It is quite difficult to answer the question that how to register the business in Pakistan? Normally people have not the actual concept of the business registration and they mix-up the meanings of the business registration. In Pakistan, three main platforms may allow the persons to legalize their businesses or in other words, there are three major platforms and three major forms of the businesses in the country. Whereas, IPO – Intellectual Property Organization that protects the trademark of the applicant but trademark safeguard does not facilitate the applicant’s in any other aspect, except the trademark protection. In this article, we will learn how to register the business in Pakistan in all three formations through the concerned authorities.
Every person who wants to run the business in Pakistan in any form (Sole Proprietorship, AOP/Partnership Firm, Private Limited Company, Non-Profit Organizations (NPO), Non-Government Organization (NGO), Social Welfare Societies and Trusts, etc.) may get the Registration through Federal Board of Revenue (FBR) mandatorily, this registration is also known as National Tax Number (NTN). Let’s discuss all the formations of the business with respective departments in details;
- Sole Proprietorship:
It is the simplest form of the business, if anybody wants to do business in Pakistan, he/she may get National Tax Number (NTN) through the Federal Board of Revenue (FBR). This registration is enough to carry on the business in Pakistan that is simply legal.
When two or more persons may agree to establish a business on the prescribed format may be known as AOP/Partnership Firm under the Partnership Act through the registrar of the Joint Stock Companies.
When a person or the group of persons wants to establish the business under the Companies Act, the Security Exchange Commission of Pakistan is the institute that deals with such registration. The Non-Profit Organizations may also be registered under section 42 of the Companies Act, 2017.
- Non-Profit Organizations (NPO), Non-Government Organization (NGO), Social Welfare Societies, and Trusts:
When the group of persons agreed to do work for the charitable purpose under the law through Registrar of Joint Stock Companies.
All the kinds of business formation necessarily required to register the National Tax Number (NTN) to operate the business except the Sole Proprietorship which already established through the FBR.
Note: After completing the registration process the business owner may go for the opening of the Bank Account along with letterhead and stamp of the business.
Note: After opening the bank account the user may apply for the STRN (Sales Tax Registration Number) if needed.
Business Required the License/Registration:
Some businesses are required to be licensed from the concerned department is as follows;
Travel Agency through DTS (Department of Tourism Services).
Recruitment Agency through BEOE (Bureau of Emigration & Overseas Employment).
Constructor or Operator through PEC (Pakistan Engineering Council).
Food Related Businesses through Food Authority, PSQCA (Pakistan Standard Quality Control Authority), PCSIR (Pakistan Council of Scientific & Industrial Research), Halal Certification.
Manufacturer of all kinds through PSQCA (Pakistan Standard Quality Control Authority), PCSIR (Pakistan Council of Scientific & Industrial Research), Environmental Department, PHA (Public Health Authority).
Importer/Exporter required WEBOC (Web Based One Custom) through CUSTOM and Chamber of Commerce & Industry.
IT Companies / Call Centers / Freelancer Through PSEB (Pakistan Software Export Board).
Rice Traders may be a part of the REAP (Rice Exporters Association of Pakistan).
Trade Unions and Trade Associations that may be registered through the Registrar of the Trade Union.
This is the basic and precise information that is specially compiled for the start-ups because there so many small legal questions that may create the hurdles to execute the plans. The information composed on how to register the business in Pakistan may help you out to take bold steps in the business world to establish a career.