How to Register Sole Proprietorship in Pakistan
Sole proprietorship is ancient form of business organization; it is as old as human civilization. With some merits and demerits, sole proprietorship is easiest to form. Any single person without joining hands with any other person can start a sole proprietorship business in Pakistan. Pakistan is amongst the countries where doing of business is so easy and the sole proprietorship business it the easiest form of business to establish.
One can start business by following some very simple steps
Steps to Start Sole Proprietorship Business:
Following are the steps to start and get registered a sole proprietorship business. Steps involve for Registration of Sole Proprietorship in Pakistan are easy but it is highly recommended to hire some management consultant, with strong knowledge of tax and business laws.
Following are the steps
- First step require the finalization of “Business Name”, a name relating to major activity of business is highly recommended but one can choose any name.
- Finalize business office or address, you may choose your residential address as business address
- Design a business letter head with logo, however logo is not compulsory, one may just right business name in bold letters with a beautiful font and style.
- Preparation of business stamp, all big stationers make stamp.
- Fifth and the most important step is to apply for National Tax Number (NTN) certificate. Following documents are required for applying Business NTN:
- Rent agreement or ownership document of business office
- Paid electricity bill of office, bill should not be older than 3 months
- Business letterhead
- CNIC of sole proprietor
- Opening of business bank account is the last step, NTN, with business name, is mandatory to open a business account in any bank across the country. Stamp and business letterhead will also be required for opening business account.
Sole Proprietorship Registration Process is completed after getting NTN and opening business account you, NTN registration with FBR is only mandatory registration requirement to start a business. No registration with any other government institute is required however due to nature of business registration with some bodies may be required for instance in order to carry on the construction activities registration with Pakistan Engineering Council is mandatory.
You may contact us for registration of sole proprietorship business and expert advice for tax matters.