There are a few ways to register a sole proprietorship in Pakistan. The simplest way is to go to the local registrar’s office, fill out a form, and pay the fee. However, this can also be a hassle, and many people prefer to avoid the hassle altogether by using an online registration service like CMA law associates. Registering your sole proprietorship online with CMA Law Associates will save time, money, and hassle, making it the easiest and most hassle-free option.
According to Pakistani legislation, a sole trader is a business in which one person owns it. It means that the business owner is solely liable for all debts and other liabilities, regardless of whether the business goes bankrupt. The registration process for a sole proprietorship is quick and simple and one can complete it in as little as one day in most cases.
Fee structure to register a sole proprietorship in Pakistan.
Registering a sole trader in Pakistan is a great way to start your own business. But before you get started, it’s important to understand the associated fees. This guide will help you understand the different fees you’ll need to pay to register a Sole Proprietorship in Lahore, PK, so you can plan your budget accordingly.
You must apply for sole trader registration by filling out a form in the prescribed format at the office of the District Revenue Officer or Sub-registrar concerned. In addition, you must pay a fee to be paid at the Counters under the Finance Department of the Office.
This fee is given below:-(i) For corporate assessees/partnership firms/local authorities: Rs. 500 + fee & tax: Rs. 200; (ii) For unincorporated persons: Rs. 50 + fee & tax: Rs. 10; (iii) In case of non-residents: USD 5,000 or 30 % of the total turnover of the assessment year, whichever is less; (iv) In case of companies incorporated outside Pakistan under the laws of foreign jurisdictions but carrying on any business here under Pakistani laws. i) Fee and taxes as aforesaid plus USD 100; ii) Fee and taxes as aforesaid plus USD 150; iii) Fee and taxes as aforesaid plus USD 250; iv) Fee and taxes as aforesaid plus USD 300.
You must also attach other documents with the application and the prescribed fee paid at the counters. Finally, after providing the documents to the office, you must wait for the registration to be granted. The entire process may take several days to be completed. In addition, you also have to be present in person to file the application and attend the hearing if asked for by the competent authority.
A step-by-step guide to registering a sole proprietorship in Pakistan
The process to register a sole proprietorship is simple and can be done through Pakistan’s Securities and Exchange Commission. There are two types of sole trader registration: one for an individual and one for a partnership. The process for registering your sole trader depends on the type of registration you are seeking. To register a sole proprietorship with an individual, you must visit the Securities and Exchange Commission of Pakistan’s website.
- It would help if you got the NTN from the Federal Board of Revenue (FBR) to register your business.
- Visit the FBR website and download the application form.
- Please fill out the registration form and submit it to your nearest tax office.
- You will be given an NTN number for the registration process.
- You can now open a bank account in your business name.
- Congratulations, you are now a registered sole proprietor in FBR records.
Registering a sole trader in Pakistan benefits entrepreneurs and small business owners. It is a great way to start a business with minimal investment without worrying about complex regulations. Registering a sole trader in Pakistan is straightforward. Moreover, it allows for limited liability, making it a great option for those who want to start a business without having to go through the hassle of setting up a company or partnership.
Read Also: What is the process of Firm Registration Verification in Pakistan?
Benefits of registering a sole proprietorship in Pakistan
Starting a business in Pakistan can be a daunting process. There are a lot of regulations and paperwork to navigate, and the process can be confusing. However, a sole trader is one of Pakistan’s most popular types of business setup. This type of business is easy to register and offers several benefits to the entrepreneur. If you’re considering starting a business in Pakistan, it’s worth looking at the benefits of registering a sole trader.
Registering a sole trader in Pakistan is a great way to start a business. It is a straightforward process that can be done quickly. In addition, there are many advantages to registering a sole proprietorship in Pakistan, such as the ability to operate without following all the regulations of a partnership or corporation.
Additionally, the owner is personally liable for all debts, making it easier to manage the business’s finances. Furthermore, the owner has complete control over the business and does not need to consult with other partners or shareholders. Finally, the sole proprietor is eligible for certain tax benefits and is not subject to double taxation. Therefore, registering a sole trader in Pakistan is a great way to quickly start a business and take advantage of its many benefits.
Establishing a sole trader in Pakistan can be a daunting task. The process involves a lot of paperwork, deadlines, and even legal issues that you may need to be aware of. Hiring CMA Law Associates to manage the registration process is the best way to ensure your business gets off to a successful start. With decades of experience in the legal and corporate sectors, we have the knowledge and expertise to help you navigate the complexities of registering a sole trader in Pakistan.
Why you should hire CMA Law Associates to register a sole proprietorship in Pakistan
With an online registration process from CMA Law Associates, we can simplify the process and save you valuable time, money and hassle. In addition, we can provide you with complete guidance throughout the process and guide you in every step to complete the registration in a timely and efficient manner.
Following is a brief snapshot of our services:-
- Firstly, Send us your documents – we will prepare and scan the documents as per your instructions and upload them onto our portal;
- Secondly, Prepare a draft for your review – we will send you the draft for review;
- Thirdly, Approval of draft – after receiving your comments on the draft, we will submit the draft for approval, and after that, we will proceed with the registration of your sole trader;
- Lastly and most importantly, Filing of application for registration – we will complete the formalities for FBR and submit it to the concerned authorities. After that, we will let you know if your business gets registered.