Company

Registration
Name: Sharjeel Rafaqat
Roll No: 205219
Assignment No: 01
Subject: IBF
Submitted To: Ma’am Nadia

Air University Aerospace and Aviation Campus Kamra

 Registration of Sole Proprietorship, Partnership Business and
Corporation

Following is the procedure for registration of Sole Proprietorship

Business:

Documents Required for Sole Proprietor Registration:

1. CNIC and NTN of the Person Applying for Sole Proprietor Registration
2. Name of the Business
3. Address of the Business (rental agreement in case of rented property)
4. Letter Head and stamp of the Business
5. Electricity Bill of the Address
6. Bank Details

How to Register Sole Proprietorship in Pakistan: -

Making Proprietor business legal, owner has to obtained NTN number to fulfill the lawful
agreement as per tax laws.

Obtaining National Tax Number – NTN:

Step 1:
Federal board of revenue (FBR) is the organization which provide National tax number (TAX).
Two ways of getting NTN number.
1. Online Applying at FBR Website by visiting e.fbr.gov.pk. Complete procedure is
mentioned on the website.
2. Select “New e-registration” from the dropdown of “e-Registration menu”
3. Tax payer facilitation center provides facility for Applying on Paper.

Step 2:
1. Select the taxpayer type (Individual)
2. Enter the data in front of following captions appearing on the screen:
3. Enter the CNIC/NTN according to the selected taxpayer type
4. Enter Name of taxpayer
5. Click “Ok”
Step 3:
After completing all the details save the form with available information and continue at alter stage
if it required so.
1. For all business concern bank account with business name title must be provided.
2. Detail of the owner, premises proof and reference number of utilities will be provided.

Step 4:
After completion of the online registration form, verify the form by clicking the “Verify” button.

Step 5:
Finally submit the form by clicking “Submit” button. A token number will be assigned by system.

Step 6:
After registration as taxpayer application will approved and system will send you the email for
verification within 3 days.

Step 7:
Visit any Taxpayer Facilitation Centers (TFC) and submit a duly signed copy of the online
application along with required documentation. (Copy of CNIC, Last Paid Electricity Bill, and
Letter Head).

Note: There is no fee for getting NTN certificate

Filing Annual Income Tax Return
It is mandatory for a taxpayer to file Income Tax Returns annually

Filing Period: Annual Income Tax Returns are normally filed in September. However, dates can
be extended as per Government directives.
Every proprietor business individual has to file Income Tax Return irrespective of date of starting
a business.
Once the status is added, you are a registered legal entity.
References:
https://tencoconsulting.com/sole-proprietor-registration/
Following is the procedure for registration of Partnership Business:

Requirements to Register a Partnership

Individuals must submit the following details containing documents to the Registrar of an area in
which the business or its office is operating:
1. The name of the firm
2. The principal place of business of the firm;
3. The full names of all of the partners and their permanent addresses
4. Individuals must also have the dates of joining of each partner
5. The duration of the firm.
All the partners will sign this statement before submission. Once you have satisfied the registrar,
the individuals have fulfilled that all registration requirements. Now, he will update the firm name
in the ‘Register of Firms’ and file the statement.

The Partnership Agreement

This is a partnership deed, and individuals must incorporate the following details in this:
➢ Name of the firm
➢ Nature of the business to be conducted
➢ Location or branches of the business
➢ Details of partners, including their
names and addresses along with their
CNIC numbers
➢ The amount of salary, if any, payable to
the partners
➢ Work division and responsibilities for
management
➢ The firm’s bank
➢ The duration of the partnership should
be stated; if there is no duration or
determination, it will be called a
‘partnership at will’
➢ The profit and loss sharing ratios
➢ The maximum amounts allowed to
partners for withdrawal
➢ Any rules concerning the admission of
new, and retirement of existing partners
➢ Any dispute provisions
➢ The method of dissolution

Partnership Business must be registered with Punjab Information Technology Board.

The Business Registration Portal caters

registration for the following:

• Partnership Firm Registration (Industries,

Commerce & Investment Department,
Punjab)
• Shops & Establishment Registration
(Labor & Human Resource Department,
Punjab)
• Registration with Punjab Employees Social
Security Department

z
 Documents Required for Partnership Business

(REF. https://business.punjab.gov.pk/starting-business)
Partnership Deed (Sample)
Form I
References:
https://www.klapakistan.com/registering-a-partnership-in-pakistan/
https://pitb.gov.pk/iasb
 Following is the procedure for registration of Corporation:
Registration
“Any three or more persons associated for lawful purpose may, by subscribing their names
to the Memorandum of Association and complying with the requirements of the Companies
Act, 2017 form a public company and any two or more persons so associated may, in like
manner, form a private company.” (REF. Para 1; https://www.secp.gov.pk/company-
formation/registration-of-company/

Registration with Securities and Exchange Commission of Pakistan (SECP):

The E-services project of the Securities and Exchange Commission of Pakistan (SECP) is an
electronic data gathering and retrieval system that would perform automated collection, acceptance
and forwarding of submissions by companies who are required by law to file forms and documents
with the SECP.
Any new firm which is to be established is required by state law to be entered in to the digital
directory by registering itself with SECP.

Process for Registration:

The first step for company registration is name reservation and you are required to submit 3 names.
When choosing the name of the company refer to Section 10 of the Companies Act, 2017 (the
“Act”) and Regulation 4 of the Regulations for prohibitions/restrictions on certain company
names.

Documents to include:
• Articles of Association
• Copies of CNIC of owners/directors/authorized representatives
• NOC from regulating authority (in case of a specialized business)
• Registration fee; In case of a small company having nominal share capital not exceeding
Rs.100,000, total incorporation fee is Rs.1,800 for online submission and Rs. 3,500 for
offline submission.

After the submission, the certificate of incorporation is received.

A public company can start its business after a duly verified declaration (as per the format provided
in the Companies (Compliance and Reporting) Regulations, 2017) regarding compliance with the
conditions specified in Section 19(1) of the Act has been filed by the chief executive / one of its
director and the secretary and the same has been accepted and registered by the registrar.
(Ref. Process for Incorporation; https://www.secp.gov.pk/document/a5-fold-
incorporation/?wpdmdl=29335
https://www.secp.gov.pk/eservices/eservies-company-name-reservation/)
E-Services
After the SECP registration process, company has to be registered with SECP eServices.
For that the process is listed below:
❖ Generating pin by filing a ‘User Registration Form’ provided on SECP website.
❖ Logon to eServices by registering a new account and entering your company’s information
such as;
o Company Name
o Kind of Business
o Bank Info
o Documents (NIC, Name Reservation Certificate, Power of Attorney)
o Articles of Association
o Memorandum of Association
o Bank challan

The final step would require the User Registration Pin which you received earlier. Enter that and
submit the application. This will take you back to listing page where the completed and awaiting
processes are listed.
(Ref. Company Incorporation; https://www.secp.gov.pk/eservices/company-incorporation/)

Upon registering with SECP, all companies are allotted an NTN number and are registered
for Income Tax. The FBR IRIS login details are received by owner on their provided cell
number.
(Ref. Para1. https://help.fbr.gov.pk/?p=3204)

Challan Fee can be calculated from the incorporated online challan calculator (link given below).
Challan Calculator SECP https://challan.secp.gov.pk/manualChalnGenrator/main.faces
 Listing Fees

Annual Listing Fee for Year 19-20

Land https://www.zameen.com/Industrial_Land/Pakistan
(Ref: https://www.psx.com.pk/psx/themes/psx/uploads/Main-Board-Presentation-update.pdf)