Business Formation/ Dissolution & Compliances
Company law is the legislation under which the formation or incorporation, registration, governance, and dissolution of an entity is administered and controlled. Company is a legal entity formed by a group of individuals for the purpose of operating a business or undertaking, which has a legal and corporate personality separate from that of its members.
Company law has been reformed with the objective of facilitating corporatization by way of promotion and development of corporate sector, encouraging the use of technology by electronic means in conducting business and regulation thereof. Regulation of companies for protecting interests of shareholders, creditors, stakeholders and general public, inculcating the principles of corporate governance, safeguarding minority interests in companies, providing an alternate mechanism for expeditious resolution of company disputes, and matters arising out of or connected therewith.
We at Lego Vault has a strong and broadly based international company law practice. We have a team of lawyers who specialize in companies’ incorporation and related work. The company law team has a particular focus on the way in which corporate services are brought to commercial market and promoted and has considerable expertise in the fields of company promotions and sponsorship.
Our professional team advises and render services to clients on following amongst others:
• Formation of Company
• Advice on all the statutory compliances
• Rendering Legal Opinions, drafting and vetting of corporate and commercial Contracts
• Drafting agreements for private and multinational companies
• Liaison with SECP, Trade Organization, and other Departments in matters pertaining to affairs of Company
• Formation of subsidiary, liaison offices, or formation of foreign company
• Collaboration and Joint Ventures
• Foreign Collaborations & Joint Ventures
• Due diligence and feasibility analysis of probable collaborators
• Obtaining NOCs and approvals for governmental departments
• Acquisitions, mergers, de-mergers and takeovers
• Foreign Investments
• NGOs, AOPs, Societies and Trusts
• Tax planning and strategies
• Framework, policy drafting and Legal Structuring
Formation of SMC/ (PVT) Limited
Any person may form a Single Member Company or Private Limited Company in Pakistan. Single Member Company or “SMC” means a private company which has only one member/director and will avail privileges of limiting the liability. The introduction of the concept of a single member company has facilitated sole proprietorships to obtain corporate status, giving them the privilege to limit the liability of their proprietor. All the shares are vested with single member/director, however, person is required to nominate two individuals, one of whom shall become nominee director in case of death of the single member/director and the other shall become alternate nominee director to work as nominee director in case of non-availability of the nominee director and also Single-Member Company is required to appoint a company secretary.
Lego Vault have dealt with various registration of Single Member Companies or Private Limited Companies in Pakistan like health and care, real estate, garments related, furniture, , IT related companies, service oriented, travel and tourism companies, construction, manufacturing related, jewellery related services companies, home decoration related companies, event management & wedding decoration related single member companies.
We at Lego Vault have dealt with various registration of Single Member Companies or Private Limited Companies in Pakistan and can advise you on registration from Security Exchange Commission of Pakistan (SECP) of Single-Member Company/ Private Limited Company and other related matters to individuals, firms, companies both local and foreign
You can contact us for detailed consultancy and advice.
NGO/NPO( Non-Profit Organization)
Lego Vault provides comprehensive legal services to non-profit organizations and associations in the Islamic Republic of Pakistan. We provide services to businesses, institutions, educational, social, religious, individuals and families seeking to accomplish non-profit objectives. In Pakistan there are numbers of laws for registration of non-profit organizations including the prominent Acts and Ordinances as The Societies Registration Act, 1860, The Trusts Act, 1882, Registration of non-profit Companies under section 42 of the Companies Ordinance, 1984, The Co-operative Societies Act, 1925, Trade Organizations Ordinance, 2007, Non-Profit Public Benefit Organizations (Governance and Support) Act, 2003, Mussalman Waqf Act, 1923, Charitable Endowments Act, 1923.
We at Lego vault offers a broad spectrum of legal services to NPO’s in Pakistan including following:
- Registration of Non-profit Organizations/Non-Governmental Organizations
- Preparation of documents
- Advising non-profit board members of their duties & responsibilities
- Advising individuals and entities with respect to charitable giving matters
- Advising NPO’s in obtaining tax exemptions
- Representing & defending all types of NPO’s in mediation, arbitration, litigation & similar matters
- Advising on real estate transactions, environmental etc. issues
- Advice NGO’s in their fund raising efforts
- Advising on Intellectual property issues, applying for and protecting copyrights or trademarks and obtaining licenses to use copyrighted materials
- Drafting of employment agreements
- Dissolution of NPOs/NGOs
Non-Banking Finance Company:
We at Lego Vault Law firm helps to establish the Non-Banking Financial Companies (NBFC), these are financial institutions that offer services similar to a bank but do not hold a banking license. They are usually licensed to carry out businesses such as:
- Investment Finance Services
- Leasing
- Housing Finance Services
- Venture Capital Investment
- Discounting Services
- Investment Advisory Services
- Asset Management Services
- Non-Banking Micro Finance Company
- Asset Management Services
The Asset Management Company(AMC) is a Non-Banking Finance Company(“NBFC”) licensed by the Securities and Exchange Commission of Pakistan (“SECP”) to carry out Asset Management in accordance with Part VIII-A of the Companies Ordinance, 1984 (the “Ordinance”) and the NBFC & NE Regulations, 2008. AMC shall be incorporated under the Ordinance read with the provisions of the NBFC Rules, 2003 (the “Rules”).
The SECP has given the following chronological methodology for the incorporation of a NBFC and licensing as AMC:
NOC for Formation of NBFC: Application to Specialized Companies Division, SECP Headquarter Islamabad for obtaining permission to form an NBFC along with the following documents: Form I of the Rules along with all relevant supporting documents and Fee with Form I (as per Schedule II of the regulations)
Incorporation of NBFC: Incorporation of NBFC as a Public Limited Company, at the concerned Company registration office, as per the existing procedures, form and fees.
Licensing as AMC: Application to Specialized Companies Division, SECP Headquarter Islamabad for grant of license for to carry out Asset Management Services: Form II of the Rules along with all relevant supporting documents and Fee with Form II (as per Schedule II of the Regulations)
AMC Established.