In the article I’ll tell you about Building a business empire in pakistan. Business is a responsibility where one dreams to reach the pinnacle of success through a profitable and successful venture. In that case, the venue of your business establishment plays a vital role in determining your venture’s future. Pakistan which is situated in the centre of south-east Asia could be your choice for starting a medium scale business from the scratch considering the cheaper land value and considerable population strength and an ever developing infrastructure that renders support to your business ambitions.
First of all that you need to do is choose your kind of business and make sure you get to know what exactly is needed to start up with it. Thanks to technology, most of the steps in the process can be completed online even though there would be a requirement to visit certain local agencies to commence the online registration process and also to finalize the process.
Primarily, you will have the need to visit the Securities and Exchange Commission of Pakistan’s (SECP) website to apply for the name of the company, listing it in your order of priority. Make sure your company’s does not exist already. The entire process could take a day to complete and a fee of 200 PKR would be charged as name existence search fee which could be paid online.
Next is the process of registration which could be done by visiting the eservices tab of the SECP website where information regarding you and your company would be expected and the registration fees and filing fee of 3500 PKR in total should be paid. You could be spending half of a week in these procedures.
Your next step would be to obtain the digital signature from the National Institutional Facilitation Technologies (NIFT) which would be accomplished in two days. Then, apply for National Tax Number (NTN) and register for income tax.
The NTN would be elemental for the attestation of your regular business address and also for registration at the chamber of commerce, Import-Export Regulatory Authority and similar registering authorities. Registration for sales tax would be next on your agenda which would take another two days. The sales tax returns could be made either through payment challans or also through e-payment facilities.
You would be made to spend another week to file the professional tax with the concerned local authority like the District Excise and Taxation Authority. Further u would have to register with Employee Social Security Institution. According to the registration agreement, employers covered under the Scheme contribute 6% of the wages to insurable workers.
Your penultimate step would be to register with Employees Old-Age Benefits Institution (EOBI) which entitles your old age employees to pension schemes, grants and survivors pension. This process would be accomplished in about ten days and the employer has to promise 5% of the minimum wage to EOBI.
Your final step which would help you take a giant leap forward towards starting you dream business would be making your registration with the Pakistan Shops and Establishment Ordinance. However the registration process would differ depending upon the type of your commercial establishment.
Once you have completed these procedures systematically you are very close to commencing your dream business in the country of Pakistan.