After creating SECP User id, the next towards company registration process is name reservation.
Object of Company: Describe the Principal object/sector of the company
Meaning & Significance: Interpretation of Company Name
Name Equation: Company Name + Principal Object + Suffix
Duration: 24 Hours
In case of objection in Company name, reservation process may take more time until the name has been reserved.
After confirmation of Name, following Email received from SECP
Dear Sir /Madam,
This is with reference to your e-name reservation request dated 16/01/2019 on the above subject.
The above proposed name appears to be available for registration under the Companies Act, 2017 (XIX of 2017). The proposed name would be reserved for you for a period of 60 days only. The company would be registered with the above name if the documents for registration are presented within this period. After the lapse of time this office does not take any responsibility if the name does not remain available for registration.
Section 10: Prohibition of certain names
(1) No company shall be registered by a name which contains such word or expression, as may be notified by the Commission or in the opinion of the registrar is—
(a) identical with or resemble or similar to the name of a company; or
(b) inappropriate; or
(c) undesirable; or
(d) deceptive; or
(e) designed to exploit or offend religious susceptibilities of the people; or
(f) any other ground as may be specified.
(2) Except with prior approval in writing of the Commission, no company shall be
registered by a name which contains any word suggesting or calculated to suggest—
(a) the patronage of any past or present Pakistani or foreign head of state;
(b) any connection with the Federal Government or a Provincial Government or any department or authority or statutory body of any such Government;
(c) any connection with any corporation set up by or under any Federal or Provincial law;
(d) the patronage of, or any connection with, any foreign Government or any international organisation;
(e) establishing a modaraba management company or to float a modaraba; or
(f) any other business requiring licence from the Commission.
(3) Whenever a question arises as to whether or not the name of a company is in violation of the foregoing provisions of this section, decision of the Commission shall be final.
(4) A person may make an application, in such form and manner and accompanied by such fee as may be specified, to the registrar for reservation of a name set out in the application for a period not exceeding sixty days.
(5) Where it is found that a name was reserved under sub-section (4), by furnishing false or incorrect information, such reservation shall be cancelled and in case the company has been incorporated, it shall be directed to change its name. The person making application under subsection (4) shall be liable to a penalty not exceeding level 1 on the standard scale.
(6) If the name applied for under sub-section (4) is refused by the registrar, the aggrieved person may within thirty days of the order of refusal prefer an appeal to the Commission.
(7) An order of the Commission under sub-section (6) shall be final and shall not be called in question before any court or other authority.
Section 26: Business and objects of a company
(1) A company may carry on or undertake
any lawful business or activity and do any act or enter into any transaction being incidental and ancillary thereto which is necessary in attaining its business activities:
(i) the principal line of business of the company shall be mentioned in the memorandum of association of the company which shall always commensurate with name of the company; and
(ii) any change in the principal line of business shall be reported to the registrar within thirty days from the date of change, on the form as may be specified and registrar may give direction of change of name if it is in violation of this section.
Explanation.—―principal line of business‖ means the business in which substantial assets are held or likely to be held or substantial revenue is earned or likely to be earned by a
company, whichever is higher.
(2) A company shall not engage in a business which is—
(a) prohibited by any law for the time being in force in Pakistan; or
(b) restricted by any law, rules or regulations, unless necessary licence, registration, permission or approval has been obtained or compliance with any other condition has been made:
Provided nothing in sub-section (1) shall be applicable to the extent of such companies.