Business Registration in Pakistan is something that is required for all businesses that wish to operate in the country. An individual who wants to start up a new business can do so by seeking the aid of a government official to register his company. In fact, it is a necessity to begin trading in Pakistan and obtain a registration number to begin business operations. Getting a business registration in Pakistan does not pose any problems at all as long as one follows the correct procedures.
There are two options for business registration in Pakistan. The first one is Sole proprietorship. In this option, one applies for a personal registration number and starts trading. The personal identification number is then registered with the Income Tax Department of the country. This is the easiest option for business registration in Pakistan and the least formal too.
However, for those who are aware of the rules and regulations regarding business registration in Pakistan, this option is not really a problem. For instance, a sole proprietor is required to submit his details with the Income Tax department only and he does not have to worry about submitting it to several government organizations or agencies. He needs to provide his home address and his country of residence as the location of his business. One has to also mention the nature of business and the capital amount that he has in his possession. However, if you are a sole proprietor and want to change your name periodically, you have to apply for a brand new registration.
On the other hand, an individual who wishes to establish a company in Pakistan can go through a company formation procedure. There are many online portals that can guide you through the registration process in a step-by-step manner. Once you get connected with the company formation company, you can give them all the details regarding the business that you would like to incorporate. The company formation officer will then check and compare the details that you have provided and help you get registered with the mandatory Pakistani government and non-government organizations.
Before you proceed any further, you need to furnish the company registered with a copy of the Memorandum and Articles of Association. The next step involves the submission of the Memorandum and Articles of Association. The documents submitted to the concerned authority have to be in the legal format. After being accepted, the papers are then registered with the concerned authority. The company registered with the concerned authority becomes the legal owner of the concerned company.
There are certain important things that you need to keep in mind while you go through the process of business registration in Pakistan. Firstly, there is the requirement of a person to be at least 18 years of age. Secondly, there is the requirement of a person to be a resident of Pakistan for the purpose of company registration in Pakistan. Also, there are certain other conditions that have to be fulfilled by the company.
There are some companies that can conduct business even without having any director or shareholder. The minimum two directors are required in Pakistan under the companies ordinance. The companies ordinance and its procedures have been clarified by the Supreme Court. However, it is essential to state that the procedures are mandatory and cannot be avoided.
Business registration in Pakistan is considered incomplete if the personal information submitted by the applicant is false or misleading. False information may be used as a ground for canceling the registration or for causing losses to the registration holder. Thus, it is necessary to ensure that all the personal details submitted are true and that you are not a party to any such fraudulent activities while you are conducting business in Pakistan.