IBF Company Registration Assignment 1

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

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Company

Following is the procedure for registration of Sole Proprietorship

Documents Required for Sole Proprietor Registration:

How to Register Sole Proprietorship in Pakistan: -

Obtaining National Tax Number – NTN:

Note: There is no fee for

Requirements to Register a Partnership

The Partnership Agreement

Partnership Business must be registered with Punjab Information Technology Board.

The Business Registration Portal caters

 Partnership Firm Registration (Industries,

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

Process for Registration:

After the submission, the certificate of incorporation is received.

Annual Listing Fee for Year 19-20

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