SECP Post-Registration Checklist: Corporate Bank Accounts & FBR NTN

Getting your SECP Incorporation Certificate is just step one. Follow this 30-day post-registration checklist to open a corporate bank account and link your FBR NTN.

By Syed Asad Hussain Zaidi · 10 September 2026

The Post-Incorporation Reality Receiving that automated email from the SECP with your Certificate of Incorporation is a cause for celebration. Your Private Limited Company legally exists. However, a newly incorporated company is completely paralyzed—it cannot accept payments, pay employees, or file taxes until it completes a series of mandatory post-registration compliance steps. Founders often delay these steps, resulting in SECP penalties, blocked banking access, and FBR defaults. This guide outlines the critical 30-day checklist every newly registered Pakistani company must execute. --- Obtaining Certified True Copies (CTCs) Commercial banks and government departments do not accept regular printouts of your digital incorporation documents. They require Certified True Copies (CTCs) physically stamped and signed by an SECP registrar. Required Documents Immediately after incorporation, apply through the eZoffice portal (or physically visit the nearest Company Registration Office) to obtain physical CTCs of: The Certificate of Incorporation The Memorandum & Articles of Association (MOA/AOA) Form 1 (or the consolidated equivalent used during digital filing) Form 29 (Particulars of Directors) Strategic Tip: Order at least three (3) sets of CTCs. You will need to submit one set to the bank, one to the FBR/Provincial revenue authority if audited, and keep one in your corporate record book. --- Opening the Corporate Bank Account Operating a Private Limited Company through a personal bank account is a severe violation of both SECP regulations and FBR tax laws (leading to Section 111 unexplained income audits). The Board Resolution Before visiting the bank, the directors must hold a meeting and pass a formal Board Resolution for Bank Account Opening. This resolution must explicitly state: The name of the bank and branch chosen. Which directors are authorized as signatories to operate the account. The signing mandate (e.g., "Any two directors signing jointly" or "The CEO signing singly up to PKR 1 Million"). The Bank Visit The authorized signatories must visit the bank branch with: The Board Resolution (printed on company letterhead and signed by all directors). The SECP CTCs (Certificate, MOA, AOA, Form 29). Original CNICs of all directors. Company Letterhead and official rubber stamps (one round stamp for general use, one signature stamp for directors). --- FBR NTN Integration and Biometric Verification In recent years, the SECP and FBR have integrated their systems. When you incorporate a company on the SECP portal, the data is automatically pushed to the FBR, and a National Tax Number (NTN) is generated simultaneously. However, the NTN is not fully active until the Principal Officer (usually the CEO) verifies it. Activating the Corporate Iris Account Login Credentials: The login credentials for the company's FBR Iris account are usually emailed to the Principal Officer upon SECP incorporation. Biometric Verification: To activate the ability to file returns, the Principal Officer must undergo biometric verification at a NADRA e-Sahulat center or via the FBR Asaan Tax app. Adding the Bank Account: Once the corporate bank account is opened, you must log into Iris, navigate to the company's registration profile (Form 181), and add the new corporate IBAN. Failure to update the bank account in Iris can delay or block tax refunds. --- Initial Share Deposit and Auditor Appointment Depositing Share Capital The founding directors (subscribers) committed to buying a certain number of shares in the MOA. Within 30 days of opening the corporate bank account, every director must transfer their respective share capital amount from their personal bank account into the newly opened corporate bank account. This proves to the SECP that the paid-up capital actually exists. The company must then file a return of allotment with the SECP. Appointing the First Auditor Under the Companies Act 2017, the board of directors must appoint the first statutory auditor of the company within 90 days of incorporation. The auditor (a licensed Chartered Accountant firm) will hold office until the conclusion of the first Annual General Meeting (AGM). The company must notify the SECP of this appointment by filing Form 29. --- Frequently Asked Questions (FAQs) Can I use my personal NTN for the company? No. A Private Limited Company is a separate legal person. It has its own, distinct 7-digit Corporate NTN. Your personal NTN is entirely separate. Do I need to register for Sales Tax immediately? Not automatically. Income Tax (NTN) registration is immediate and mandatory. Sales Tax registration (STRN/PRA/SRB) is only required if you are providing taxable goods or services that meet the provincial or federal registration thresholds. What happens if I don't deposit the initial share capital? If the subscribers fail to deposit the initial share money into the corporate bank account, the SECP can initiate proceedings to strike the company's name off the register, treating it as a defunct entity.