Procedure for Registration of Private Limited Company

• If you are more than one shareholder - will be a private limited company
• If you are a 100% shareholder yourself – it will be a single member private limited company

Documents required

• Copy of Identity Card. Clear copy
from the front back
• Nominee (your company's heirs-survivors) ID card copy from front back clear copy
• Your mobile number and email address- Remember that your mobile number is registered on your identity card
• If your company is based on more than one shareholder, it is not necessary to include the nominee in the company- but if you want an inheritance, then the nominee can be included
• Nominee's mobile number and email address- Remember that the nominee's mobile number is registered on their identity card

• Under section 252 (3) of the Companies Act you have to appoint an auditor of the company within 60 days of company registration - whether you need an audit report for every financial year or not but appointment of an auditor Pvt. Required for Limited Company
• Every year private limited company will file return in SCCP in October
• After company registration you will receive company incorporation certificate, memorandum of association, memorandum of articles, form one, FBR certificate of company name, all these documents you will receive after company registration
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• Form 9 and Form 3 are provided by SCCP after filing of return in first SCCP - Form One (1) is not required after issue of this form - Remember SCCP has issued form 29 and 28 have been abolished – Form 9 and Form 3 are now provided in their place.

A sole proprietorship (also known as a sole proprietorship) is a business run by just one person. The owner of the business is responsible for all profits and losses. The owner has all control and all responsibilities of the business. The owner is the final decision maker and has no interference. Business tax is paid by the owner through his personal income tax return. Sole proprietorships can benefit from lower tax rates. The obvious disadvantage of this business structure is that the owner has unlimited liability and holds the owner personally liable in the event of lawsuits and other debts. All debts incurred in a sole proprietorship are the responsibility of the owner, who has to repay them from his personal resources. A sole proprietorship may do business under a trade name other than its legal name. A sole proprietorship also allows opening business accounts with banking institutions. And sole proprietorship business is always limited to one city or district

• (Sole Proprietor) Single Person
• Persons of Association (Firm)

Registration Procedure (Single Person) All you need to do is to register a basic sole proprietorship

• Copy of Identity Card. Clear Scan from Front Back
• Email address and mobile number (mobile number must be registered on the identity card
• Place of Business i.e. Office Address
• After that you go to FBR website https://iris.fbr.gov.pk and enter your information in the form according to your email address and mobile number and identity card. After that, when you submit the form, a special code will be sent to your mobile and email address, which you will enter in this FBR form and submit the form again - after that in FBR. Registration is complete-

After registration a return will also be filed - so that the status in Income Tax Registration will become active so that your filer status will become active

Persons of association (firm) A sole proprietorship business based on one or more persons

"Firm" means a relationship between persons who have agreed to share the profits of a business under an agreement. This is what we call a partnership in a civil proprietorship - one or more people share in the profits and losses - and all the debts of the business are their debts, which must be paid from their personal resources. This means that the owners have unlimited liability. In this way, under an agreement in business, people agree to pool their property, labor or skills and share the profits and losses between them. All partners can earn after-tax profits according to their share of ownership as per their agreement.This type of business has unlimited liability. If one partner is sued, all partners are held liable. Another disadvantage is that decision-making takes place between the partners and therefore no single individual has control. Partnerships differ from limited liability partnerships, sole proprietorships and limited companies.

Documents required for Association of Persons (Firm).

• Partnership agreement between all the partners – This agreement shall be on the eighth day which shall be attested by the Oath Commissioner –
• NTN numbers of all partners - If there are no NTN numbers, NTNs of all partners will be created first as per the above method of registering the basic sole proprietorship - After that the firm registration will be applied -
• Place of Business i.e. Office Address-

Every year AGM is held in SCSP - Every year in October board resolution is passed which includes appointment of auditor in company - Appointment of auditor in company within 60 days of formation of new company is a very important process. Otherwise SCP is authorized to impose heavy penalty - Change and new appointment of a director is also possible in AGM - Company directors are appointed every 3 years through company election - Apart from AGM. If a director is to be removed and appointed from the company, it is possible- Any change in the company is possible under the Companies Act-

In case of non-filing of AGM in SCSP every year, the SCSP company shall be fined double, triple, 6 and 12 times the fee from the date of AGM.