In Pakistan, the rules for how companies work are covered by the Companies Act, of 2017. This law replaced the Companies Ordinance from 1984. This Act lays down the legal guidelines for creating, running, and handling companies in Pakistan.
According to the Companies Act, of 2017, a group of two or more people can start a company for any lawful purpose. This law lets you set up different types of companies, like private ones, public ones, single-member companies, and non-profit companies.
The law also says that companies must register with a group called the Securities and Exchange Commission of Pakistan (SECP). To get registered, companies have to provide various documents like their rules (articles of association), purpose (memorandum of association), and financial statements.
Once they’re registered, companies have to follow certain rules. They need to hold meetings each year, keep good records of their money (books of accounts), and report back to the SECP every year. The law also makes sure that people who own parts of the company (shareholders) have rights like voting, getting a share of the profits (dividends), and looking at company records.
Apart from the Companies Act, 2017, there are more rules and laws that companies have to follow in Pakistan. These include the Securities and Exchange Commission of Pakistan Act from 1997, which handles rules for buying and selling shares, and the Competition Act from 2010, which makes sure competition in the market is fair.
The Pakistani government has also set up groups to make sure companies follow the rules. One is the SECP, which helps with registering and supervising companies. There are also special courts called Securities and Exchange Commission of Pakistan Tribunals that solve problems related to company law.
To sum it up, company law in Pakistan gives a clear set of rules for how companies can start, work, and do business in the country. It’s really important for companies to follow these rules, like those in the Companies Act, 2017, and other laws, to avoid any legal problems or punishments.
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