Pakistan client case studies
Cyprus University setups a Pakistan company to recruit new students
- Our Client was a Cypriot university offering undergraduate degrees in the areas of applied sciences, pharmacy, law, economics and engineering;
- Our Client approached Healy Consultants to assist setup a marketing and representative office in several countries including Pakistan to grow the international student base joining the university either undertaking a full-time degree or attending courses on an interim exchange period;
- After initial phone call and skype discussion, our Client settled an initial retainer fee with Healy Consultants to provide costs breakdown, timeframe to register a representative office.
- After conducting basic research, and considering the costs, DD requirements and timeline to register a representative office, we agreed to proceed with setting up a new company in Pakistan;
- Healy Consultants Group PLC further advised the Client re the i) shareholder and director requirements; ii) minimum share capital requirements; iii) corporate banking considerations and iv) accounting and tax considerations;
- Once we discussed the above in detail, Healy Consultants Group PLC and the Client agreed to proceed further. Thereafter, our Client i) provided the signed engagement letter; ii) shared the due diligence documents and iii) settled our Pakistan invoice;
- Healy Consultants Group PLC prepared and emailed our Client a detailed project plan and draft business plan for the proposed entity.
- Healy Consultants Group PLC emailed our Client documents for notarization and legalization, including i) undertaking letters; ii) power of attorney; and iii) appointment of company secretary;
- Thereafter Healy Consultants Group PLC secured name reservation for the company with Securities and Exchange Commission (SECP). Before proceeding, Healy Consultants Group PLC also secured NIFT digital signature certificates for all directors and shareholders;
- Once Healy Consultants Group PLC received the legalized documents and name approval, we submitted lodged the company incorporation application with the SECP, and received the certificate of incorporation within 2 weeks;
- At the same time, SECP forwarded the company application to the Ministry of Interior (MOI) for security check of all foreign directors and shareholders. Within 2 months, we secured approval re the security check from the Pakistan Government as well.
- In Pakistan, all foreign directors must secure a National Tax Number (NTN) , before the same can be secured for the company. Within 3 weeks after company registration, Healy Consultants Group PLC secured tax numbers for all directors;
- Within 1 week thereafter, Healy Consultants Group PLC obtained the tax identification number (TIN) for our Client’s company and emailed the same to our Client.
- At this juncture, our Client decided not to proceed with bank account opening for their Pakistan company. Healy Consultants Group PLC assured the Client, we will be able to assist them, whenever they were ready to proceed;
- To comply with the Pakistan Government legal requirements, Healy Consultants Group PLC emailed our Client a sample tax invoice for their convenience;
- With the engagement now complete, Healy Consultants Group PLC couriered a full company kit to our Client, including i) original corporate documents; ii) unopened government correspondences and iii) feedback form.