Before discussing the role of promoters for company registration in Pakistan it is better to understand what is a promoter?
Promoter is defined as the person, firm or a company that takes the initiative to form a private limited company or any other form of company and make all the arrangements right from the beginning of the process of company registration till the company registration in Pakistan.
The Role of Promoters of the company can be defined as:
Promoters are the one who conceive the idea of registration of company and its kind whether it is Private limited company, public limited company or any other form of company.
Secondly promoters also finalise the name of the company and in first step make an application for the availability of the name of the name with Securities and Exchange Commission of Pakistan.
Promoters also take a decision about the amount of capital with which the company is going to get registered and make payment of fees to Securities and Exchange Commission of Pakistan accordingly.
After incorporation of the company promoters are also responsible for selection of company auditor, legal advisors and Banks for the purpose of opening Bank accounts.
Promoters also fulfil all the responsibilities as required by the Securities and Exchange Commission of Pakistan until the company is registered.
After registration of the company the company then comes under the control of the directors of the company these directors are normally the promoters or persons selected by them to undertake the role as the directors of the company.
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