In Pakistan, LLP stands for Limited Liability Partnership, and it’s a relatively new legal entity introduced to provide a hybrid form of business that combines features of partnerships and companies. Here are the key steps and requirements for LLP registration in Pakistan:
- Minimum Requirements:
- At least two partners are required to form an LLP.
- Partners can be individuals or corporate entities.
- There is no maximum limit on the number of partners.
- Name Reservation:
- Choose a unique name for your LLP.
- Check the availability of the name on the website of the Securities and Exchange Commission of Pakistan (SECP).
- Documents Required:
- Partnership deed (agreement between partners).
- Form-1: Application for reservation of name.
- Form-2: Incorporation document containing details of partners, registered office, etc.
- Registration Process:
- Prepare the necessary documents including partnership deed.
- Submit Form-1 and Form-2 to the SECP along with prescribed fees.
- Upon verification and approval, SECP will issue a Certificate of Incorporation.
- Post-Incorporation Requirements:
- Obtain a National Tax Number (NTN) from the Federal Board of Revenue (FBR).
- Open a bank account in the name of the LLP.
- Register with the relevant provincial or local authorities, if applicable.
- Compliance and Ongoing Requirements:
- LLPs are required to file annual returns and financial statements with the SECP.
- Maintain proper books of accounts and records.
- Professional Services:
- Engaging a professional consultant or lawyer can simplify the registration process and ensure compliance with all legal requirements.
It’s important to note that LLPs are governed by the Limited Liability Partnership Act, 2017 in Pakistan. The process and requirements may vary slightly based on the specific circumstances and local regulations. Therefore, seeking professional advice is recommended to navigate through the registration process smoothly.
LLP Registration NTN National Tax Number – Limited Liability Partnership – SECP FBR