Business Registration In Pakistan

Summary

To start a business in Pakistan, reserve a unique name with SECP, register the business type (sole proprietorship, partnership, or private limited company), obtain a National Tax Number from FBR, and register for sales tax if applicable. Open a business bank account and acquire necessary trade licenses from local authorities. Each business type has its own pros and cons, such as liability protection and compliance requirements. Consider consulting a local attorney for detailed guidance tailored to your specific business needs.

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i had a question regarding business registeration and legal documents
Hi ****! To guide you better, could you please specify what type of business you're planning to register? (e.g., sole proprietorship, partnership, company, etc.)
thats what i am unsure of. i want to start an online marketplace business in pakistan so which type of business should i choose
Hi ****! For an online marketplace in Pakistan, you generally have a few options:
- Sole Proprietorship: Simple and easy to set up, but offers no liability protection.
- Partnership: Shared responsibilities and profits; limited liability if registered as LLP.
- Private Limited Company: Offers liability protection, easier to raise capital, but involves more compliance.
Would you like to know more about the pros and cons of any specific type?
which one would work best in my situation
Case Rating: *
Hi ****! Here’s a brief comparison to help you decide:
- Sole Proprietorship:
- Pros: Easy to set up, minimal compliance.
- Cons: No liability protection, personal assets at risk.
- Partnership:
- Pros: Shared responsibility, easier to raise capital.
- Cons: Shared liability, potential for conflicts.
- Private Limited Company:
- Pros: Liability protection, easier to raise funds, professional image.
- Cons: More compliance, higher setup cost.
Do you want more detailed pros and cons for any of these options?
so tell me now for a country like pakistan what are neccessary legal procedures to follow for a business
For starting a business in Pakistan, here are the general legal procedures:
*. Business Name Reservation: Reserve a unique business name with the Securities and Exchange Commission of Pakistan (SECP).
*. Registration:
- Sole Proprietorship: Register with the Federal Board of Revenue (FBR).
- Partnership: Register with the Registrar of Firms.
- Private Limited Company: Register with SECP.
*. Obtain NTN: Get a National Tax Number (NTN) from FBR.
*. Sales Tax Registration: If applicable, register for sales tax with FBR.
*. Bank Account: Open a business bank account.
*. Trade License: Acquire trade licenses from local authorities.
What type of assistance do you need next?