Doing Business in Lahore?
Sole Proprietorship Business Registration in Lahore, Pakistan Made Easy With Tax Care
It usually happens when you have leadership qualities, and working under People makes you tired, and something insists you inside you set up your own Business. Sole Proprietorship Business Provides a chance to become yourself as a leader.
Sole Proprietorship Business
Sole Proprietorship Renowned as a single person Business Structure, which is one of the most comfortable Business structures in Lahore and all over Pakistan.
What is a Sole Proprietorship Business Registration?
A sole proprietorship Business is an appropriate, desirable, and essential way to start a business in Pakistan. Proprietorship is a separate business entity that never comes under the Corporation, Company, or any Firm rules and regulations.
An Individual can start his own Business of Buying/ Selling of Products or Services as a Sole Proprietor can enjoy the same rights given to other Business entities in Pakistan. Most Businessmen starters find it suitable to choose proprietorship business due to its natural formation and compliances with Govt Departments. Profit & Loss of Business belongs to the sole proprietor.
Registration of Sole Proprietorship Business in Lahore is an online process for which little documentation required, and the help of an expert can do that. After registration of Business entity as a sole proprietorship requires to open a bank account on the name of the business entity which you have selected in Sole proprietorship Business. Registration of Sole Proprietorship provides legal distinctiveness to the Business ease in commencing business operations in Pakistan.
What are the Features of a Sole Proprietorship Business?
- Individual’s Investment
- Unlimited Liabilities
- Limited Formalities
- Single Ownership
- No profit or loss sharing
- Single Control Power
Why Start a Sole Proprietorship Business?
A sole proprietor is one of the best business structure to choose for new start-up individuals who desire to manage and control everything on their own. It has several advantages, given as follows:
- Flexibility in running business operations.
- One of the ancient and most accessible business structures
- Single hand Management
- Flexibility in starting and closing
- business structures having few departmental compliances
- Self- Responsibility
- Being your boss
- No sharing of Income and Profit
- No disputes with Partners or members
Some common examples of proprietorship business are shops such as chemist, saloons, grocery, General Store, etc.
How to Register a Sole Proprietorship Business in Lahore, Pakistan?
You can register your sole proprietorship Business through Easy Procedure by getting expert opinion and guidance. Following are the requisite documents and method under which registration made in Pakistan:
Procedure for Proprietorship Business Registration
Apply for FBR Login through IRIS
Selection of suitable name for the proposed Business
Fill out Form 181 for Registration and Submit for Approval.
Open a bank account for the business entity
Obtain Shop and establishment License
Registration for Sales Tax if required
Documents Required for Sole Proprietorship Business Registration in Lahore Pakistan
The following are the documents needed for Sole Proprietorship Business Registration.
- Full Name of Proprietor
- Copy of National Identity Card (NIC) issued by Nadra
- Principle Activity of Business and Scope of Business.
- Letterhead of Proprietorship Business
- Paid Electricity bill within the last three months
- Business Bank Account in any bank Commercial Bank
- Rent agreement of Business Premises along with CNIC Copy of Premises Owner
- Mobile number of Sole Proprietor which is not registered before with FBR
- The email address of Sole Proprietor, which is not registered previously with FBR.
- The proprietor has the liability for filing annual Income Tax Returns on time in the Federal Board of Revenue.
- One has to file his Sales Tax Return in case of Sales Tax Registration.
To Register A Sole Proprietorship in Lahore, Pakistan
Just Dial +923454844646