Company registration in Pakistan and requirements with respect to the directors of the company
Directors are persons that have been given the responsibility for the management of the company. There are three different ways in which a person can be appointed as the director of the company. These are mentioned below:
First method of becoming the director of the company is that members of the company in general meeting appoint directors through voting.
Second method by which a person can be appointed on the board of directors of the company is by nomination of the person holding interests in the company. Normally Federal Government, Provincial Governments appoint nominee directors in the companies on the basis of their shareholding or investment in other company.
By appointment as the first director when the company was first formed.
Further companies’ ordinance, 1984 has specified the minimum numbers of directors that have to be appointed in order for the company to function legally these are mentioned below:
Single Member Company should have minimum and maximum one director only.
Private Limited company should have at least 2 directors.
Public company which is not listed on any stock exchange should have at least 3 directors.
Public company which is listed on any stock exchange of the country should have at least 7 directors.