Whether your business is large or small, at Josh and Mak International our role is to facilitate your company’s continuing growth and expansion. Our goal is to anticipate and prevent problems before they happen. Having a practice that with both extensive experience and expertise puts us in the position to represent clients in all industries. We don’t pigeonhole our attorneys to single industries, they are too skilled to be restricted to which cases they should handle. This vast experience provides our clients with a more cost effective and higher quality of service.
The business laws in Pakistan encompass a range of statutes and regulations designed to govern commercial activities, corporate governance, and contractual relationships. The key legislative frameworks are as follows:
- Companies Act, 2017: This act regulates the incorporation, management, and dissolution of companies in Pakistan. It mandates compliance with corporate governance standards, financial disclosures, and shareholder rights. It also addresses the roles and responsibilities of directors and officers of the company.
- Contract Act, 1872: This fundamental legislation governs the formation, execution, and enforcement of contracts. It outlines the essentials of a valid contract, performance obligations, breach of contract, and remedies for non-performance.
- Partnership Act, 1932: This act regulates partnerships in Pakistan, defining the rights and obligations of partners, the formation and dissolution of partnerships, and the management of partnership property.
- Sales of Goods Act, 1930: This act governs the sale and purchase of goods, outlining the rights and duties of buyers and sellers, conditions and warranties in sales contracts, and remedies for breach of contract.
- Negotiable Instruments Act, 1881: This act provides the legal framework for negotiable instruments such as cheques, promissory notes, and bills of exchange, covering their endorsement, negotiation, and discharge.
- Insolvency (Bankruptcy) Laws: The Insolvency laws, including the Bankruptcy Ordinance, 2002, and the Corporate Rehabilitation Act, 2018, provide mechanisms for the resolution of insolvency and financial distress for individuals and corporate entities. These laws aim to ensure equitable distribution of a debtor’s assets among creditors and offer rehabilitation options for struggling businesses.
- Foreign Exchange Regulation Act, 1947: This act controls foreign exchange transactions and aims to regulate the outflow and inflow of foreign currency, ensuring the stability of Pakistan’s foreign exchange reserves.
- Competition Act, 2010: Administered by the Competition Commission of Pakistan (CCP), this act promotes competition in all sectors of the economy and guards against monopolistic practices, ensuring consumer protection and fair trade.
- Labour Laws: Various statutes such as the Industrial Relations Act, 2012, and the Factories Act, 1934, regulate employer-employee relationships, working conditions, health and safety standards, and dispute resolution mechanisms in the labour sector.
- Intellectual Property Laws: These include the Patent Ordinance, 2000, the Trade Marks Ordinance, 2001, and the Copyright Ordinance, 1962, which protect the rights of creators and inventors, promoting innovation and safeguarding intellectual property.
- Tax Laws: The Income Tax Ordinance, 2001, the Sales Tax Act, 1990, and the Federal Excise Act, 2005, govern the imposition, collection, and administration of various taxes on individuals and businesses, ensuring compliance and revenue generation for the state.
- Environmental Laws: The Pakistan Environmental Protection Act, 1997, mandates environmental assessments and compliance with environmental standards to mitigate the impact of industrial and commercial activities on the environment.
- Investment Laws: The Foreign Private Investment (Promotion and Protection) Act, 1976, and the Special Economic Zones Act, 2012, facilitate and protect investments, offering incentives and ensuring a conducive environment for foreign and domestic investors.
- Banking Laws: The Banking Companies Ordinance, 1962, and the State Bank of Pakistan Act, 1956, regulate the banking sector, ensuring the stability and integrity of the financial system.
- Securities and Exchange Laws: The Securities Act, 2015, and the Pakistan Stock Exchange Regulations govern the securities market, ensuring transparency, investor protection, and the proper functioning of the capital markets.
These laws collectively create a comprehensive legal framework that supports business operations, promotes economic growth, and protects the rights of all stakeholders involved in the commercial sector.
Business Entity Formation
Deciding how to organize your company–a sole proprietorship, a partnership, a public limited company, a private limited company, a foreign company, a liaison / branch Office or some other form of entity, can be very confusing. The business and tax aspects will vary greatly depending on this decision. We can help you establish the operating structure that is most beneficial for you and your business.
Commercial Finance
Whether representing a lending institution or a publicly or privately held business, we understand that time is money and that all loan documentation is not the same. The negotiation of such documents poses special considerations affecting your company’s future flexibility and rights. We are adept at providing this work quickly.
Commercial Paper and Business Transactions
We assist our clients in the sensitive area of creating legal documents aimed at businesses maintaining relationships with their customers, suppliers and employees. These include employment agreements, confidentiality agreements, manufacturing and supply agreements, manufacturers’ representative agreements, joint ventures and other agreements necessary in today’s competitive business environment. Sadly, we know much of the ever common litigation that we read about in this area could have been prevented. We take pride in keeping our clients out of this expensive litigation process.
Corporate Governance
We advise clients on rights and responsibilities with respect to members, directors, and shareholders. Whether it’s an indemnity clause in one’s by-laws, an insurance contract or both, the issues concerning member / director liability can have a substantial impact on one’s wealth. Advance attention to these concerns can prevent many of these problems.
The Law Offices of Josh and Mak International provides a one-stop legal shop for manufacturing, construction and service businesses throughout Pakistan. We provide business and commercial law services to entrepreneurs, startups, small businesses and established companies in Pakistan, including Peshawar, Islamabad, Lahore, Karachi, Quetta, and everywhere in between.
Here are examples of just a few of the business law services we provide:
• Formation of corporations, limited liability companies, business trusts and partnerships
• Licensing actions before regulatory institutions and advising individuals and entities regarding professional regulatory issues
• Business financing
• Business contract preparation
• Shareholder rights
• Corporate meetings and minutes
• Buy-sell agreements
• Employment contracts
• Employee relations
• Business liability
We also provide a comprehensive range of real estate services in connection with the purchase or sale of commercial buildings, commercial property, as well as property-related services such as;
- Zoning changes and commercial leases
- Franchising
- Business planning
- Protection of trade secrets
- Tax preparation services and tax planning
- Business succession and estate planning services
- Business dissolutions
One of our key strengths is our ability to provide a full range of legal services for our business clients. We have become the designated legal department for many businesses in Pakistan that do not have their own in-house legal counsel.
We have worked hard over the years to earn confidence and respect from our business clients. Whether you are starting a new business from scratch or you want to make your existing business stronger, Josh and Mak International will provide a seasoned legal perspective and practical advice to help your business grow. For more information, please refer to our Business Law Practice Center.
