Company law in Pakistan is governed by the Companies Act, 2017, which replaced the previous Companies Ordinance, 1984. The Companies Act, 2017 provides the framework for the registration, regulation, and management of companies in Pakistan.
The Act sets out the requirements for incorporating a company, including the minimum number of shareholders, the minimum paid-up capital, and the types of companies that can be registered (e.g. private limited companies, public limited companies, single-member companies, etc.). The act also lays out the rules for the management and governance of companies, including the responsibilities of directors, the conduct of meetings, and the rights of shareholders.
The Act also deals with the dissolution, liquidation and winding up of companies, and provides remedies for any wrongs committed by the company, its directors or officers. The SECP is the regulator of the companies in Pakistan, and it is responsible for enforcing the provisions of the Companies Act, 2017.
It is important to note that the Companies Act, 2017 applies to companies incorporated in Pakistan and doesn’t cover the companies incorporated outside Pakistan but doing business in Pakistan. In those cases, the laws of the country of incorporation will apply and the company will have to follow the rules and regulations of Pakistan as per the Foreign Company Law.