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Brief Introduction:

There are a set of rules, regulations and standard operating procedures for companies laid down by the SECP. In order to smoothly run the company business and avoid any legal issue with the SECP, every company must follow these rules. It includes the event based, regular, compulsory and optional filings/ submission of documents and do certain actions by the company to the SECP.
Non following or non-compliance of these rules may result in form of penalties or legal actions of both.

Annual Filing, Form A, 29, 45 :

A sole proprietorship is a type of business structure in which an Every company should conduct the Annual general meeting once a financial year. The company also needs to submit its Annual filing, which includes Form A Form 29, on the date of Annual general meeting or the last day of calendar where no such meeting is held.

 

Form A

Every company, having its share capital, needs to submit the form A (containing the detail of authorized, paid up capital, number of shares etc.) every year or needs to intimate its registrar in writing where there is not any change.

 

Form 29

Every company needs to submit the detail of any incoming or outgoing director, CEO chief executive officer or auditor or change there on in a prescribed format (detailing the Name, Father Name, CNIC, Address, Designation and date of such change. That form is called Form 29

 

Form 45

Every needs to declare the main beneficiaries or the ultimate beneficial owner of the company or the change therein to the SECP on a specified format which is form 45. This filing needs to be done the first time after the incorporation of the company and then every year.

 

Change of Name

After the incorporation of a company, a business may to need to change its name due to a number of reasons. In the case after the reserving the new name for company, it needs to prepare and submit the required documents on a specified format. After the approval from SECP the new name starts reflecting on your company.

 

Change of Address :

A company may shift/change its business address from one location to another. Depending whether it shifted form one city to another, within the same city, or one province to another, it needs to file a certain set of documents to SECP for the change of address in company records. After the approval from the SECP address will be updated on company data.

 

Change in Authorized/Paid up Capital :

A company may increase or decrease its authorized or paid up share capital depending upon the business needs. Before the initiating any such change a company first need to update this change in its company records within a certain time period after getting the necessary approvals from the borad of directors and other relevant stake holders. Once the all the working is done, the company have to file amended company documents on a specified format for the incorporation of this change in SECP.

 

Alteration in Memorandum or Articles of Association :

A SECP registered company is run by rules and regulation already preset in the memorandum or articles of association. Every time company have to strictly follow these documents. If the need arises the company can apply for the change in these official documents.
For example if the company needs to change its main line of business, it needs to first initiate the process of changing its memorandum in the SECP on a prescribed format along with relevant documents. Once such change is approved by the secp, company only then can be run according the amended documents.

 

Addition/Deletion of the directors :

Directors and CEO of the company are appointed during incorporation, are retired in first AGM and then elected for a term period of three years. A director may continue or opt to retire on due dates as decided in the company law. A director may also be removed before the due dates or get in as a new one in a company.
Any such change along with the director consent/resignation needs to be intimated on prescribed forms to SECP. Only the approval by the SECP such change becomes legal in the company records.

 

Auditor Appointment :

It is compulsory for every company to appoint the first auditor within the ninety (90) days of incorporation of the company. That appointed auditor automatically gets retired on the first Annual General meeting. At the very same AGM a new auditor needs to be appointed for a period next AGM if the previous one is not reappointed. The compulsory appointment is binding to company by the SECP, failure to comply may result in penalties and legal complications.

 

Share updation :

Depending upon the entry of new member or departure of old member from the company, a company may needs to update the transfer/increase/decrease of its shares with respect to its members shareholding ratio. As the criticality of the dividend, decision making and other related important matter depend upon the shares ratio, so this new change could only the legally applicable once such change is duly approved by SECP.

 

Event Based Filing :

During the routine operations of the company a set of prerequisites compliances/flings are defined in the companies Act 2017. But there are certain time when a specific events occurs and that specific event needs a filing or report the event on prescribed format to the SECP. Non-reporting or non-filing of such events may create operational and legal complications for the company. Examples are death of director, any mistakes in the data of the company with respect to its members or directors or others.