To register a company with the Securities and Exchange Commission (SEC), the specific process will vary depending on the country. Below, I’ll provide a general guide to SEC registration and focus on the steps relevant to Pakistan and other jurisdictions where the SEC oversees corporate and securities matters.
SEC Registration in Pakistan
In Pakistan, the Securities and Exchange Commission of Pakistan (SECP) is responsible for regulating companies. Below are the steps to register a company with SECP:
1. Company Name Reservation
- Log in to the SECP eServices Portal.
- Submit an application for name reservation.
- The name must comply with SECP’s guidelines (unique and not misleading).
- SECP usually approves or rejects the name within 1-2 working days.
2. Preparation of Incorporation Documents
Draft the Memorandum of Association (MOA):
- States the company’s objectives.
- SECP provides templates for different industries.
Draft the Articles of Association (AOA):
- Lays out the internal rules of the company.
Other required documents:
- CNICs/Passports of directors, shareholders, and company secretary.
- Form 1: Declaration of compliance with incorporation requirements.
- Form 21: Notice of the registered address.
- Form 29: Details of directors, CEO, and company secretary.
3. Filing the Incorporation Application
• Log into the SECP eServices Portal.
• Submit the incorporation documents and pay the required fee (varies by share capital).
• SECP processes the application in 3-5 working days if all documents are correct.
4. Issuance of Certificate of Incorporation
- Once the application is approved, SECP issues the Certificate of Incorporation, which confirms the legal existence of the company.
5. Post-Incorporation Compliance
Tax Registration: Obtain a National Tax Number (NTN) from the Federal Board of Revenue (FBR).
Sales Tax Registration (if applicable): For businesses subject to GST.
Employee Registrations: Register with EOBI and Social Security Institution.
Bank Account: Open a corporate bank account.
SEC Registration in Other Jurisdictions
In countries like the United States or the Philippines, the SEC plays a key role in corporate regulation. Here’s a general overview:
United States
Securities and Exchange Commission (SEC):
- Primarily oversees public companies, securities offerings, and investments.
- If you’re forming a corporation, registration is typically done at the state level, not directly with the SEC.
Public companies or those issuing securities must file with the SEC:
Form S-1 for IPOs.
Periodic filings such as 10-K, 10-Q, and 8-K.
Philippines
Securities and Exchange Commission (SEC):
- Required for companies, partnerships, and non-stock corporations.
Key steps:
- Name Reservation via the SEC’s online portal.
- Prepare documents:
- Articles of Incorporation.
- By-laws.
- Treasurer’s Affidavit.
- File incorporation documents with the SEC.
- Obtain the Certificate of Incorporation.
Common Documents Required Across Jurisdictions
- Name Reservation Letter: Confirmation that the company name is approved.
- Incorporation Documents:
- Memorandum and Articles of Association (MOA & AOA).
- Articles of Incorporation and By-laws (in some jurisdictions).
- Identification Documents: CNICs, passports, or other government IDs of directors and shareholders.
- Address Proof: For the registered office of the company.
- Shareholders’ Agreement (if applicable).
- Declaration of Compliance: Ensuring adherence to legal requirements.
Costs and Timeline
Costs: Vary based on the type of company and authorized capital.
Timeline: Usually takes 1-2 weeks for incorporation, provided all documents are complete.
Additional Considerations
Foreign Companies: If you are registering a foreign branch or subsidiary, additional documents (e.g., board resolutions and certificates of incorporation from the parent country) may be required.
Regulatory Compliance: Post-registration, companies must comply with tax laws, labor laws, and annual filings with the SEC.