Company Registration in Pakistan with Foreign Director
A company, being an artificial person, is managed and controlled by the directors of the company. The Directors are the head of a company. They are the supreme authority controlling the managerial and other affairs of the company. They are jointly known as the Board of Directors (BOD) of a company. The BOD oversees the management activities of the company as well as protects the long-term interests of the shareholders of the company.
The company’s law in Pakistan does not bar foreign nationals to become directors in Pakistani companies. A foreigner or a non-resident Pakistani become an executive or a non-executive / independent director of Pakistani companies whether public or private.
Following are the relevant laws applicable to a foreign national as a director in a Pakistani company:
Required Documents for Foreign Director
There are certain things that should be aware of before proceeding with registration of company with foreign directors.
- The first thing to register the company with foreign directors is the clear scanned copies of their passports.
- The other thing required is their personal profile. Personal profile is same like resume whereby all the history of a foreign person is written so that it can be assessed that whether he has the required capabilities to run the organization or not.
- The last thing is an affidavit whereby it is stated by the foreign director that if he has not been security cleared by the Interior Ministry of Pakistan all his shares will be subsequently transferred to some other person. For any person that is not National of Pakistan and wants to operate a business in Pakistan that person need security clearance from Interior Ministry of Pakistan. Such security clearance is directly been seek by the Securities and Exchange Commission of Pakistan once the documents for company registration are submitted.
The following documents are required to be filed with the registrar concerned:
- Copy of passport, in case of foreigner, of each subscriber and witness to the memorandum and article of association,
- Memorandum and articles of association four printed copies of Memorandum and Articles of Association in case of offline submission and one copy for online submission, duly signed by each subscriber in the presence of one witness. In order to facilitate the general public, the standardized specimen of Memorandum of Association of various sectors has been provided on the Commission’s Website.
III. Form – 1 Declaration of applicant for compliance
- Form – 21 Notice of situation of registered office of the company
- Form – 29 Particulars of first directors of the company
- Registration/filing fee Original paid challan evidencing the payment of fee as prescribed in Table – II, in any of the authorized branches of MCB Bank Limited.