Real Estate Business Registration in Lahore With Tax Care
Real Estate is one of the most productive businesses in Lahore that has gained significant value over the past two decades. The Real Estate Business mainly deals with commercial, residential, and all land, which have converted from barrens or farms to city societies. Like all other countries, the sale, purchase, ownership, and lease of all such properties governed by a specific set of laws under the constitutional acts: The Registration Act 1908, The Land Revenue Act 1967, and Transfer of Property Act 1882. In Pakistan, the people usually dealing with property issues are known as Property dealers or Property advisors, which typically take a commission from both the parties for providing their services.
Rules for Registration of Real Estate Business in Lahore, Pakistan
No business relating to the dealing of property carried out in Pakistan without registration which makes the industry authentic and fool-proof. A commission about the business of real Estate regulated in 1980.
The Rules state:
- No business of property carried out without registration.
- A person intending to engage in the business of property must hold a valid certificate allowing him, from the respective authority.
- The registering authority is the Excise and Taxation Officer of the district, where the person plans to carry out his business.
Criteria for Registration as Real Estate Agents
The following is the criteria for the registration of Real Estate Agents:
Nationality: The Applicant must be a citizen of Pakistan.
Educational Background: The Applicant must have a sound educational background so that they can read maps and surveys and deal with the accounts.
Knowledge of Government Policies and Programs: The Applicant must have a sound understanding of Government Policies relating to the Real Estate and should be well aware of the legislation governing property taxation.
Character and Financial standing: The Applicant must be a person of integrity and sound repute with a satisfactory financial rating.
Place of Business: The Applicant must have a proper location/office to carry out business.
Interview: The Applicant called upon for an interview by a Board constituted by the Governor to check the suitability of the applicant to be a real estate agent.
Application Form: Every application for permission to register as a Real Estate Agent shall be substantially in the form appended below and addressed to the respective office.
Process of Registration:
The registration of the Real Estate Business is similar to the registration of other Private Limited Company.
The Real Estate Business must apply for the name availability. The approval of the name given by SECP (Securities and Exchange Commission of Pakistan).
The incorporation fees of the Company paid as per Authorized Capital and + MOA and AOA + Form II Fee as per SECP Schedule of Charges.
For registration purposes, the following documents must submit.
- Form II (Application for Company Incorporation), which describes Identification of office location, Particulars of directors, secretary, chief accountant, auditors, and other personnel
- Copies of the Memorandum of Association and Articles of Association with each member’s signature
- CNIC Copies of all members.
- Name Availability Letter from SECP
For Online Submission of Documents, all the members have to apply for Login in SECP for which required details may be given, and codes sent on each member Mobile and Email. Login details are issued if the members verify mobile Numbers and Email codes.
After Registration with SECP, the Company must then register for Income Tax and Sales Tax at the Regional Taxation Office of the Federal Board of Revenue (www.fbr.gov.pk).
NTN and Sales Tax Registration Requirements
For NTN registration of COMPANY, one of the Director will present in Income Tax Office along with the following Documents;
- Registration Form for NTN
- Authority Letter in favor of one Director who is going to show Tax documents in FBR on behalf of Company
- Original CNIC of Director who is representing the Tax Documents
- Email for NTN Registration
- Mobile Number of Director
- Business Address Ownership Documents or Tenancy/Lease Agreement along with Landlord Owners Copy of CNIC
- Paid Electricity Bill (within last three months from the date of NTN Application)
- Original Incorporation/Registration Certificate
- Certified True Copies of MOA (Memorandum of Association and Articles of Association
- Certified Copy of Form –II (Application for Company Incorporation)
Registration with the Excise and Taxation for Professional Tax
A detailed Form II is to be filled and submitted to the SECP office along with all required documents, after which the Company registered to carry its business activities further.
We are providing other Business Registration Services in the following sectors which are strictly related to Real Estate matters;
- Housing Society company registration
- Construction and Land Development Company Registration
- Land Developers Company Registration
- Builders and Land Developers Company Registration
- Building Material and General Order Company Registration