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  • Formation of Bop Asset Management Company

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    anwaar143
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    Brief Idea for the formation of NBFC along with each and every requirement incorporation of company then Asset Management Company and Open End scheme

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    NBFC-1

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    Brief Idea for the formation of NBFC along with each and every requirement incorporation of company then Asset Management Company and Open End scheme

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    480 views5 pages

    Formation of Bop Asset Management Company

    Uploaded by

    anwaar143
    Brief Idea for the formation of NBFC along with each and every requirement incorporation of company then Asset Management Company and Open End scheme

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
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    ,fi FORMATION OF BOP ASSET MANAGEMENT COMPANY
    The Asset Management Company(AMC) or Investment Adviser(IA) is a Non-Banking Finance
    Company(“NBFC”) licensed by the Securities and Exchange Commission of Pakistan (“SECP”) to carry
    out Asset Management or Investment Advisory Services in accordance with Part VIII-A of the
    Companies Ordinance, 1984 (the “Ordinance”) and the NBFC & NE Regulations, 2008 (the
    “Regulations”). AMC or IA shall be incorporated under the Ordinance read with the provisions of the
    NBFC Rules, 2003 (the“Rules).

    Following is the suggested chronological methodology for Incorporation of NBFC and licensing as
    AMC or IA.
    1st STEP FORMATION OF NON-BANKING FINANCE COMPANY

    1. Application to the SECP as set out in Form-I.

    2. Information to be provided along with Form-I.

    Basic Requirement for Non –Banking finance company

    1. Name of the NBFC

    2. Full name, nationality, business address, NTN number, sponsor, proposed


    director, proposed chief executive and proposed chairman of the Board.
    (Please see page # 5 Annexure ‘A’ for details)

    3. Name and addresses of Companies, firms and other organizations of


    which the aforesaid sponsors and proposed directors are holding office
    during the last ten years.

    4. Annual accounts of such company for the last three years along with
    summary of paid-up share capital, free reserves, profit after tax and
    dividend payment.

    5. Financial standing, educational as well as qualifications and experience of


    persons mentioned in paragraph 1, supported by documents.

    6. Percentage of capital of each sponsor proposes to contribute in the


    company.

    7. Feasibility report of the company

    8. Evidence of payment of income tax and wealth tax by the sponsors as well
    as by the companies wherein they or have been directors during the
    preceding one year.

    9. Net worth certificate of each sponsor supported by a duly authenticated


    copy of the latest wealth statement filed with the taxation department.

    10. Name of the bankers of the sponsors’ along with their account numbers.

    11. Draft of the Memorandum and Articles of Association


    12. Affidavit from each director

    13. Latest CIB report in respect of sponsors (individuals and institutions)

    Break-up of Cost for Processing of 1st Step

     Processing fees Rs. 100,000 (non-refundable)

     Registration Fee Rs. 500,000 (non-refundable)

    Note

     The permission granted shall be valid for a period of six months unless extended for a
    maximum period of three months under special circumstances, on the application of the
    promoters made before the expiry of said six months. During the validity of this permission,
    the promoters of the NBFC shall get the NBFC incorporated as public limited company.

     Paid up capital for Assets Management Company Rs. 200 million and for Investment advisory
    services Rs. 30 Million (Condition applicable on processing of 3 rd Step)

     Annual renewal fees Rs. 250,000

    2ND STEP INCORPORATION OF PUBLIC LIMITED COMPANY

     Incorporation of Public Limited Company;

     The first step is to seek the availability of the propose name from the SECP; Making an
    application for availability of name; Board of Investment (BOI) will process and decide within
    a period of 6-8 weeks

     Four copies of Memorandum & Articles of Association along with one copy duly affixed with
    the special adhesive stamps of the required value.

     Form I (Declaration of compliance with requirements of the Companies Ordinance 1984)

     Pay Challan for registration/filing fee according to Sixth Schedule of the companies
    Ordinance 1984, deposited in the corporate branches of Habib Bank Limited.

     Form 27-28 (List/Consent of Directors in case of public limited company)

     Final draft of articles and memorandum of company

     Draft Board Resolutions and power of attorneys to meet incorporation requirements.


    REQUIREMENTS AFTER INCORPORATION
     Form 1

     Directors can appoint the first chief executive not later than fifteen days from the
    date of incorporation of the Company.

     Appointment of Auditor and Company Secretary

     Form – 27 & 28, 31 & 32

    3RD STEP APPLYING FOR LICENSE TO PROVIDE ASSET MANAGEMENT SERVICES

     Formalities and documentation for obtaining license to provide asset management services

     Finalizing the documentation and submission to the SECP

     Obtain Commencement of Business Certificate from the SECP.

     Form II of the Rules along with all relevant supporting documents. Application for licence to
    undertake or carry out an investment activity or function.

     Application Fees Under the Rules Rs 250,000

     Certificate of Registration As an Asset management Company

     Form-II

     Form-III : Information to be contained in the Application for Authorization of Scheme

     Contents of Financial Reports

     Schedule II: Contents of Constitutive Documents

     Information to be disclosed in the offering document

    4TH STEP REGISTRATION ON OPEN-END FUND UNDER THE NBFC AND NOTIFIED ENTITIES
    REGULATIONS 2008 WITH THE SECP

     Application for Registration of an Open End Scheme.

     Application Fees under the Regulations Rs. 10,00,000

     Formalities and documentation required for registering an open-end fund with the SECP.

     Drafting a Trust Deed, Placement Memorandum, Subscription Agreement and any other
    related document
    Annexure ‘A’

    INFORMATION TO BE PROVIDED BY PROMOTERS, MAJOR SHAREHOLDERS


    PROPOSED DIRECTOR AND PROPOSED CHIEF EXECUTIVE OF THE NBFC

    1. Curriculum Vitae/Resume Containing:


    a) Name : (Former name if any):
    b) Father’s or Husband Name:
    c) C.N.I.C (ATTACH COPY):
    d) Latest Photograph:
    e) Nationality:
    f) Age:
    g) Contact Details:
    i) Residential Address:
    ii) Business Address:
    iii) Telephone & Mobile number:
    iv) Fax and Email:
    h) National Tax Number:
    g) Present Occupation:
    i) Qualification (s):
    i) Academic:
    ii) Professional:
    j) Experience:
    (Position held during the last 10 years along with name and address of company/institution)
    2. Nature of Directorship/Nature of Directorship
    Executive
    Nominee Director
    Non-Executive
    Number of Shares subscribed or held _______________________
    Nominated by _________________________________
    Personal net worth (Copy of wealth statement)________________________

    3. Name of companies, firms and other organizations of which the proposed person is a
    director, partner, officer holder or major shareholder
    4. CIB report issued by SBP for each company of which he has been a director (Attach original
    CIB report)
    5. In the case of appointment of directors the date of board of directors’ meeting in which the
    appointment of proposed director was approved. (Attach copy of the minutes of the meeting
    of the board of directors. If the director is elected, then attach a copy of the minutes of the
    general meeting of the company.)
    6. Name of persons on the board of the NBFC who are related to the applicant

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