1. Select an appropriate name for the company and then check its availability. To check the availability of company name one needs to refer to Government Gazette, which gives the guidelines regarding the name and application of a company name.
The steps involved in filing a name availability application are:
- Choose a convenient name and file the name application form. SSM does the name approval depending on the availability of the proposed name. The name shall reserve for three months from the date of approval.
- All the incorporation documents need to file with SSM within 3 months from the date of approval of the company’s name. In case of failure, they need to submit a fresh application to SSM.
2. Memorandum and Article of Association i.e. MoA and AoA need a submission with SSM. The Inland Revenue Board affixes the official stamp. The MoA & AoA should have details of directors and secretaries. The subscribers of the company’s share are also required to sign the MoA & AoA in the presence of a witness.
For the private company, AoA shall contain the following conditions:
- A hurdle in the right to transfer the company’s shares
- Limit on having the maximum number of members
- Restriction on inviting the public to subscribe the shares/debentures of the company
- Prohibition on the public invitation to deposit money with the company.
3. The director or the promoter gives a statutory declaration. It states that he/she is not bankrupt. Also, he/she has never been under the influence of any unlawful offense.
4. Company secretary should sign the Declaration of Compliance. It states that all the requirements of Companies Act have been adhering to.
5. Other documents include a copy of the letter from SSM which approves the name of the company and a copy of the identity proof of each of the director and company secretary.