Company Registration in Pakistan

According to the Companies Ordinance, 1984 there can be three different types of companies:

• A company limited by shares
• A company limited by guarantee
• An unlimited liability company

The following steps needs to be followed to create and register a company in Pakistan.

1. Seek approval on name of the company

The first step towards incorporation of a company is to seek the “availability of name” for the proposed company from the concerned registrar of companies. Although, it sounds simple enough, but there are certain prohibitions and restrictions, the applicants have to look into while choosing a name for a company.  This is the guideline for choosing a name.

2. Pay fee’s  associated with incorporation and registration of the company

Post receiving the name availability certificate  from SECP , the applicants have to file an  application for incorporation. The fees associated with the process  can be paid using the relevant bank form at designated branches of The Muslim Commercial Bank(MCB) in Pakistan.

Post payment of the fee, SECP then requires the applicant to submit the following documents

• Declaration of compliance
• Identification of office’s location
• Particulars of directors, secretary, chief accountant, auditors and other
• Copies of  the Memorandum and Articles of Association with each member’s signature, where:

Memorandum of Association explains your business sector of the company e.g. Institution, Travel agency, Trading or manufacturing, Supply or chain of stores. To put simply, MOA tells about the relationship of your company with the outside world.

Articles of Association lets know about the day-to-day proceedings within the company i.e. what role CEO and directors would play, business concerned meetings and the appointments of employees, in short- how the company will run.

3. Obtain  a digital signature and create a company seal

The signature is granted by National Institutional Facilitation Technologies (NIFT) and can be obtained by using the electronic services of the SECP. After the certificate of incorporation is issued, the company representatives may be  required to present a company seal, depending on the where the business will be head quartered or started. Some states also require a corporation to have a corporate seal, which is also sometimes referred as company seal.

4. Register for Income, Sales and Professional Taxes

To register for Income tax, the company will have to  to apply for a National Tax Number (NTN) at the tax facilitation of the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR). The requirements for this application include

• NTN form
• Proof of registration
• Memorandum and Articles of association
• Bank account number
• Copies of National Identity Cards (NICs) of companies’ Directors
• An attestation of business address

Sales tax, like the income tax can be registered for, by applying for a Sales Tax Number (STN) at the tax facilitation centre of the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR). For the professional tax, provided it applies, the company will have to register with Exercise and Taxation (ET) Department of the District.

5. Register with ESSI and EOBI

Depending on the location of the business, the company will  need to register with

• Punjab Employees Social Security Institutions (PESSI)
• Sindh Employees Social Security Institution (SESSI)
• Likewise (BESSI) or (KPKESSI) for Balochistan and Khyber Pakhtunkhwa respectively.

Under the Employees Old Age Benefits Institution (EOBI), insured employees are entitled to a pension, upon retirement, invalidity in the case of disability, old-age grant and survivor’s pension. Every industry or a commercial establishment with five or more employees has to be registered with the Federal Employees Old age Benefits Institution (EOBI).

6. Register with the Labor Department of the District

To safeguard the labor standard of the workers, all company’s are required to registration with the District Chief Inspector of the labor department in each district. For registration, employer must submit the application form A accompanied with the relevant bank form.

Once these requirements are met and vetted by SECP, the company is then ready to become an independent operating body in Pakistan and will be treated as such.

Source:

 http://pakwired.com/registering-company-pakistan/





For Registration


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Law of Inheritance in Pakistan

According to Islamic law, legal heirs that are blood relations have a right to a share in property after the death of a person. There are specific verses in Surah An-Nisa which mention the exact formula that must be followed to determine the share in inheritance.
Kinds of property
There are two kinds of properties that the legal heirs have the right to get: movable property, which includes cash and stock, and immoveable property, which includes land, house and vehicle.
Three documents are necessary to get share in a property: a death certificate issued by the municipality, a succession certificate issued by a court and a receipt issued by the local graveyard.
The succession certificate allows legal heirs to establish ownership of movable assets, such as bank deposits, certificates and bonds, stocks, insurance amount, etc. The legal heirs need a death certificate of the deceased along with details of subject assets, computerised national identity card of the legal heirs filing the application and to furnish the requisite surety.
Similarly, heirship certificates are used to determine the inheritance of property in the absence of a will of a deceased person in many foreign jurisdictions. The certificates are used in a situation where there is no dispute regarding the succession of the estate. If there is anyone who believes that he or she, too, is a legal heir, the legal heirship certificate will be denied and the appropriate proceedings will be instituted in court.
Heirship certificates are used during the probate process which can be issued to receive payments that the government owes to the heirs of the deceased person, and other areas of inheritance. It is an informal and non-binding certificate and may be challenged in court if a dispute should arise as to heirship of the estate. When employing a legal heirship certificate, the person who makes the affidavit should be certain there are no disputes between the parties who assert claims to the estate of the deceased.
Ownerless property
Any property that has no rightful owner will go to the province or the federal government under Article 172 of the Constitution. In Pakistan, few cases are reported that are about properties with owners, said Barrister Afzal Hussain, who deals with inheritance cases in Islamabad courts.
He explained that the majority of people are unaware of inheritance rights and hire lawyers to get property. In most cases, daughters and sisters surrender their inheritance rights, he added.
Last will
The will left by the deceased plays an important role in inheritance rights. According to Islamic laws, the will is a legal document that confers the interest up to a maximum of one-third of the entire property. Anything more than one-third can be challenged by the legal heirs in court.
The will is applicable to those people who are otherwise not entitled to a share under the law.
If any department refuses the right of the deceased, such as pension and old-age benefits, the deceased’s family can challenge it in the labour court by filing a grievance petition.
For those living abroad and fighting inheritance cases in Pakistan, the law allows them to give power of attorney to someone else. The Pakistani embassy or consulate will first attest the document before it is verified by the Foreign Office and then it can be submitted in court.

Link:
 http://tribune.com.pk/story/797069/know-your-rights-inheritance-rights/

Study English - IELTS Preparation(Video Tutorials)

Study English - IELTS preparation, is a series of English language programs for intermediate to advanced learners, which develops skills and strategies for both English language study and those preparing to take the IELTS test. Each program covers a different topic and explores different aspects of the English language. Our content draws on authentic material that you can watch, read and listen to plus study notes, tips and activities for practice and consolidation.
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Mom & Me & Mom

The story of Maya Angelous extraordinary life has been chronicled in her multiple bestselling autobiographies. But now, at last, the legendary author shares the deepest personal story of her life: her relationship with her mother.
For the first time, Angelou reveals the triumphs and struggles of being the daughter of Vivian Baxter, an indomitable spirit whose petite size belied her larger-than-life presence—a presence absent during much of Angelous early life. When her marriage began to crumble, Vivian famously sent three-year-old Maya and her older brother away from their California home to live with their grandmother in Stamps, Arkansas. The subsequent feelings of abandonment stayed with Angelou for years, but their reunion, a decade later, began a story that has never before been told. In Mom & Me & Mom, Angelou dramatizes her years reconciling with the mother she preferred to simply call Lady, revealing the profound moments that shifted the balance of love and respect between them.
Delving into one of her lifes most rich, rewarding, and fraught relationships, Mom & Me & Mom explores the healing and love that evolved between the two women over the course of their lives, the love that fostered Maya Angelous rise from immeasurable depths to reach impossible heights.

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An Introduction to International Economics

This book is designed for a one-semester or two-semester course in international economics, primarily targeting non-economics majors and programs in business, international relations, public policy, and development studies. It has been written to make international economics accessible to wide student and professional audiences. The book assumes a minimal background in microeconomics and mathematics and goes beyond the usual trade-finance dichotomy to give equal treatment to four "windows" on the world economy: international trade, international production, international finance, and international development. It takes a practitioner point of view rather than a standard academic view, introducing the student to the material they need to become effective analysts in international economic policy.




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Philosophy: The Big Questions

This book brings together a superb team of authors with extensive backgrounds. Based on the view that philosophy is best learned by actually doing it, the text encourages direct student engagement with core philosophical issues and theories. Each of the six units covers a distinct curriculum topic, allowing teachers a clear choice in how to configure their courses. Both Expectations and recently written Profiles are supported in the text and in the Teachers' Resource Guide. Each chapter begins with a list of key words and key people and a challenge to students to begin talking about fundamental ideas. Students then navigate the chapter with readable text and several beneficial features. Each chapter begins with a list of key words and key people and a challenge to students to begin talking about fundamental ideas. Students then navigate the chapter with readable text and several beneficial feature:- Talking Philosophy: A jumping-off point to get students to "talk philosophy." The questions anticipates the upcoming text.
- Point of View: A brief discussion of various thinkers' points of view relating directly to the content of the text.
- Quotes: Short quotations provoke thought and encourage discussion.
- Cartoons: Provide alternate, humorous views and specifically help to develop inference.
- Thinking Logically: Explanations of common fallacies in reasoning and how to avoid them.
- Research and Inquiry Skills: Included in each unit with in-depth treatment of one specific skill.
Help Your Students:
- Learn skills of critical thinking
- Apply philosophical theories and methods to other subjects and to everyday life
- Find philosophical resources, on the Web, for further study
Demonstrate and Improve Literacy Skills
- Computer literacy for internet searches
- Media literacy for audio-visual presentations
- Verbal and written language for reports and presentations
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Islam does not degrade Women

Contrary to the common misconception, Islam does not degrade women. It gives the utmost respect to women.
The following traditions of the Prophet indicate the elevated function of woman in Islam:

“Women are half of men.

Fear God in respect of women.

“Heaven lies beneath the feet of mothers.” (That is, those who serve their mothers well are deserving of Paradise.)
“The best among you is he who is best for his family. For my family, I am the best of all of you.”
“The most perfect man of religion is one who excels in character. The best among you is he who gives the best treatment to his womenfolk.”
These traditions makes it clear that, although males and females differ from one another biologically, they are equal in terms of human status. No distinction is made between women and men as regards their respective rights.
Man and woman in the eyes of Islam then are not the duplicates of one another, but the complements. This concept permits the shortcomings of one sex to be compensated for by the strengths of the other. This is all to the good if they are to be lifetime companions.
It is a fact that women in general are not physically as strong as men, but their physical weakness in no way implies their inferiority to men. The eyes are the most delicate parts of our body, while the nails by comparison are extremely hard. That does not mean that the nails are superior to the eyes.
Just as two different kinds of fruits will differ in colour, taste, shape and texture, without one being superior or inferior to the other, so also do men and women have their different qualities which distinguish the male from the female without there being any question of superiority or inferiority. They are endowed by nature with different capacities so that they may play their respective roles in life with greater ease and effectiveness.
However, in respect of innate talents all individuals, be they men or women, differ from one another. Yet their need for each other is equal. All are of equal value. One is not more important or less important than the other. Similarly when it comes to the establishment of a home and raising of a family, men and women have their separate roles to play. But each is vital. Each is indispensable to the other. And for them to come together, function in unison and live in harmony, there must be mutual respect and a prevailing sense that a difference of biological function does not imply inequality. For the biological division of human beings into male and female is the result of the purposeful planning of our Creator.
In Islam, a woman enjoys the same status as that of a man. But in ancient times, women had come to be considered inferior and were deprived, among other things, of the right to inherit property. Islam for the first time in human history gave them their due legal rights over property. Neither did it distinguish between men and women as regards status, rights and blessings, both in this world and the Hereafter. Both were considered equal participants in the carrying out of the functions of daily living.
Since the earliest ideal phase of Islam, Muslim women have successfully exploited their talents towards the field of education in particular. Homes had become centres of learning. As women performed their role without going outdoors, there is a general impression that Islam has restricted women’s workplace to performing only domestic chores. But this is not the truth. First of all Islam encouraged them to receive education, and then enthused them with a new zeal. Subsequently, they went out to impart this learning to the next generation. Let’s take the instance of the Prophet’s wives, held up as role models for women in Islam. Preserving their femininity, they participated in all kinds of religious and worldly activities. For instance, the Prophet’s wife Aisha, having gained full knowledge of Islam from the Prophet, was able, after the death of the Prophet, to perform the task of teacher and guide to the Muslim community for a period of about fifty years. Abdullah ibn Abbas, a Companion of great stature, and one of the best commentators of the Qur’an, was one of Aisha’s pupils.
As modern day research tells us women are better with words than men. It is perhaps this reason why they are able to run educational institutions successfully. Besides this there may be many such workplaces where women are able to exploit their full potential. Since earliest days of Islam we find Muslim women working outdoors. Umm Dahdah, wife of a Companion of the Prophet worked in her orchard. Khadija, Prophet’s wife conducted business, to cite only a few of such examples. However, Islam sets great value on the proper management of home. It is because home is the most important unit of any society. Home is the centre of preparing succeeding generations. Thus neglecting home front will amount to neglecting the next generation, which in turn will result in a great national loss.
I would say that Islam grants even more respect to women than to men. According to one Hadith a man once came to the Prophet and asked him who rightfully deserved the best treatment from him.
“Your mother,” said the Prophet. “Who’s next?” asked the man. “Your mother.” “Who comes next?” the man asked again. The Prophet again replied, “Your mother.” “Who is after that?” insisted the man. “Your father,” said the Prophet.
Another example concerns Hajra, the Prophet Abraham’s wife. Hajj, regarded as the greatest form of worship in Islam, entails the performance of Sai, one of the main rites of the Hajj. This is accomplished by running back and forth seven times between Safa and Marwah, two hillocks near the Kaba. This running, enjoined upon every pilgrim, be they rich or poor, literate or illiterate, kings or commoners, is in imitation of the desperate quest of Hajra, Abraham’s wife, for water to quench the thirst of her crying infant, four thousand years ago. The performance of this rite is a lesson in struggling for the cause of God. It is of the utmost significance that this was an act performed by a woman. Perhaps there could be no better demonstration of a woman’s greatness than God’s command to all men, literally to follow in her footsteps.
We can see that the principle implied by the expression ‘ladies first’ in modern times had already been established in Islam at the very outset.

Link
http://www.cpsglobal.org/content/islam-does-not-degrade-women