As per Lawkidunya, if anyone want to add the company in FBR as per law, then the below steps shall be followed:
Requirements Before Registration
CNIC/NICOP/Passport number.
Cell phone number in use.
Active e-mail address.
Nationality.
Residential address.
Accounting period.
In case of business income. business name. business address.
Principal business activity.
How Do I Add My Business to My Income Tax
The first step of filing your Income Tax Return is to register yourself with Federal Board of Revenue (FBR).
For Income Tax Registration Individual can register online through Iris Portal.
Whereas, the principal officer of AOP and Company needs to visit Regional Tax Office (RTO).
How Much Does It Cost to Register a Pvt Ltd company in Pakistan
Costs : Name reservation fee (PKR 200) + Filing fee (PKR 400) + Registration fee (for online submission: PKR 1,000 for capital below PKR 100,000; additional PKR 500 for every PKR 100,000 of capital or part thereof, above PKR 100,000 and up to PKR 10,000,000) + Fee for registration with the Labor Department (PKR 1,000).
What is the Minimum Turnover for Pvt Ltd Company
Rs. 2.00 (Two) Crores
A One Person Company must be mandatory converted into a Private Limited Company if the annual sales turnover exceeds Rs. 2.00 crores or the paid up capital of the One Person Company exceeds Rs. 50 lakhs.
What is Minimum Capital For Private Limited Company
In general, PKR 100,000 is considered to be the minimum capital requirement. However, take note that the actual minimum capital you need to inject depends on your planned expenses.
Can a Single Person Start Pvt Ltd Company
As per Lawkidunya, SECP regulation requires that two or more persons can set up a private limited company for lawful purposes. This may be of different types, however, the method of incorporation is primarily the same in all.
How Do I Register My Company With NTN
Apply for NTN:
Go to https://e.fbr.gov.pk to begin the online process.
Select new e-registration from the drop down of “e-Registration” to begin a new registration application.
Select the application type (New Registration, Change in Particulars’ ST FED Registration, Duplicate Certificate).
How Do I Know If a Company is Registered in FBR
Check Active Taxpayer status of AOP and Company by SMS through the following procedure: Type “ATL (space) 7 digits National Tax Number (NTN)” and send to 9966.
What are the Benefits of Registering a Company in Pakistan
As per Lawkidunya, here are some most famous benefits of registration a company in Pakistan and also some major advantages of company in Pakistan, Following are advantages of a private limited company in Pakistan:
Unlimited life. The private limited company is considered as separate legal entity than its directors and all companies have unlimited lives.
Limited liability.
Easy transfer of Ownership.
Reputation.
Tax Benefit.
What are the Disadvantages of a Registered Company
Disadvantages of a company include that:
the company can be expensive to establish, maintain and wind up.
the reporting requirements can be complex.
your financial affairs are public.
if directors fail to meet their legal obligations, they may be held personally liable for the company’s debts.
Which Type of Company Registration is Best
It is the best option for entrepreneurs who wish to run a business by themselves. The OPC has a separate legal status; entrepreneurs get the benefit of liability protection without having to partner with anyone else. Since it involves only one individual, an OPC is easy to incorporate and regulate.
Which Type of Company is Best to Register
Private Limited Company. If you’d like to enjoy your company as a private entity, private limited company registration is an ideal choice. Usually, the shareholders take the responsibility of liabilities equally to safeguard their assets. In these companies, the net capital is the total shares held by each shareholder.
What Happens If Your Company is Not Registered
Basically, an unregistered business is a sole proprietorship, a legal structure that requires you to use your Social Security Number (SSN) in place of an Employer Identification Number (EIN) and your legal name as the name of your company.