Benefits of NTN Registration Pvt. Ltd Co.
Registering for an NTN (National Tax Number) is a requirement for all types of businesses in Pakistan, including private limited companies. Some of the benefits of registering for an NTN as a private limited company in Pakistan are:
- Legal recognition: By registering for an NTN, the private limited company is legally recognized by the tax authorities in Pakistan, which can help establish the credibility and legitimacy of the business.
- Compliance with tax laws: Private limited companies that are registered for NTN are required to file annual tax returns and pay taxes on their income. This helps ensure compliance with tax laws and regulations in Pakistan.
- Access to financial services: Many banks and financial institutions require an NTN for opening business accounts or obtaining loans. By registering for an NTN, private limited companies can improve their access to financial services and resources.
- Limited liability protection: One of the primary benefits of operating as a private limited company is the limited liability protection it provides to its shareholders. By registering for an NTN, the company can demonstrate its legal status as a separate entity from its shareholders, which can help protect their personal assets from any legal or financial liabilities associated with the business.
- Brand protection: Registering for a trademark and obtaining an NTN can help protect the brand and intellectual property of the private limited company, which can be an important asset for its long-term growth and success.
- Ability to participate in government tenders: Many government tenders and contracts require businesses to have an NTN in order to participate. By registering for an NTN, private limited companies can improve their access to these opportunities.
Overall, registering for an NTN as a private limited company in Pakistan can provide several benefits that can help improve the financial and legal standing of the business.
Process for NTN Registered Pvt. Firm
The process for registering a private limited firm for an NTN (National Tax Number) in Pakistan involves the following steps:
- Name Reservation: The first step is to reserve the name of the private limited firm. This can be done through the Securities and Exchange Commission of Pakistan (SECP) website by filing an online application along with the required fee. Once the name is approved, the SECP issues a name reservation certificate.
- Incorporation: The next step is to incorporate the private limited firm. This requires filing an application with the SECP along with the required documents, including the Memorandum and Articles of Association, Form A, Form 21, and other relevant documents. The SECP reviews the application and if everything is in order, issues a Certificate of Incorporation.
- NTN Registration: Once the private limited firm is incorporated, the next step is to register for an NTN. This can be done online through the Federal Board of Revenue (FBR) website by filling out the application form and providing the required documents. The required documents typically include a copy of the Certificate of Incorporation, National Identity Card of the directors, and proof of business address.
- Bank Account Opening: After obtaining the NTN, the next step is to open a bank account in the name of the private limited firm. The bank will typically require the NTN, Certificate of Incorporation, and other relevant documents to open the account.
- Registration for Sales Tax: If the private limited firm is engaged in sales or manufacturing, it may also be required to register for Sales Tax. This can be done by filing an online application with the FBR and providing the required documents.
Overall, the process for registering a private limited firm for an NTN in Pakistan can take several weeks and involves several steps. It is important to ensure that all the required documents are filed and the relevant fees are paid in order to obtain the NTN and other necessary registrations.
IF YOU CREATE NTN THEN PLEASE FILL THIS REQUIREMENT:
- Incorporation Certificate
- Memorandum & Articles of Association
- Partnership registration certificate
- Authorization of principal Officer
- Color copy of CNIC’s of Partners
- Rent agreement/ownership docs of Office premises
- Latest paid electricity bill
- Phone Number with Connection name
- Email address (Gmail)
Complete this Process with in 3 – 5 Days