Formation of
Single Member Company:
One person may
form a single member limited liability company with all features of Private
Limited Company but with Single Owner.
Key feature
Ø
The financial liabilities
of shareholder are limited to the extent of his /her capital.
Ø
Easy to transfer ownership
from one person to another.
Ø
Customers, vendors, etc
generally rate companies higher than other types of businesses.
Ø
The directors can draw a salary
from his own business which reduces net income and accordingly tax liability of
the Company.
Ø
Comparatively more legal compliances
as compared to Partnership and Proprietorship.
Ø
Details of Authorized
Capital and Paid-Up Capital
List of
requirements
·
A suitable name of business
·
Copy of
CNIC/NICOP/Passport/POC of the single owner
·
Copy of
CNIC/NICOP/Passport/POC of the nominee
·
Cell registered in name of
the owner
·
Email of the owner