Corporate law

Drafting of Agreements & Contracts:

A Contract is legally binding agreement. Contracts may be written or oral, but important contracts are often written and signed by both the parties.

Examples of contracts include sales agreements, Deeds, real estate purchase contracts, employment contracts, confidentiality agreements, finder’s agreements, or insurance contracts etc……

Drafting a contract is the act of writing out the terms and details of the contract, in order to outline the legal obligations of the two parties, so that they fully understand the terms of the agreement and their respective duties towards one another. Contracts may be drafted by anyone, but an Attorney is often needed in order to create a reliable and secure contract, especially for more complex contracts.

A clearly-written and easily-understood contract can reduce confusion between the parties. However, if a contract is not written clearly, legal issues may arise. Thus, it is important to thoroughly review or hire an Attorney or Law Firm performs a complete review of any Contract, before you sign it;

The Professional Attorneys at Javed Qazi & Co. Law Firm, will assist you from start to finish through the contract drafting and reviewing process, safeguarding you against any complications, errors, or misunderstandings. Additionally, they will help you to prevent other legal issues that arise from a poorly written contract, and represent you in court, if necessary.

We provide Legal Opinion:

A legal opinion is a written statement by a judicial officer, legal expert or a practitioner which provides a legal way to an individual to present his/her grievances before the court of law in a legal manner as to the illegibility or legibility of a condition, or action. A right legal opinion may resolve how the highest court of jurisdiction would resolve the issues expressed by a common person.

A legal opinion is also a verbal or written objective interpretation or analysis of a legal position by a professional legal practitioner which is intended to be relied on by the person to whom it is addressed. In other words, a legal opinion is the opinion of a particular legal practitioner about the application of the law to a particular set of facts and usually contains conclusions or recommendations.

Our competent legal practitioners provide the prompt, efficient, and personalized service that we feel our clients deserve. As a valued client of Jave Qazi & Co. Law Firm, you will feel confident in knowing that a professional legal team is working diligently with your best interests in mind. Also, you will feel secure in knowing that at all times a qualified member is available to assist you and promptly respond to your legal needs – in a friendly and caring way.

Company Registration:

If you are planning to register a company in Pakistan, get in touch with Javed Qazi & Co. Law Firm and we will handle the process of company registration on your behalf. Our consultants will gladly assist you with your company registration.

The Security Exchange Commission of Pakistan handles all the registration process of Companies. The SECP offer e-services and offline system for registering a company in Pakistan. At the very first stance the individual has to look for a company name and its availability. There are different types of companies you can register:

Before knowing how to register a company, an individual should know the types of legal companies in Pakistan

1. 1. Private Limited Company
   2. Single Limited Company
   3. Public Limited Company

To register any Company in Pakistan an individual needs to decide the Company name; and to check its availability on the website of the SECP. The individual has to look at the Section: 10 of the Company Act, 2017. There are some prohibitions on the part of the SECP where an individual cannot use in the company name. After deciding the name of the company, check its availability. If it is available then you can reserve the particular name of the Company by creating an online account with SECP. We at Javed Qazi & Co. provided a guide for both offline and online procedures and the documents required registering a company in SECP and our consultants will gladly assist you with your company registration in Karachi.

Following are the requirements for registration of a new company under the Companies Ordinance, 1984: –

Availability of Name:

The first step with regard to incorporation of a company is to seek the availability of the proposed name for the company from the registrar.

It is highly recommended that at least four to five names may be suggested in order to save the time for back-and-forth from SECP to the client.

Documents for Registration of a Limited Company:

The following documents are required to be filed with the registrar concerned for registration of a private limited company: –

1. Copy of national identity card or passport, in case of foreigner, of each subscriber and witness to the memorandum and article of association,
2. Memorandum and articles of association:
   Four printed copies of Memorandum of Association in case of offline submission and one copy for online submission, duly signed by each subscriber in the presence of one witness. In order to facilitate general public, the standardized specimen of Memorandum of Association of various sectors has been provided on the Commission’s website.
3. Form – 1: Declaration of applicant for compliance
4. Form – 21: Notice of situation of registered office of the company
5. Form – 29: Particulars of first directors of the company
6. Registration/filing fee: Original paid challan evidencing the payment of fee as prescribed

Sole Proprietorship:

A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business.

The legal status of a sole proprietorship can be defined as follows:

• It is not a separate legal entity from the business owner
• The business owner has unlimited liability (i.e. the business owner is personally liable for all the debts and losses of the sole proprietorship)
• It can sue or be sued in the owner’s name

The sole proprietorship receives all profits and is legally required to bear and satisfy all losses personally. The sole proprietorship is personally liable for debts of the business. So that, the sole proprietorship has unlimited liability to repay amounts owing, or debts, of the business. The sole proprietorship it is easy to set up and may only require registration of the business name and is free to run the business as he or she thinks best and is not answerable to a boss. As for the name of the business, the name of the owner or any other name may be used. Normally, a sole proprietorship business requires a small amount of capital to start with, compared with other forms of business entities.

The Attorneys at Javed Qazi & Co. Law Firm specializing in business formation and better prompt tax planning to help secure you a prosperous business. We may be assisting you in the following:

• Pre-feasibility study
• Accountancy Support (How to maintain your accounts)
• Business name registration
• Legal aspects of succession planning
• Tax implications as a sole trader

We will be pleased to assist you;

Partnership Firm Registration:

Partnership is provisioned and regulated under the Partnership Act, 1932. Owners of the Partnership Firm or Business are usually referred to as Partners. Partnership as stated in the Partnership Act 1932, defines it in the following terms:

“the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”

Minimum of 2 partners and maximum 20 are required to operate, manage and run the affairs of Partnership Firm or Business. Partnership Firm or Business is usually recommended for persons who for a specific purpose, object and period are desirous to establish an entity. Consequent to the purpose or object having being achieved or the period for which the entity is required to be established is meted out, can eventually dissolve the same.

Process of Partnership Firm Registration requires to execute a Partnership Agreement, wherein terms and conditions of Partnership including amongst others ; term, scope; object; shares of respective partners; mode and time for sharing of profit etc. is expressly chalked out. Just like every other agreement partners expressly reduce into writing their rights and obligations against the other partners that how future partners will be admitted to the partnership, how partners can be bought out, and what steps will be taken to dissolve the partnership when needed.

Process of Partnership Firm Registration requires an application to be submitted to the respective District Registrar Firms in whose jurisdiction Partnership Firm is being established. Process of Partnership Firm Registration requires for submission of following documents:

1. Partnership deed executed on non-judicial stamp worth Rs. 1,000/- (name of Partnership Firm and Address must be mentioned along with all rights and obligations of the parties against each other and any third parties) attested by at least 2 witnesses as prescribed under the law.
2. Filled form I
3. Bank challan of prescribed Registration fee
4. CNIC copies of all partners along with CNIC of all witnesses.
5. Copy of all the above documents duly notarized by a notary public.
6. Partners may have to physically appear before the Registrar Firms if required by him.

Registrar Firm process the application within 7 days after the application along with foregoing documents for Partnership Firm Registration is filed with Registrar Firms.

We at Javed Qazi & Co. Law Firm; assist our valued clients in processing for Partnership Firm and Registration. We understand the concern of our valued clients and draft the partnership agreement to cover all the affairs of the partnership business and to secure the interest of our client in the venture to avoid any stringent disputes in future that may subsequently arise between the partners of the partnership firm. We on behest and sake of our client negotiate the terms and conditions of the partnership with the other partners.

Documents we require:

1. Proposed name of your firm
2. Nature and scope of business
3. Full name and CNIC copies of partners
4. Full name and CNIC copies of witnesses
5. Investment amount by each partner
6. Partnership Deed on non-judicial stamp paper worth Rs. 1,000/-
7. Office address of the Partnership Firm

Registration of Firm and Company with SECP, FBR, and SRB

Federal Board of Revenue:

Federal Board of Revenue is a semi-autonomous Federal Agency of Pakistan that is responsible for enforcing fiscal laws and collection revenue for the Government of Pakistan.

The FBR provides National Tax Number which is like a identity card for a business, it is even needed for corporate and business executives. Every taxpayer should have an NTN number, in Pakistan

NTN is required for business transactions; opening bank account. NTN is also required for filing tax return of individuals and companies. It is required for filing tender notices and bids with government departments and multinational companies.

Company is required to file income tax return, whether operational or non-operational, in any case a company will must file tax return.

The following documents are required for registration of Company in Federal Board of Revenue:

1. CNIC
2. ELECTRICITY Bill
3. Gas Bill,
4. Property Documents
5. Tenancy Agreement In Case Of Tenant.
6. Firm/Company Letter Head
7. Partnership Deed In Case Of Partnership.

Sindh Board of Revenue:

The Board of Revenue of Sindh, Pakistan is responsible for collecting all tax revenue of the Government of Sindh. Board of Revenue is the Controlling authority in all matters connected with the administration of Revenue collection including land taxes, land revenue, preparation of land record and other matters relating.

The following documents are required for registration of Company in Sindh Board of Revenue:

1. CNIC
2. ELECTRICITY Bill
3. Gas Bill,
4. Property Documents
5. Tenancy Agreement In Case Of Tenant.
6. Firm/Company Letter Head
7. Partnership Deed In Case Of Partnership.