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    Corporate Law Report

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    ZUNERAKHALID
    The initial shareholders decided to start their own textile business using their experience from a renowned textile company. They chose to operate in the textile industry in Pakistan as it is a major agricultural industry and Pakistan is famous for textiles. They invested capital to purchase land and machinery from a Japanese company. The shareholders took on directorial positions, with one as CEO. To incorporate the company, they first got approval for the name "Luxena". They then submitted incorporation documents to the SECP including articles of association and forms. The SECP evaluated the documents and granted a certificate of incorporation along with a digital signature. Finally, the shareholders deposited shares and registered for income, sales, and professional taxes with the FBR.

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    Corporate Law Report

    Uploaded by

    ZUNERAKHALID
    28 views2 pages
    The initial shareholders decided to start their own textile business using their experience from a renowned textile company. They chose to operate in the textile industry in Pakistan as it is a major agricultural industry and Pakistan is famous for textiles. They invested capital to purchase land and machinery from a Japanese company. The shareholders took on directorial positions, with one as CEO. To incorporate the company, they first got approval for the name "Luxena". They then submitted incorporation documents to the SECP including articles of association and forms. The SECP evaluated the documents and granted a certificate of incorporation along with a digital signature. Finally, the shareholders deposited shares and registered for income, sales, and professional taxes with the FBR.

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    The initial shareholders decided to start their own textile business using their experience from a renowned textile company. They chose to operate in the textile industry in Pakistan as it is a major agricultural industry and Pakistan is famous for textiles. They invested capital to purchase land and machinery from a Japanese company. The shareholders took on directorial positions, with one as CEO. To incorporate the company, they first got approval for the name "Luxena". They then submitted incorporation documents to the SECP including articles of association and forms. The SECP evaluated the documents and granted a certificate of incorporation along with a digital signature. Finally, the shareholders deposited shares and registered for income, sales, and professional taxes with the FBR.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    28 views2 pages

    Corporate Law Report

    Uploaded by

    ZUNERAKHALID
    The initial shareholders decided to start their own textile business using their experience from a renowned textile company. They chose to operate in the textile industry in Pakistan as it is a major agricultural industry and Pakistan is famous for textiles. They invested capital to purchase land and machinery from a Japanese company. The shareholders took on directorial positions, with one as CEO. To incorporate the company, they first got approval for the name "Luxena". They then submitted incorporation documents to the SECP including articles of association and forms. The SECP evaluated the documents and granted a certificate of incorporation along with a digital signature. Finally, the shareholders deposited shares and registered for income, sales, and professional taxes with the FBR.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    How did initial shareholders get together for business?

    Before starting the business, all five of the initial shareholders were working together as
    colleagues in a renowned textile company. As they had gained experience in the textile industry
    so they decided to start a business of their own and started planning for the business and
    collecting their capital investments for the business.
    What the business will be?
    First thing to be decided was to decide which industry to select. For that we decided to operate in
    textile. As Pakistan is an agricultural so any business related directly or indirectly to agriculture
    should be a natural choice. In this area there were many options but as Pakistan is world famous
    for its textile industry and this is a very swiftly growing industry with a very wide range of
    consumer markets. Other than that we also had some experience of working in the very industry.
    Arrangement for resources
    The resources needed for the business included:
    Capital
    To start the business all the capital was invested in business by all 5 of initial shareholders
    Land
    Using the capital invested in the business a land in Quaid-e-Azam industrial estate was
    purchased to set the manufacturing unit
    Machinery
    All the machinery and equipment to run the business were purchased from a Japanese company
    Expertise
    Directorial positions were held by all current shareholders and one of them held the position of
    CEO and they used their expertise from their previous work experience and also hire staff to
    make the business run smoothly.
    Steps for incorporation of the company
    Following are the steps to incorporate the company:
    Step 1: Approval of Company Name
    The first step of company incorporation in Pakistan was to choose the company’s name. It was
    important to devise a unique company name that would set us apart from the rest in the
    industry.so we decided to choose the name “Luxena” as it was unique and also was quite good
    for a luxury textile manufacturing company.
    Step 2: Submission of Documents
    Once the company name got the approval, we submitted the incorporation documents to the
    Securities and Exchange Commission of Pakistan (SECP) including article of association,
    memorandum of association, forms 1, 29, 21 and 38.
    Step 3: Certificate of Incorporation
    After submitting the documents, the SECP evaluated them. They were checked for their validity.
    A digital signature was granted by the National Institutional Facilitation Technologies (NIFT).
    They also issued the certificate of incorporation.
    Step 4: Deposit of Shares
    After the registration, shareholders deposited their corresponding amount of shares to the
    company’s bank account.
    Step 5: Registration of Income, Sales, and Professional Taxes
    The last step of company registration was the registration with the Federal Board of Revenue
    (FBR) and issuance of a national tax number (NTN). A sales tax registration number was also
    registered.

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