Business Startups in Pakistan require a host of corporate formalities which may vary due to
Legal Person Involved : Individual , Partnership , Company or else.
Residence status of the legal person: Non-residents may require more registrations and approvals to go through
Business Sector: Service Industry, Manufacturing , non-profit and so forth.
Many departments of pakistan has been made fully up beat with latest technolgy and some registrations like company registration have been fully automated with a few bugs ofcourse. Many steps can be completed online, however, objections and/or questions of law raised by the departments are easily handled through competent lawyer/solicitor and/or Attorney .This is where Masood & Masood can do all your paper work, while you sit in your office and do more constructive work towards managing your business.
Things You’ll Need:
- Pakistani national identity card and /or passport copies of non-residents
- Paper work drafted by Masood and Masood
- and that’s it
Complete Legal formalities will differ as mentioned suppra,however, as a general guideline following will be needed to be done in order to setup a completely legtimate business in Pakistan:
- Form a company / partnership / sole propritership under applicable legislation and individual circumstances.
- Open Up Bank Account
- Obtain a National Tax Number
- Obtain a SAles Tax Number (IF required)
- Register for the Pakistani Professional Tax with your local tax office
- Seek Approval from state bank of Pakistan for issue of shares (non-residents mostly)
- Register any agreements drafted for foreign remmittances with the State Bank
- Register with the Employee Social Security Institution (ESSI
- Gain membership of local chamber of commerce and or engineering council.
- Register Trademarks, Copyrights and/or patents
- Register for old age benefits with the Pakistani Employees Old-Age Benefits Institution (EOBI).
- Register with the Pakistan Shops and Establishment Ordinance.
In case you require our assistance to complete the above for you like a one click installation, do leave a message and an M&M representative will get in touch with you shortly.
Comments on “What is the step by step process of establishing a business in Pakistan?”
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Can you please guide me on saving taxes while setting up a new company in Pakistan, like if there’s something we can do to get exemption from some of the taxes?
Sir I want to start tax consultancy on sole proprietership basis. what steps will be required to be taken. plz guide me.