Beneficial ownership & AML filings
Beneficial ownership declarations and anti-money-laundering records that SECP and banks now ask for.
Overview
Identifying and recording the ultimate beneficial owners (UBOs) of your company: every natural person who owns or controls it through 25% or more of shares or voting rights, or controls it by other means.
Why it matters
Companies must record and report their beneficial owners, the people who ultimately own or control them. These filings support anti-money-laundering rules and are checked by banks during account opening.
Who needs this
- All companies, especially those with corporate or nominee shareholders
How it works
Who does each step, and how long it usually takes once documents are complete.
- 1Notice to members (Form-16)TAXWORK
Sent to members holding 25% or more.
1 day - 2Declarations (Form-17)Members
Each member declares the ultimate beneficial owner.
Within 14 days - 3UBO registerTAXWORK
Entered in the company's register of ultimate beneficial owners.
1 day - 4Compliance declaration (Form-19)TAXWORK
Filed with the registrar.
With the annual return - 5Changes (Form-18)Members
Updated declarations recorded.
Within 14 days of a change
Documents we need
Tick what you already have, then send the list to us.
Which company type fits you?
Under the Companies Act 2017 (sections 2(49), 14, 42, 154 and 247) and the LLP Act 2017.
| Type | Members | Directors | Liability | Auditor | Best for |
|---|---|---|---|---|---|
| Single member company | 1 | 1 + nominee | Limited by shares | CMA or CA if paid-up capital under Rs 3M | Solo founders |
| Private limited | 2 to 50 | 2 | Limited by shares | CMA or CA if paid-up capital under Rs 3M | Startups and family businesses |
| Public (unlisted) | 3 or more | 3 | Limited by shares | Chartered accountant | Raising capital from many investors |
| Listed company | 3 or more | 7 | Limited by shares | Chartered accountant | Public share trading on PSX |
| Limited by guarantee | Members | 2 or 3 | Up to the guarantee | As per company type | Associations and clubs |
| Section 42 NPO | 3 or more | As per type | Licensed, no profit distribution | Chartered accountant | Charities and foundations |
| LLP | 2 or more partners | Designated partners | Limited for partners | As required | Professional firms, joint ventures |
| Foreign branch / liaison | Foreign parent | Authorised person | Parent's liability | Chartered accountant | Foreign companies entering Pakistan |
What you receive
- UBO register
- Signed declarations
- Filed Form-19
Deadlines, risks and penalties
- Banks and SECP can restrict accounts or filings without current UBO records
Mistakes we fix, and what our fee covers
Common mistakes we fix
- Annual return (Form A / Form 29) filed late, which brings SECP penalties
- Change of directors, shares or address not reported to SECP
- Company NTN and tax return not filed even when there is no income
- Beneficial ownership register not kept up to date
Included in our fee
- Name check, documents and filings on SECP eServices
- Board and shareholder resolutions drafted for you
- Company NTN and FBR profile set up or updated
- A compliance calendar for the year ahead
Law and references
The sections and rules this service is based on.
- Companies Act 2017, s.123A
- Companies Regulations 2024, regulation 48 and Forms 16–19
Questions
How long does it take?
About 2–3 weeks including the 14-day declaration window. Step by step: Notice to members (Form-16) (1 day), Declarations (Form-17) (Within 14 days), UBO register (1 day), Compliance declaration (Form-19) (With the annual return), Changes (Form-18) (Within 14 days of a change).
What does it cost?
We give a fixed quote after reviewing your case. Government fees are extra where they apply.
What happens if I miss a deadline?
Banks and SECP can restrict accounts or filings without current UBO records.
Who is an ultimate beneficial owner?
A natural person owning or controlling the company, directly or indirectly, through at least 25% of shares or votes, or by effective control through other means such as close relatives or associates.
Is there a step-by-step procedure?
Catching up on missed SECP filings: Bringing a company that missed its annual filings back into compliance. Open the procedure →
Who counts as a beneficial owner?
Generally a natural person who owns or controls a set threshold of shares or voting rights, or controls the company in other ways.
When do I update it?
Whenever ownership or control changes, within the time SECP sets.
Why clients choose TAXWORK
Individuals, businesses and companies across Pakistan and overseas.
Rawalpindi/Islamabad, Sialkot and Karachi (with Raza Siddiqui & Co., Chartered Accountants).
You get the scope and a fixed fee in writing before any work starts.
Progress updates, and a copy of everything we file or submit for you.
Keep reading
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View service →Ready to get beneficial ownership & AML filings done?
Send your documents on WhatsApp or book a meeting. A consultant confirms the scope and a fixed fee before any work starts.