LITIGATION LAW & PRACTICE

November 22, 2019

Global Law Company litigation practice includes all aspects of business litigation. We regularly represent our clients in administrative proceedings, trial and appellate courts throughout the country, as well as in arbitration and other alternative dispute resolution forums. Global Law Company network of offices allows us to provide clients with a cost-effective and coordinated strategy in matters involving multiple jurisdictions. Global Law Company Litigation Department recognizes that business litigation has become increasingly more complex and expensive. To meet our clients’ needs and expectations, we have organized several groups with specialized areas of concentration. These groups promote experience and creativity while helping to control costs. Before High Court & Supreme Court regarding Tax, Commercial disputes, Arbitration, Mediation & Conciliation, Construction, Real Estate, Banking, Insurance, Employment Disputes, Utilities, Securities, Intellectual Property, Civil Litigation, Communication Laws, Debt Collection, Bankruptcy, Consumer Law, Environmental Law, Media Law and Negligence & Damages.

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WHITE COLLAR CRIME

November 22, 2019

Globalization has made conduct of business in complete privacy almost impossible; businessmen are facing innumerable problems of excessive taxation, undue governmental control and growing rate of law suits, all these factors lead the business at brink of failure. Due to increasing business vulnerability businessmen are resorting to offshore business which is considered to be one of the best methods of tax reduction. The term “Offshore Business” is about benefiting from the asset protection services offered by various countries (known as ‘Jurisdiction’ or ‘Haven’) the legislation of these countries allows for certain important protection advantages i.e. strong asset protection feature, tax relaxation and business confidentiality. An offshore nation allows the registration of the business entity or trust also offer this entity or trust certain considerable tax reduction in lieu of an annual license fee. An Offshore Company may be defined as, a company which is registered in any foreign country; it does not conduct most of its business in the country where it is officially based, mainly for the reason of tax reduction and freedom from government control. Origin of Offshore Business Tax havens and the offshore company are not new phenomena, and their use expanded in the last 20 years to encompass a range of new offshore company jurisdictions. Consequently, approximately two thirds of total global financial assets are housed offshore in ‘tax haven’ countries, often through an offshore company. The success of the offshore corporation means almost all leading companies bank, borrow and invest offshore. The following information provides an overview of the history and future evolution of the offshore company, as well as key aspects of offshore tax planning. The concept of an offshore tax haven was originally the brainchild of the US and UK, who were trying to reduce foreign aid to certain developing nations. The idea was that, as an alternative to providing foreign aid, multinationals would be encouraged to invest in these offshore jurisdictions by setting up an offshore corporation. Offshore jurisdictions generally have simple offshore company laws. The offshore industry is worth approximately US$5 trillion. Most experts agree that an offshore corporation is a long-term solution, provided it is structured as part of a comprehensive offshore tax planning strategy. Major international organisations actively derive profits from an offshore company, including aircraft maker Boeing, oil giant Exxon Mobil, American Express and Chase Manhattan Bank. Definition The term “Offshore Company” is ambiguous. It may refer to either: A company which isincorporated outside the jurisdiction of its primary operations regardless of whether that jurisdiction is an offshore financial centre (sometimes known as a non-resident company) i.e. a Canadian company may be ‘offshore’ for the purposes of a USA citizen ; or, Any company (resident or otherwise) incorporated in an offshore financial centre. Types of Offshore Companies Examples of offshore companies include the International Business Company (IBC). More recently new legislation has been enacted in a number of Jurisdictions, such as the British Virgin Islands, to replace the IBC type of company with the Business Company (BC). The following types of company are common in both onshore and offshore jurisdictions: Company having a share capital- These companies issue […]

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PROVIDENT FUND LAW & LAWYERS

November 22, 2019

Provident fund is a very common retirement plan to benefit the employees, which is contributory in nature and yields a feeling of participation in employees. The Establishment settles the Provident Fund in form of Trust, required to be registered with the concerned Sub-registrar for getting the status of an independent Body. There are three types of Provident funds, which are known as: Statutory Provident Funds, which are set up under the Provident Fund Act, 1925 and is maintained by the Government, semi Government organizations, local authorities and other such institutions. Payments from such funds does not need recognitions from the Commissioner Inland Revenue and are exempted from Income Tax. Recognized Provident Fund, which is recognized by the Commissioner Inland Revenue under the Sixth Schedule of Income Tax Ordinance, 2001. This type of Provident Fund is maintained by private sector or organizations. Payments from such Provident fund are exempted from Income Tax. Unrecognized Provident Fund No exemptions are available but there is no yearly taxability. Employer’s contributions and interest thereon will be taxable at the time of payments to the employees only. The Trust is responsible for collection of contribution from employers and employees on monthly basis and to invest the same in various permissible schemes and securities. The Provident fund is created by the employer in the form of irrevocable Trust, with the name, reflecting the name of the Company and containing the term Employees’ Contributory Provident Fund. At least three to five trustees are appointed for the management of the Trust who are named in the Trust Deed. The Provident Fund Trust Rules are separately prepared / drafted. The Trust Deed is written on the Stamp Paper. The Trust Deed and the Rules specify the terms and conditions pertaining to responsibilities, duties, rights and the liabilities of the company, employees, trustees, auditors, bankers, actuaries etc. The Trust Deed must broadly contain the information regarding administration and management of the Fund. The eligibility of the membership and companies roles and power in the administration of the fund should also be given. Apart from it the contributions and investments of the fund’s money should also be mentioned. The distributions of the profit among members and the terms regarding the dispute and arbitrations methods may be specified. The Trust Deed should be registered with the Registrar of the Trust which is a mandatory requirement. One trustee can be authorized to appear before the Registrar and the copies of ID cards of all the trustees and 2 Passport sized photographs of each trustee have to be filed before the Registrar along with original Trust Deed and copy of the Rules. After its registration the Trust has to get its National Tax Number and all the trustees have also to get their NTNs. After registration is done the application for tax exemption approval is to be filed under Part I of the Sixth Schedule of the Income Tax Ordinance, 2001 before the Commissioner Inland Revenue. Tax exemption’s approval is granted for lifetime of the Provident Fund. The conditions for the approval are also given in Part I of the Sixth Schedule of the Income […]

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TRADEMARK LAW, APPLICATION & REGISTRATION SERVICES IN PAKISTAN

November 22, 2019

Here you may find information about trademark law and lawyers in Pakistan. Our dedicated team of professional lawyers best assists their clients in understanding the trademark law in Pakistan. We routinely interact with patent and trademark examiners in the Pakistan Patent and Trademark Office, and secure and protect intellectual property rights efficiently on a very cost-effective tariff. Global Law Company intellectual property lawyers speak the business and technical languages of our clients. The whole focus of our IP counsel is securing for clients the maximum competitive advantage from effective exploitation and protection of their intellectual assets. Intellectual property issues are critical to the success of any business, regardless of its size. Global Law Company helps clients in virtually all industries, obtain, protect and enforce patents, trademarks, copyrights, trade secrets and other intellectual property rights. Our IP lawyers have strong technical backgrounds and extensive legal and commercial experience as in-house IP counsel, patent and trademark examiners. We routinely interact with patent and trademark examiners in the Pakistan Patent and Trademark Office, and secure and protect intellectual property rights efficiently on a very cost-effective tariff. Global Law Company intellectual property lawyers speak the business and technical languages of our clients. What is a trademark? The Trade Marks Ordinance 2001 defines a trademark any mark capable of being represented graphically which is capable of distinguishing goods or services of one undertaking from those of other undertakings. A sign can include a letter, word, name including personal name, signature, figurative element, numeral, device, brand, heading, label, ticket, aspect of packing, shape, color, sound or any combination of these features. Why register a trademark? If a trade mark isn’t registered and infringement is suspected, the owner must establish by extensive evidence that as a result of its use of and reputation in the mark the other person’s use is likely to cause deception or confusion. The dispute would be dealt with under the common law action of passing off. What are the criteria for registration? In order to be registered, a trademark cannot be one that other traders need to use to promote their own goods or services, such as a directly descriptive term, geographic word or common surname. It must also be capable of distinguishing the applicant’s goods or services from those of other traders and cannot mislead the public about the nature of the goods or services. When has a trademark been infringed? In Pakistan, a registered trade mark is infringed by the unauthorized use of that mark, or a mark that is substantially identical or deceptively similar to it: In relation to any goods or services for which the trade mark is registered; In relation to goods or services that are similar (Unless the alleged infringer establishes the use isn’t likely to deceive or cause confusion); or Where the relevant mark is well-known in Pakistan and use (even on unrelated goods or services) indicates a connection with the owner and thereby adversely affects its interests. What is the role of a trademark attorney? Trademark attorneys are qualified to act on behalf of clients (along with registered patent attorneys and lawyers) in relation […]

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INSURANCE LAW & LAWYERS IN PAKISTAN

November 22, 2019

Insurance is a contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the “insurer” or “underwriter”, the other the “insured” or “assured”, the agreed consideration, the “premium”, the written contract, a “policy” the events insured against “risks” of “perils” and the subject, right, or interest to be protected, the “insurable interest”; A contract whereby one undertakes to indemnify another against loss, damage, or liability arising from an unknown or contingent event and is applicable only to some contingency or act to occur in future; An agreement by which one party for a consideration promises to pay money or its equivalent or to do an act valuable to other party upon destruction, loss, or injury of something in which other party has an interest. Insurance transfers and allocates risks from the person taking the policy or “the insured” to the insurance company or “insurer.” An insurance policy is a special agreement between the insurer and the insured. To be enforceable, the insurance policy must meet all of the usual requirements of a contract and, in addition, the insured must have an “insurable interest” in the subject matter being insured, such as property, life, and health. Businesses usually carry basic property insurance and commercial liability policies. But they may also carry fidelity insurance, business interruption insurance, and directors and officers’ liability insurance. Any time an insured individual is denied insurance benefits or offered less than what they believe to be adequate, there is potential for a coverage dispute. For example, an employer’s workers compensation insurance will normally cover an injured employees’ medical bills for injuries sustained in workplace accidents. But if one employee purposely causes the injury of another that may not be classified as an “accident”, and the employer, rather than the insurance company may be responsible for the medical bills. Similarly, a home owner may hire a contractor to build an addition onto his or her house and then offer to help with the construction to reduce costs. If the home owner is injured, whose insurance company has to pay? If you’re involved in an insurance dispute, make sure your attorney has the experience and skill to make sure your rights are protected. Insurance law services When it comes to insurance, the right protection means everything. For most people it means peace of mind and the reassurance that when something goes wrong, they get the help and support needed to resolve the situation. We provide outstanding legal support for our clients. This is underlined by the fact you have may have been referred to us by your insurance company, as we work for some of the largest and most successful insurance companies in Pakistan and Worldwide. We’re experts in insurance law services Although you may be benefiting from our expertise in insurance law without realizing it, if you ever had to make use of your policy, you’d know the difference it can make to have one of the largest law firms in Pakistan on your side. Of […]

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