(a) MODE OF FORMING COMPANIES
Any seven 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 Ordinance, in respect of the registration, form a public company, and any two or more persons, so associated may, in like manner, form a private company.
Prior approval of the ministries (which regulate their respective functions) noted against each category of the following specified nature of companies is required before incorporation of such companies.
(1) Banking Company Ministry of Finance/State Bank of Pakistan.
(2) Insurance Company Ministry of Commerce.
(3) Investment Finance Company (Investment-Bank) (i) Ministry of Finance.
(ii) State Bank of Pakistan.
(4) Leasing Company Securities and Exchange Commission of Pakistan.
(5) Venture Capital Company Securities and Exchange Commission of Pakistan.
(6) Asset Management Company Securities and Exchange Commission of Pakistan.
A company which invests in any of the following industries
(i) Arms and Ammunition Ministry of Industries/Board of Investment.
(ii) Security Printing, Currency and Mint. Ministry of Industries/Board of Investment.
(iii) High Explosives. Ministry of Industries/Board of Investment.
iv) Radio Active Substances Ministry of Industries/Board of Investment.
(b) Availability of Name of the Company
The first step for incorporating a company is to confirm the availability of the name of the proposed company from the Securities & Exchange Commission of Pakistan by conducting search.
The name should not be inappropriate, deceptive or designed to offend the religious sensibilities It should not be identical to or have a close resemblance to the name of any existing company..
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