
Trust Registration Services
The Trust Act of 1882 was repealed, and in 2020, each of the four provinces—Sindh, Balochistan, Punjab, and Khyber Pakhtunkhwa—along with the Islamabad Capital Territory (ICT), implemented new trust legislation.
The Sindh Trust Act, 2020, establishes the legal framework for the registration and operation of trusts in Sindh, including Karachi. Under this legislation, a trust must adhere to strict compliance requirements, involving detailed documentation and multi-tiered verifications by various authorities. The process, while thorough, is complex and time-consuming, requiring significant attention to detail and persistence.
The act mandates a series of steps that each trust must follow, starting from name reservation to the final approval and issuance of the registration certificate. This comprehensive process is designed to ensure that all trusts operating within Sindh are legitimate, well-managed, and capable of fulfilling their intended purposes. Given the intricacies of these procedures, having a knowledgeable partner to guide you through each step is invaluable.
Trust Registration Services in Karachi, Sindh, Pakistan
At Rascons Financial Services, we pride ourselves on our extensive experience and deep understanding of the Sindh Trust Act, 2020. We provide specialized services to assist with the registration of trusts in Karachi, Sindh. Our team of experts is dedicated to simplifying this complicated process, ensuring that your trust complies with all legal requirements efficiently and effectively.
We understand that establishing a trust is a significant undertaking that involves numerous legal and administrative steps. Our goal is to ease this burden by offering comprehensive support throughout the registration process. From the initial name reservation to the final approval, we are with you every step of the way, ensuring that your trust is registered smoothly and promptly.
Steps to Register a Trust in Karachi, Sindh, Pakistan
STEP 1: NAME RESERVATION
The first step in the trust registration process is reserving a unique name for your trust. We require five potential names, which we will submit for approval. Ensuring the uniqueness of these names is crucial, as it prevents any legal conflicts with existing entities and sets the foundation for your trust’s identity.
STEP 2: DRAFTING THE DOCUMENTS
Once the name is reserved, we move on to drafting the necessary documents. This includes:
- Trust Deed
- Memorandum of Association (MOA
- Acceptance Certificates
- Affidavits
- No Objection Certificate (NOC)
- Bio-Data of Trustees
- Performa of Trust Registration
STEP 3: SUBMISSION OF DOCUMENTATION TO THE DIRECTORATE OF INDUSTRIES – TRUST WING, KARACHI, SINDH
Once the documents are meticulously drafted and reviewed, they are submitted to the Directorate of Industries – Trust Wing in Karachi, Sindh. This submission marks the beginning of the formal review process by the authorities.
Step 4: VERIFICATION BY AGENCIES
After the Trust Wing receives and approves the documentation, it sends a letter to the Financial Action Task Force (FATF), Home Ministry, Sindh for verification of the trustees. The FATF then engages the Deputy Commissioner (DC) for further verification. The DC coordinates with the District Intelligence Committee Members, which include the Counter Terrorism Department (CTD), District Police, Special Branch, Inter-Services Intelligence (ISI), and Intelligence Bureau (IB). These agencies conduct thorough background checks and provide verification reports to ensure the trustees are credible and the trust’s activities are legitimate.
Step 5: VERIFICATION BY TRUST WING
Upon receiving the verification reports from FATF, the Trust Wing conducts its own physical verification of the trust premises. This step is crucial to ensure that the trust has a legitimate physical presence and is capable of operating from its declared location.
STEP 6: APPROVAL
After all verifications are satisfactorily completed, the Trust Wing issues the registration certificate. This certificate officially recognizes the trust and allows it to commence its activities legally.
Time Frame
The entire trust registration process is time-intensive and can be broken down as follows:
- Name Reservation: 15 days
- Drafting & Submission of Documentation: 30 days
- Verification by Agencies: 5 months
- Verification by Trust Wing: 15 days
Based on our extensive experience, the complete registration process typically takes around 7 to 8 months. This timeline reflects the comprehensive nature of the verification and approval stages, ensuring that every trust meets the stringent requirements set forth by the Sindh Trust Act, 2020.
Why Us
At Rascons Financial Services, we are committed to guiding you through this lengthy procedure with professionalism and expertise, ensuring that your trust registration is handled efficiently and effectively. Trust us to be your reliable partner in navigating the complexities of trust registration in Karachi, Pakistan.
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