of association, list of promoters, bio-data of each promoter, declaration, names of companies in which the promoters of the proposed association hold any office, estimates of annual income and expenditure and brief statement of work already done or to be done. (Section 42).
Any three or more persons associated for lawful purpose may by subscribing their names to the memorandum and Articles of association and complying with the requirement of Companies Act, 2017 and companies general provisions and form rules 1985 form a company. A not-for-profit association (also called an NGO or NPO) may be registered as company under the provisions of the Companies Act, 2017. A not-for-profit association applies its profits or income in promoting its objects only and prohibits the payment of any profits, income, dividend or proceeds to its members, this differentiates it from the other type of companies. Any such association is required to obtain licence under Section 42 of the Ordinance read with rule 6 of the Companies (General Provisions and Forms) Rules, 1985 before its registration as a company.
The licence is issued for a period of five (5) years, renewable for further term (s) of five (5) years each. The procedure for obtaining licence, subsequent registration of such association as company limited by guarantee, and thereafter renewal of the licence when due, is provided in the provided link:
If the membership of SMC is transferred to a new member, the Company shall, within fifteen days from such transfer, also file with the registrar, a nomination in the form as set out in Form S1
SMC can be converted into a Private Company on increase of its members to more than one. The Company shall pass a Special resolution for change of status and alter its Articles accordingly within thirty days and transfer the shares within seven days. The Company shall appoint and elect one or more additional directors within fifteen days of passing the Special Resolution and notify the appointment on Form 29 prescribed under the Companies (General Provisions and Forms) Rules, 1985 within fourteen days. Furthermore, the Company is required to file a notice of the fact in writing in the form as set out in Form S2, with the registrar within sixty days from the date of passing of Special Resolution.
A Private Company having two or more members shall become SMC by passing a Special Resolution for change of its status, making necessary alteration in it’s articles and obtaining the approval of commission. An application for seeking Commission’s approval shall be submitted by the Company in the form as set out in Form S4 within thirty days of passing the Special Resolutions for change of status to SMC.
The Company shall transfer shares in the name of single member within fifteen days of the approval of the commission and notify change in the Board of Directors on Form 29 within fourteen days from date of transfer of shares.
A certified copy of the order containing the approval together with a notice in the form as set out in Form S5 and a nomination of nominee directors in the form as set out in Form S1 shall be filed with the registrar concerned within fifteen days.
The client will connect to SECP eServices to log on to his / her account or signup, in case of a new user.
For incorporation process, please note that you will need to create separate User IDs for all proposed Subscribers, in order to obtain their system generated PIN. After obtaining name availability, User should use the “Manage Company Users” button available on the top right hand side of the web page to create separate / additional User IDs.
A successful logon to eServices by entering user ID and password will display a list of available and unavailable processes. If the Company name has been reserved successfully, the Company Incorporation facility will be available at this stage.
User will click on the company incorporation process. An input page is displayed, wherein the following information will be entered by the user.
Check the details of the proposed company in terms of its complete name and kind to ensure that the information is correctly displayed. In case of any issue, please contact the concerned Company Registration Office (CRO). Click on “Mode of Payment” and select the mode whether you want to make payment through “Bank Challan” or “Credit Card”. In case you choose “Bank Challan”, then click on “Locate Bank” and select the designated bank branch from the available branches of MCB Bank Limited or United Bank Limited.
In this section, enter the compulsory information about the declarant / Company representative. A declarant can be any person authorised to represent the proposed Company by the Owners / Board of Directors. Any employee or even the director of the proposed Company could be chosen for this responsibility.
Enter detailed data regarding the Board of Directors and Subscribers in this section. “Add” and “Remove” buttons will create and remove rows for data entry.
Enter corporate information e.g., registered office address, sector classification, share capital, objects etc., in this section.
Enter details of a signatory in this section.
By pressing Continue Link, Process Document Listing Page will be displayed, containing the following links along with Sign form option:
Enter the PIN and click “Apply user PIN”, field for “PIN APPLIED” will be auto-populated and on clicking “Submit process to SECP” button, process will be submitted to SECP. Please note that every subscriber needs to sign the documents by logging in with his/her User ID and password and applying their respective PIN. Click this button. All the documents will be submitted to the SECP and a process reference number will be displayed. Please keep this reference number for any future correspondence, if required.
Click on Submitted Processes link available on the left side of the page. Documents submitted by you along with bank challan will be displayed. Click and open challan and then press Print. Four copies will automatically be printed as original copy, applicant copy, bank copy and branch copy.
The fee shall be deposited in the Bank branch selected by the applicant from the designated branches of MCB Bank Limited / United Bank Limited. The bank shall retain the branch and bank copies and return remaining two copies (original and applicant copy) to the client.
To facilitate investors and speed up processing time of transactions in eServices, SECP has introduced online payment of fee through Credit Cards. This facility is only available to depositors / applicants using eServices online submission option of SECP and transact through eServices portal. To make payment through Credit Card, click on “Online Payment” link available on the left side of the page, then select the relevant check box under “Make Payment” and follow procedure.
For obtaining further information regarding payment of fee through Credit Cards, please visit SECP website and see Online Payment Guide available on the eServices page. Payment through MCB Online Fund Transfer Facility SECP has also arranged with MCB Bank Limited to introduce an “On-line Fund Transfer (OFT)” facility whereby its depositors can pay SECP fee directly into SECP’s bank account in MCB through on-line fund transfer from their MCB Bank account, without the need to visit a branch for physically depositing the amounts. This facility is only available to depositors / applicants using eServices online submission option of SECP and transact through eServices portal.
For obtaining further information regarding MCB OFT Facility, then please visit SECP website and see Online Fund Transfer Facility Guidelines available on the main page.
The process will be initiated as soon as the SECP receives the verification of deposit of fee from the Bank.
User will receive response from the SECP via email, with any of the response, acceptance (Incorporation Certificate Dispatched through Courier), rejection or issue resolution.
A Foreign Company incorporated outside Pakistan, is required to file the following documents to the registrar concerned within 30 days from the establishment of its place of business in Pakistan (Sections 434 To 443 of the Companies Act, 2017):
The signature or seal of the person so certifying shall be authenticated by a Pakistani diplomatic consular or consulate officer.
If the documents is not in English, dully certified translation in English or Urdu language is provided (Rule 23 of Companies (General Provisions and Forms) Rules, 1985.
Any change or alteration in particulars stated in the documents and returns filed at the time of registration under Section 435 is required to be filed on Form 44 with the registrar concerned within 30 days of such change or alteration (Section 436); and
Foreign Company is required to file annually with the registrar concerned annual accounts in respect of its operation within Pakistan as well as its global accounts together with the list of Pakistani members and debenture holders and of places of business of the Company in Pakistan within the prescribed period (Section 437); and
Foreign Company is required to submit the renewal / extension of the permission to open / maintain a Branch / Liaison Office from the Board of Investment (BOI) on the expiry of the validity of the permission, originally granted. Foreign Company is required to give notice on Form 46 to the registrar concerned at least 30 days before it intends to cease to have a place of business in Pakistan and to publish a notice of such intention at least in two daily newspapers circulating in the Province or Provinces in which such place or places of business are situated.
Foreign Investors are permitted to hold 100% equity of industrial projects without any permission of the Government. No Government sanction is required for setting up any industry, in terms of field of activity, location and size except for the following:
No new units for the manufacture of alcoholic beverages or liquors will be allowed. There is no requirement for obtaining No Objection Certificates (NOC) from the provincial governments for locating the project anywhere in the country except in areas that are notified as negative areas. With the announcement of Investment Policy, 1997 by Government of Pakistan, the foreigner investment has since been allowed on repatriate able basis in agriculture, service, infrastructure and social sectors subject to conditions indicated against each. They will have to simply register a Company with SECP under the Ordinance and to inform State Bank of Pakistan provided the relevant conditionality is fulfilled.
Foreign Direct Investment (FDI) Services Sector is allowed for any activity subject to any condition that services which require prior permission / NOC or licence from the concerned agencies will continue to get the same treatment until and unless de-regulated by such agencies and will be subject to provision of respective sectoral policies. The list of deregulated services in telecommunications is as under:
Infrastructure projects including development of industrial zones.
Education, Technical / Vocational Training, Human Resource Development (HRD), Hospital, Medical and Diagnostic Services
The Cabinet decision dated June 19, 2002 on Corporate Agriculture Farming (CAF) Policy enunciates that such local and foreign companies would be entitled CAF legal entity that are locally incorporated under the Companies Act, 2017. In this connection, in case of foreign collaboration, 60% of Foreign Equity is allowed with minimum investment of US$ 0.3 Million. Beside the following agriculture related activities are included in CAF under the approved policy package.
Tourism has been given the status of industry and placed under priority industries i.e. category ‘c’ of the Investment Policy.
The housing and construction sector has been declared as Industry and placed under priority Industries i.e. category ‘c’ of the Investment Policy.
Local and Foreign Companies involved in real estate projects will not market these projects unless the title of the property is transferred in the name of a locally incorporated Company and the ‘Commencement of Business’ Certificate is issued by the Securities & Exchange Commission of Pakistan (SECP) to the Company.
Computer Software and Information Technology (IT) have been declared as Industry.
Our firm has been at the forefront, having already acted or acting in several transactions either for the State/ Province or for bidders – concessionaires, including some of the largest privatizations to have been concluded.
Kakakhel Law Associates advises on domestic and multi-jurisdictional M&A transactions, offering clients a wealth of expertise and experience, while maintaining an in-depth understanding of national legal regulations and local markets.
An agribusiness company is an entity involved in the cultivation, processing, and distribution of agricultural products through wholesalers, retailers, and other intermediaries. These businesses are key players.
A foreign exchange company offers currency exchange and international payment services to both companies and private individuals. These companies are legally authorized to exchange one currency for another in Pakistan, subject to certain conditions.
An insurance company is a financial institution, which may be for-profit or government-owned, that sells the promise to pay for certain expenses in exchange for a regular fee, called a premium The insurance company underwrite the risk or loss.
An IT services company refers to the application of business and technical expertise to enable organizations in the creation, management, and optimization of or access to information and business processes. The distinct categories of IT services.
A joint venture is a legal entity that typically takes the form of a short-term partnership, where individuals or entities collaborate on a specific transaction for mutual profit. In a joint venture, each party contributes assets and shares the risks.
A limited liability partnership is a business structure that combines the characteristics of both partnerships and companies. In this structure, some or all partners have limited liabilities meaning each partner is not responsible for another partner's.
An IT services company refers to the application of business and technical expertise to enable organizations in the creation, management, and optimization of or access to information and business processes. The distinct categories of IT services.
A Modaraba company is a unique and prime mode of non-interest Islamic financial system. It is a form of financial contract in which one party, the investor (Rab-ul-mal), entrusts money to another party, the financial manager (Mudarib).
Non-Banking Finance Companies (NBFCs), also known as Non-Banking Financial Institutions (NBFIs), provide services similar to traditional banks but do not hold a banking license. Unlike banks, these institutions are not subject to banking regulations.
A Non-Governmental Organization (NGO) is a non-profit, voluntary citizens' group organized at local, national, or international levels. These organizations are task-oriented, driven by people with common interests, and perform a variety of services.
An offshore company refers to a corporate entity established outside of one's home country. This setup is commonly utilized in the banking and financial sectors to describe locations with different regulatory frameworks.
A pharmaceutical company, also known as a drug manufacturing company, is a licensed commercial entity established to research, manufacture, market, and distribute drugs and medicines for the healthcare system.
Recruitment company is known as recruiting firm, agency, staffing or temporary agencies, have teams of recruiters working in one or many industries to source job candidates and fill positions for their clients, also known as employment.
A security services company is a business organization that provides armed and unarmed security services and expertise to private and public clients. These services may include roving patrols, bodyguard services, and guard dog services.
A telecommunication company is an organization that facilitates global communication, whether through phones, the Internet, airwaves, cables, or wireless technologies. These companies have created the infrastructure that enables data.
A textile company is a business that buys and sells various fabrics or textiles. There are many textile companies around the world, with textile mills supplying the raw materials used to create apparel and textile products.
A travel agency is a private retailer or public service that provides travel and tourism-related services to the general public on behalf of accommodation or travel suppliers, offering various travel packages for different.
Setting up a university can be a complex process, especially because it involves meeting a variety of regulations designed to ensure that students receive a quality education. Before starting your university, you must decide whether to establish.
Company law is the legislation under which the formation or incorporation, registration, governance and dissolution of an entity is administered and controlled whereas company is a legal entity formed by a group of.
Company secretarial services refer to the level of administrative and operational functions within a business entity that ensures good corporate governance, effective management and compliance through legislation, laws.
Contract law is a body of law which encompasses an agreement between private parties creating mutual obligations enforceable by law, basic elements required for the legally enforceable contract are mutual assent.
Corporate governance is the practice, process and rules by which a corporate entity is organized and operated and refers to the way in which corporate entities are administered and to meet the objectives of shareholder
Corporate law involves general rules and regulations associated with corporate affairs, such as the incorporation of entities, directors’ and shareholders’ rights, memorandum, articles, board meetings, secretarial matters.
Contract law is a body of law which encompasses an agreement between private parties creating mutual obligations enforceable by law, basic elements required for the legally enforceable contract are mutual assent.
Corporate governance is the practice, process and rules by which a corporate entity is organized and operated and refers to the way in which corporate entities are administered and to meet the objectives of shareholder
Consumer courts exist to give ordinary buyers a quick, inexpensive forum to seek redress for defective goods, deficient services, overcharging and unfair trade practices. In Pakistan, consumer protection is primarily,
When a product breaks, does not work as advertised, or presents a safety hazard, you have legal rights. In Pakistan these rights arise from a mix of general contract law (most importantly the Sale of Goods Act, 1930),
False advertising is explicitly prohibited under the Khyber Pakhtunkhwa Consumer Protection Act, 1997, as it constitutes an unfair trade practice. This includes any misleading or deceptive claims,
Under the Khyber Pakhtunkhwa Consumer Protection Act of 1997, consumers have a clear legal framework to seek redress for poor or deficient services. The process is designed to be accessible and cost-effective,
Under the Khyber Pakhtunkhwa (KPK) Consumer Protection Act, 1997, consumers in KPK have the legal right to sue sellers, including online sellers, in consumer courts if they provide faulty goods or services.
The KPK Consumer Protection Act, 1997 was enacted to safeguard the interests of consumers and ensure they are not exploited by sellers, manufacturers, or service providers. Under this law, a consumer has the right,
In Pakistan's Khyber Pakhtunkhwa (KPK) province, consumer protection matters are primarily governed by the Khyber Pakhtunkhwa Consumers Protection Act, 1997 (the Act). Under Section 17(2) of the Act,
The Khyber Pakhtunkhwa Consumer Protection Act of 1997 stands as a powerful legal instrument designed to level the playing field between consumers and businesses. It codifies a set of inviolable rights,
Under the Consumer Protection Law of Khyber Pakhtunkhwa (KPK), when a consumer files a complaint against a business, the Consumer Court issues a summons requiring the company to appear before it,
consumers have rights protected under the Khyber Pakhtunkhwa Consumers Protection Act, 1997 (as amended). This law defines "services" to include medicine, making hospitals, clinics, doctors,