Sole proprietorship registration process in Pakistan has become so easy. Now an owner can register his or her business or firm via online without going to Taxpayer Facilitation Center (TFC) or Federal Board of Revenue (FBR). Yes of course; now the FBR has assembled an online registration. An owner of a business just have to full fulfill the requirements of sole proprietorship business assigned by the FBR. So if you is the only owner of your business and want to get register your business then you are here on the right platform where you will see that link which will make your company or firm registered. Well – before going towards that process let’s have a short introduction and definition of sole proprietorship. When a company or firm or profit earning activity that is regulate by a single individual, it is known as a sole proprietorship. In this type of corporation one who invest his money is the only owner of this business even this is a small business of a general store or it’s a large whole sale company. This only owner is enjoy all the profits while all the losses are also seen by him and he is responsible for all types of risk. So keep on reading to get the details about sole proprietorship registration process in Pakistan.
Sole Proprietorship Registration Process In Pakistan
Advantages of a Sole Proprietorship
- You are all in all boss
- You can invest the amount as much as you have in your account
- All the profit is only yours
- You have no dare of fraud form any partner
- You can take any decision without any outer stress
Disadvantages of a Sole Proprietorship
- Limited resource of investment
- All the liabilities are on your own shoulder and you are responsible for all that
- In case of loss you have to bear it
- When proprietor died the business will be diverse and there is no behind to manage it
Sole Proprietorship Registration Process
There are two ways you can register your business
- Through Visiting the Taxpayer Facilitation Center (TFC Center)
- Online registration at FBR officials website
So here below I have discussed both these procedures with details you can read that below
- Register at TFC Center
For registering your company or firm you have to go to the Taxpayer Facilitation Centre (TFC) and there you just have to submit an application form by hand and the officer will issue you an NTN number for sole proprietorship.
- Online Registration of Sole Proprietorship
Well; secondly one can register his/ her business online by following the following simple and easy steps
- Click on the online registration button after reading all the points
- When you will click on the online registration you will see a box like this
- After that you have to click on the third option that is “Registration for Unregistered Person”. When you click, a new box like this
- Fill in all the inquiry accurately by entering your CNIC Number, You Mobile Number for Verification code, your Email address and all you are seeing in the above box.
- Once make sure that you have filled the form correctly and there is no chance of omission left behind and then click on the submit button.
- When you have verified your account the FBR will issue the registered number and you will then be responsible for paying the TAX fixed by FBR…
So you are all informed that must enter all the information correctly and your mobile number format must be in 00923, and your code that is send in your mobile number is your verification code. In case you don’t pay the taxes and charges you will not be legally allowed to run the TAX laws for the sole proprietorship business. This is all about Sole Proprietorship Registration Process In Pakistan. You can ask your query via comment box below for more details.