To register a real estate company in Pakistan, following documents are required to be submitted for the company registration process:

• Name Reservation Certificate: Prior to company registration, company name is required to be reserved by filing an application. After reservation of company name, SECP’s Name Reservation Department shall issue a Certificate.
• Memorandum of Association (MOA): This document outlines the company’s name, objectives, office address, shareholders, share details etc.
• Articles of Association (AOA): The Articles of Association specifies the internal regulations and governance of the company.
• Proof of Address: If the business address is rented premises, then a lease agreement but if it is a self-owned property then proof of ownership.
• Form-II: This is an application form that contains basic information about the company, such as the name, registered address, and details of directors and shareholders, number of shares, contact information etc.
• Form 21: It includes the consent of the directors to act as directors of the company.
• Form 29: This form provides details of the registered office address of the company.
• Copy of CNIC or Passport: You will need to provide copies of the national identity card or passport of the directors and shareholders.
• Digital Signature: Each director must have a digital signature issued by the National Institutional Facilitation Technologies (NIFT).
• Bank Challan: The payment receipt for the registration fee needs to be submitted along with the application.

In Pakistan, there is a procedure for registering real estate. The stages that must be taken by a real estate firm in Pakistan are as follows:

• The company’s designated directors are required to obtain their SECP login credentials. This will request their contact information as well as some background information.
• The authorities will then examine the company’s name. SECP will check to see if the company’s chosen name is available.
• The third step is to submit an application for company formation. The form must be filled on behalf of the company’s information, such as its office location, linked persons, capital information, and so on.

This document must be presented with the following four documents:

1. The designated directors’ national identification cards.
2. Articles of incorporation.
3. SECP receives a letter stating that a name is available.
4. Association Memorandum.

The key step after completing these stages is to submit an application to the SECP office for the issuance of the company’s “registration certificate.” This will necessitate the payment of the registration cost.

The Registrar may then specify the amount of time needed to complete the “incorporation certificate.”

Following the issuing of the incorporation certificate, the company is required to have the following documents:

1. Open a business bank account . This account should be kept with a commercial bank.
2. The amount of paid-up capital is to be put in the bank account of the authorized director.
3. The auditor may then issue an approval form for depositing the paid-up capital amount.
4. This information must be provided to SECP’s office by filing statutory returns.

Finally, the business might approach the Federal Board of Revenue. The corporation can get itself registered for taxes such as:

1. Income tax registration at the Regional Taxation Office
2. Registration for sales tax.

Section 3 of the Real Estate Agents and Motor Vehicle Dealers Regulation of Business Ordinance, 1980, which deals with the prohibition of real estate business without registration.

According to this section, no individual can conduct or carry out real estate business activities unless they are registered with the designated registering authority and possess a valid certificate issued by that authority. However, there is a provision for individuals who were already engaged in real estate business on the date when this ordinance came into effect. These individuals have a grace period of 90 days to apply for registration without facing any penalties.

Furthermore, if a person who was already operating as a real estate agent fails to apply for registration within the specified 90-day period, the registering authority has the discretion to accept their late application.

This provision aims to regulate the real estate sector by ensuring that all individuals involved in real estate business are registered and compliant with the law. It provides a transition period for existing businesses to come into compliance with the registration requirements.

Section 09 of the said Ordinance deals with the cancellation and suspension of registration, while Section 10 focuses on offenses and penalties.

Section 09 of the Ordinance states that the registering authority has the power to cancel or suspend a certificate if a real estate agent breaches any conditions of the certificate or engages in malpractices such as maintaining incorrect transaction accounts, conducting transactions despite knowing title defects, or charging higher commissions than allowed. The authority can impose a suspension of up to three months for a first breach and up to six months for subsequent breaches. Importantly, the individual must be given a chance to explain their side within 15 days of receiving the notice before any order is passed.

While Section 10 of the Ordinance, outlines the penalties for violating the ordinance. Anyone found guilty of violating the ordinance could face simple imprisonment for up to six months, a fine ranging from ten to 5000, or both.

These sections aim to regulate the real estate dealer sectors by establishing consequences for non-compliance and malpractices, ensuring accountability and adherence to the law.