Formation of Single Member Company

Formation of Single Member Company:

One person may form a single member limited liability company with all features of Private Limited Company but with Single Owner.

Key feature

1.  The financial liabilities of shareholder are limited to the extent of his /her capital.
2.  Easy to transfer ownership from one person to another.
3.  Customers, vendors, etc generally rate companies higher than other types of businesses.
4.  The directors can draw a salary from his own business which reduces net income and accordingly tax liability of the Company.
5.  Comparatively more legal compliances as compared to Partnership and Proprietorship.
6.  Details of Authorized Capital and Paid-Up Capital

 

List of requirements 

• A suitable name of business
• Copy of CNIC/NICOP/Passport/POC of the single owner
• Copy of CNIC/NICOP/Passport/POC of the nominee
• Cell registered in name of the owner
• Email of the owner