Formation of NGO as a Society  

Any seven or more like minded persons associated for charitable purpose may form Society or NPO under The Societies Registration Act, 1860. Charitable purposes may include promotion of literature, science or fine arts or diffusion of useful knowledge i.e. management of libraries, public museums, galleries of paintings or works of art, schools, dispensaries, rural centres or population welfare facilities, water supply and sanitation faculties.

Key feature

1. Provincial level organization
2. Eligible for tax exemptions
3. Less corporate compliances
4. Annually submit accounts and list of members to registrar
5. No Minimum contribution required by each subscriber

List of requirements 

• Availability of suitable name
• Resolution of promotors
• List of members / governing body
• Memorandum of Association
• Articles of Association
• Verification Form for all members
• CVs of promotors
• Three years estimate of future income and expenditure
• Brief statement of charitable work if already undertaken and projects proposed to be undertaken
• Letter of authority
• Copy of CNIC/NICOP/Passport/POC of the partners
• Cell registered in name of the partners
• Email of the partners

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

Formation of Partnership Firm

Two or more persons may form a Partnership Firm.

Key feature

1.  The financial liabilities of partners are unlimited.
2.  The partners cannot draw a salary from his own business.
3.  Comparatively less legal compliances as compared to Limited Liability Company.

List of requirements 

• A suitable name of the firm
• Copy of CNIC/NICOP/Passport/POC of the partners
• Cell registered in name of the partners
• Email of the partners

Register Private Limited Company Any two or more persons can form a Private Limited Company under the Companies Act, 2017. It is the most commonly used form of doing business. Key feature         The financial liabilities of shareholders are limited to the extent of their shares. Fix rate of tax is payable on profit irrespective of...

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