Sole Proprietor Registration in Pakistan in 2021

Sole Proprietor Registration in Pakistan

Sole Proprietor Registration in Pakistan

ITNA Consultants Offers Sole Proprietor Registration

What is Sole Proprietor?

Sole proprietor is the type of business run and managed by a single person or in the meaning of law there is no distinction between the owner and business in terms of law. In simple words any case or suit filed against the business will be treated as it is filed directly against the owner. In sole proprietor registration all the profit, loss and assets and liabilities are in fact the profit, loss and asset liability of the owner. The term sole proprietor means the business has only single owner and there are no other directors or partners involved in sole proprietor business registration.

Why to Register Your Business as Sole Proprietor in Pakistan?

The structure of sole proprietor business registration is the simplest as compare to any other form of business such as private limited company registration or partnership firm registration. One of the most important reason for easy handling of sole proprietor business is that it is managed by single person but this does not mean that there is any sort of restriction for employment and sole proprietor can employ as number of employees as he wanted to run his business efficiently.

The sole proprietor can use any business name depending on the name mentioned in the sole proprietor registration certificate issued by the Federal Board of Revenue. Sole proprietor is also allowed to open the Bank Account with the name of the business.

What are the requirements for Registration of Sole Proprietor in Pakistan?

If you are interested in registering your business as sole proprietor below is the step by step guide:

  • Decide a Suitable Name for the Business. Because your individual NTN will have the Name of the business after approval.
  • Prepare Letter Head of the Business and mention address, Landline Number, Email and other details of the business
  • Also prepare Official Stamp of the business as well as Business Card. You will need them at various stages including opening of Bank Account.
  • The easy way to register sole proprietor is online through Federal Board of Revenue website.
  • Once the Sole Proprietor is registered with Federal Board of Revenue. If you want to open Bank Account take your CNIC, NTN Certificate issued by Federal Board of Revenue Pakistan, Letter head, Stamp and business card to the bank of your choice.
  • Once approved Bank will issue Bank Account in the name of Company or your business.
  • That’s it your business is legally registered as Sole Proprietor in Pakistan Now.
  • Additional Note: Your normal NTN will have the name of Sole Proprietor written on it. There is no separate certificate issued by Federal Board of Revenue.
  • Once the Sole Proprietor is registered you can also proceed for GST Registration, Pakistan Engineering Council approval, Pakistan Software Export Board approval or any other secondary approval that you need in order to run your business.

What are the Documents Required for Sole Proprietor Registration in Pakistan?

  1. Color Copy of the CNIC of the Person Applying for Sole Proprietor Registration.
  2. Name of the Business including Letter Head, Stamp and Business Card.
  3. Address of the Business.
  4. Electricity Bill of the Address Mentioned above. (Commercial Electricity Bill is Preferred).
  5. Rental Agreement of the Business (Commercial Address is Preferred)
  6. Residential Address of the person applying for registration as Sole Proprietor.
  7. Mobile Number of the person applying for registration as Sole Proprietor.
  8. Email Address of the Applicant is also required.

How Much time it takes to Register your Business as Sole Proprietor?

We can guarantee that quickest possible time for registration of business as Sole Proprietor. We ensure registration within 1 or 2 working days maximum.

What is the Cost of Registration of Business as Sole Proprietor?

So if you are interested in registering your business as sole proprietor ITNA Consultants is the best consultancy firm that can offer you the business registration. For further information feel free to contact us.

If you want to know about other options of business registration read the articles mentioned below: