In Pakistan, foundations are registered with the Securities and Exchange Commission of Pakistan (SECP) under the Companies Ordinance, 1984. The process of registering a foundation in Pakistan involves the following steps:
- Obtain a National Tax Number (NTN) and Sales Tax Number (STN) from the Federal Board of Revenue (FBR).
- Prepare the Memorandum of Association (MOA) and Articles of Association of the foundation, which should include details such as the name of the foundation, objectives, functions, and powers of the foundation.
- Submit the MOA and Articles of Association, along with the NTN and STN certificates, to the SECP for review.
- Once the SECP approves the registration, the foundation will be issued a registration certificate.
- After registration, the foundation is required to file an annual return with the SECP and submit audited financial statements every year.
It is important to note that the process of registering a foundation in Pakistan can take several months and may be subject to change. In addition, foundations are also required to comply with the rules and regulations set by the SECP.
It’s also worth noting that foundations in Pakistan are also registered with the Ministry of Social Welfare and Bait-ul-Maal (BM), and the registration process may vary depending on the nature of the foundation and its activities. For example, foundations that are focused on welfare and charity work, may be required to obtain a registration certificate from the BM as well.
In summary, registering a foundation in Pakistan involves obtaining a National Tax Number and Sales Tax Number, preparing the Memorandum of Association and Articles of Association, submitting them to the SECP, obtaining a registration certificate and filing an annual return and submitting audited financial statements every year. Foundations are also required to comply with the rules and regulations set by the SECP and may also require additional registration with the Ministry of Social Welfare and Bait-ul-Maal. The process can take several months and may be subject to change.