- PPF Points
- 2,039
Setting up an offshore company in Pakistan might appear difficult at first, but actually, as soon as you have the fundamentals it is a rather simple procedure. First, it's necessary to clarify that in Pakistan the idea of offshore companies normally involves the setting up of a company in a special economic zone, or the usage of a foreign jurisdiction for tax efficiency and privacy. If on the other hand you are going to establish an offshore company in Pakistan for global business, usually, the first thing to do is to consider the business structure. One of the most common choices is a Private Limited Company as it gives lots of flexibility and is widely accepted. Get a unique company name and then proceed to register it online at the Securities and Exchange Commission of Pakistan (SECP). The documentation will be the next thing to be prepared, i.e. Memorandum and Articles of Association, details of shareholders and directors, and proof of address. If any of your shareholders or directors are non-residents, you shall have their respective documents notarized and possibly legalized. Upon receipt, SECP will process your application and issue the Certificate of Incorporation after the completion of the verification process. It is additionally advisable to open a corporate bank account and register with the Federal Board of Revenue (FBR) for tax purposes. There are individuals who, apart from the mentioned points, also decide to use local professional advisers to ensure fast and legally safe transactions. Bear in mind that creating an offshore company does not mean you are avoiding taxes, it only shows your global presence and maybe better financial structuring if you do it in the most optimized way.
