The Securities and Exchange Commission of Pakistan (SECP) was put together in 1999 under the Securities and Exchange Commission of Pakistan Act, 1997.
Initially, SECP looked over the regulation of the corporate sector and capital market. Later on, it started to supervision and regulate insurance companies, non-banking finance companies, and private pension companies. SECP also looks after external service providers who entertain corporate and financial sectors in Pakistan such as charter accountants, credit rating agencies, brokers, corporate secretaries, surveyors, and others.
SECP understands the need for the financial education of investors so they know how to protect their rights and to ensure capability so they can make well-informed decisions for investing. Educating investors helps to enhance the sophistication of investors and also helps financial service providers and regulators to the main discipline in the respected market. It teaches investors to minimize the risk in certain investments. Boosting investor confidence to move forward with assurance and lead to a fruitful investment regime.
In accordance with the SECP Act of 1997, the Securities and Exchange Commission of Pakistan is obliged to regulate and develop the corporate sector, and the non-banking financial markets like capital markets, mutual funds, financial companies, insurance companies, and private pension companies. The regulatory duties of the SECP are to organize ordered and effective markets, make efficient corporate and insurance sectors, protect investor rights, enable capital formation, and ensure efficient regulatory work.
Partnership Firms in Pakistan are a popular form of business structure where two or more individuals come together to carry out a business venture. Partnership firms are governed by the Partnership Act, of 1932, which provides the legal framework for their formation, operation, and dissolution.
Partnerships are a good way to go when you want to start a business. Private law states that all partners should work together to make the business grow and alongside enabling each other to be more successful. None of the participating individuals should hide any affairs and the partnership must fall on trust, cooperation, and care for each other. All records must be kept and in the event of any dissolution proper legal work, accounting, and auditing are to take place.
In terms of liability, partners in a partnership firm are personally liable for the debts and obligations of the business. This means that the personal assets of the partners can be used to settle any liabilities incurred by the partnership. However, in limited liability partnerships (LLPs),
Partnership firms in Pakistan offer a flexible business structure for entrepreneurs to collaborate, put together resources, share expertise, and generate profits. However, partners should be mindful of liability implications and establish a comprehensive partnership agreement to protect their rights and responsibilities. Seeking advice from legal and financial experts is crucial to navigating the legal and regulatory aspects of partnership firms in Pakistan.
We have seen a massive increase in the IT sector of Pakistan in the past few years, safe to say Pakistan is going above and beyond to develop in developing and enabling the youth to rise to a new level in IT. It has been very beneficial for the service providers in Pakistan to register with the Pakistan Software Export Board (PSEB)
PSEB benefits in a way that gives us immense credibility in the eyes of foreign investors as it is a government-affiliated branch. These benefits are not ones to be overlooked, being registered with an official government body like PSEB gives your foreign investors the trust they need that they won’t be a casualty of any fraud. The government will protect you from any exempted taxes which can add up to a significant amount based on your company. Added to that you will receive 100% of your profits without any cuts for all the associated investors. PSEB also acts as a connection for you with higher government officials and agencies if need be.
Further benefits include; you can sponsor participation in coming IT events internationally, can participate in IT events with many foreign investors, you get assistance to attain several international certifications to increase your credibility, you get VISA assistance for employees and investors, you can promote your business on the PSEB IT portal which runs in the eyes of investors locally and internationally.
NTN (National Tax Number) registration is an important process for individuals and businesses in Pakistan to obtain a unique identification number for tax purposes. It helps FBR to keep a record of all your taxations. An NTN number can be obtained from the Federal Board of Revenue (FBR). An NTN number is required for any taxation, whether or not it generates income or is marketed.
NTN number is crucial for any business earning more than Rs. 400,000 and for individuals earning over Rs. 600,000 to pay their annual income tax and any other taxes on the sales of their services. Even though their importance is overlooked by most people but they are required in many government forms, for opening bank accounts and applying for a gas or electricity connection
NTN is also needed to file an income tax return, those who fail to do so are subject to higher withholding taxes in bank withdrawals, cash transfers, car purchases, and property transfers.
As per the income tax ordinance 2001, every public and private company must have an NTN number registered in Pakistan to file taxes and tax returns. THE NTN number doesn’t have to be renewed, it can easily be obtained from FBR by fulfilling basic requirements.
WeBOC is an automated computer system used for customs clearance of Import and Export commodities. It is an end-to-end program that keeps you updated on the progress of your clearing. Developed by Pakistan Customs, WeBOC has well over 45,000 users like businesses, and various govt departments like ANF, EDB, SBP, MCC, ITD, PMRA, and banks etc.
Using WeBOC almost 30% of the consignments are cleared immediately without any problems. About 49% are based on documents that have been uploaded and only the high-risk goods, which makes 21% go through protocols. The use of WeBOC has made custom clearance an easier process with a uniform workforce.
WeBOC’s features include Goods Declaration, Warehousing, and module to handle Break-bulk, modules to handle Commercial Transit cargo for Afghanistan, Manufacturing Bonds, Reverse Transit, and Clearances from Border Customs Stations.
WeBOC benefits us by a paperless system, 24/7 GD filing accessibility, risk management system, transparency, all processes are visible online done by custom staff, EDI communications to respective people, online communication with agents, reduction in examination to 30%, presence of importer’s agent is not required, assessment based on examination reports and images, FIFO based assessment system, online adjunction process, online decision support tools, log of all activities, less clearing charges.
Whether you have a garage or a car dealership, from a small café to a restaurant chain all businesses need a Trademark for them. If you have started a new business of fragrances, online services, or anything for that matter it is crucial for you to know your intellectual rights by getting it registered through a trademark.
Most people in the country are deprived of the knowledge that how important a trademark is and how to register one for your brand.
The government is trying its best to spread awareness of its importance, Intellectual Property Organization (IPO) has taken steps to do so via trademark registry to improve the services of the trademark in Pakistan. It is useful to understand the importance of a trademark for any business so as to know your rights.
After starting your business now it’s time to protect its identity from competitors through a trademark. In this way, the law would be on your side in case something goes south. Trademarks are a quiver in the possession of your company’s intellectual property. They are important to prevent legal competition against similar companies.
In Pakistan, PEC was set up to service engineers. It is a legislation organization that participates in actions taken by the government for the betterment of engineers in the country. PEC is a platform that enables engineers and represents them on an international level. Over the decades PEC has worked nonstop for the betterment of engineers and resolving many of their issues.
As soon as a student completes their engineering degree it’s considered their duty to apply for Registration with Pakistan Engineering Council (PEC). PEC has set forth several rules for engineering universities in Pakistan. It brought the OBE rule which has set a benchmark for modernization in engineering universities in the country.
Registering with PEC is quite simple, you can do it online on their portal. All you need is your id card, all your degrees, and a photograph. For first-time applicants, there is no fee so you don’t have to worry about any challans either.
An organization or network of businesspeople known as a chamber of commerce exists to advance and defend the interests of its members. A chamber of commerce is frequently composed of a collection of business owners with similar locations or interests, however, its reach may extend internationally. They will decide who will serve as the leadership, elect the representatives, and discuss the policies they should support.
Chambers of commerce exist everywhere in the world. Although they may be successful in influencing legislators and regulators through their organized lobbying activities, they do not directly contribute to the creation of laws or rules.
Accounting and tax filing are important in Pakistan. People and businesses must follow tax rules and get an NTN number. Experts like tax consultants and accountants can help with all that. Each year, tax forms must be filled out and checked by government representatives. It’s important to keep accurate records and follow accounting standards. The government makes sure people pay taxes and may even impose fines for not following the rules. There are also incentives to encourage investment in different sectors and help the economy. Online services make tax filing easier for the public. Tax consultants and accountants are experts who provide guidance in case of ambiguity. Stay updated on tax information as rules can change from time to time. By managing accounts and taxes, individuals and businesses contribute to the country’s development.
In order to avoid costly legal disputes, we always recommend that identity and similarity searches be carried out by specialist lawyers before registering a Company. These searches are included in the all the package.
More than one-third of private companies applications are refused because of errors, name issues or even absolute grounds for refusal. Our professionals detect these things immediately.
Forming a Company can help establish credibility with potential customers, employees, vendors and partners because of the perceived status of the company type.
