How Can We Help?
Liquidation of a foreign company
How does a foreign company cease its activities in Pakistan?
Under Section 458 of the Ordinance, if a foreign company ceases to have place of business in Pakistan, it is required to give notice to the registrar concerned at least 30 days before it intends to cease to have any place of business in Pakistan on prescribed Form 46 and to publish a notice of such intention at least in two daily newspapers circulating in the Province(s) in which such place(s) of business is situated. All obligations of the company to deliver documents to the registrar concerned ceases from the date of such intention to cease to have any place of business in Pakistan, except that such foreign company does not have any other place of business in Pakistan.
What are the requirements if a foreign company goes into liquidation in the country of its incorporation?
If a foreign company having an established place of business in Pakistan goes into liquidation in the country of its incorporation, it is required to
- a) Give notice to the registrar concerned within 30 days;
- b) Simultaneously publish a notice at least in two daily newspapers circulating in the Province or Provinces or the part of Pakistan not forming part of a Province, as the case may be, in which its place or places of business are situated.
- c) furnish to the registrar concerned all returns relating to the liquidation and the liquidation account in respect of such portion of the company’s affairs as relates to its business in Pakistan, within thirty days of the conclusion of the liquidation proceedings;
- d) Publish a statement on every invoice, order, letter paper, bill head, and notice of other publications in Pakistan that the company is being wound up in the country of its incorporation.