Hello Irfan,
No, there’s no need to make a company on the same name as your CNIC, you can create your company with any name, but your bank account must be on your name.
When signing up on PayPal, Paypal will ask you information about your company and your personal information separately, so in your company details you can write the name of your company, but in your personal information write your name same as the National ID Card (CNIC).