Services Archive - FACO https://faco.pk/services/ Tax Corporate & Legal Services Tue, 29 Aug 2023 10:29:17 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://faco.pk/wp-content/uploads/2023/06/faco-icon-50x50.png Services Archive - FACO https://faco.pk/services/ 32 32 Tax Filing/Compliances https://faco.pk/services/tax-filing/ https://faco.pk/services/tax-filing/#respond Tue, 29 Aug 2023 04:50:58 +0000 http://www.themechampion.com/demo/finance/?post_type=services&p=84 The post Tax Filing/Compliances appeared first on FACO.

]]>

Brief Introduction :

Tax compliance refers to the process of paying taxes in accordance with the laws and regulations of a given jurisdiction. This includes accurately reporting income, calculating and paying taxes owed, and keeping accurate records according to the rules, regulations, acts, ordinances by the government/ regulatory authorities.
Failure to comply with tax laws can result in fines, penalties, and other consequences, such as criminal charges
It is important for individuals and businesses to understand their tax obligations and ensure that they are in compliance with the laws and regulations in their jurisdiction.
Like the other countries, in Pakistan businesses are required to register for taxes and file tax returns on a regular basis.
There are the following returns which needs to filed by every type of individual and business (Sole proprietorship, Partnership & Company) depending upon the certain criteria and eligibility.

Income Tax return :

According Income tax ordinance 2001, under the section 114 & 116 every eligible person needs to file income statement (showing all the income and taxes paid or owed detail) and Wealth statement (showing detail of expenses, Asset/Liabilities detail along the reconciliation of Opening, Closing Net & increase/decrease of value ) every year along with the due taxes with in due dates.

 

Documents required for the filing of Income tax returns.

  • Salary Tax certificate, or any other source income certificate or detail
  • All the Income/sales detail along with expenses detail
  • Any other tax certificate on which you have paid tax like mobile, Internet, Car etc
  • All bank account Statements for the mentioned period
  • Any purchase/Sale/Change in assets
  • Any loan taken or paid off
  • Gp Fund Balance or any fund as of June 30, 2021 & 2022
  • Estimated Personal annual/Monthly expense of Rent, Car, Education, utility (Electricity,Gas, Water),mobile, Kitchen & Other Miscs.
  • Asset/Liabilities status as of June 30

 

Goods/Services Sales Tax return :

Whenever a person sales specific goods or provide certain services to another person, it is liable to collect after charging sales tax and deposit it to the Government.
In Pakistan, sales tax is charged by the seller to the end consumer and deposited to the relevant regulatory authority.

 

Goods/Supplies Sales Tax return :

All types of sales tax on goods throughout the Pakistan (Excluding exempt areas) is dealt by the FBR through the Sales Tax Act 1990.
A Sales tax return for goods or supplies needs to be filed along the due taxes (Declaring all the purchases, Sales, Closing stock) every month and annually to FBR.

 

Services Sales Tax return :

After the 18th Amendment to the constitution of Pakistan, the right to charge and collect the sales tax on services transferred to provinces and federal according to their respective territory.
So Every month a sales tax return on services needed to filed along with due taxes within due date to relevant authority. In Pakistan, right now a separates sales tax return on services needed to be filed to the following relevant authorities.

  • FBR for Capital Area Services.
  • PRA for Punjab Area Services.
  • KPRA for Khyber Pakhtunkhwa Area Services.
  • BRA for Punjab Balochistan Area Services.
  • SRB for SINDH Area Services.

 

Withholding Tax Preparation & Filings :

Every eligible business person while making payment for expenses needed to deduct a certain amount in respect of tax on the from person receiving the amount and deposit that amount to the Government (FBR) within a stipulated time according to the law.
Further, every quarter and annually a statement need to be filed including the detail of payment made in respect of expenses and tax deducted and deposited there on called withholding statement.

 

Advance Tax Preparation & Filings :

Every eligible business person, needs to pay tax in advance quarterly on a certain critera.
That advance tax needs to be calculated, paid and statement filed according to the correct category of business for Individuals, Aop/Firms and companies.

 

Revision of the Returns :

As the Income tax and sales tax returns needed to be filed regularly, there are chances of omission, error and any other mistakes. Which needs to be communicated and corrected timely.
So whenever a taxpayer finds or discovers any omission and error, A revised return need to be filed timely along the adjustment of tax over or less paid.

 

Our services :

Properly, accurately filing of all the needed return and statements mentioned above on the behalf of the tax payer and taking care of any need thereof.

The post Tax Filing/Compliances appeared first on FACO.

]]>
https://faco.pk/services/tax-filing/feed/ 0
Legal Services https://faco.pk/services/legal-services/ https://faco.pk/services/legal-services/#respond Tue, 29 Aug 2023 04:49:07 +0000 http://www.themechampion.com/demo/finance/?post_type=services&p=81 The post Legal Services appeared first on FACO.

]]>
tax-plan-1

Brief Introduction:

A notice is a message or announcement that provides information about something. It is the mean of a formal communication between the persons usually in written and digital form.
While the appeal is a request for a review or reconsideration of a decision/ judgement/ Order. It is usually made when someone believes that an error or injustice has occurred and wants the decision to be changed

FBR Notices Appeals :

Other than the regular filings of Statements and Returns Fbr from the time to time send notices to tax payer to;
File the certain statements
File the certain returns
To provide missing information
To show cause of any misdeclaration, Underdeclaration or Overdeclaration as per FBR
To Show cause of non-filing of certain statement or returns
To initiate the penalty/punishment proceedings against the tax payer
Further on Non filing of certain returns/statements or non-compliance/ no reply of any intial and follow up notice, FBR may pass an order/judgement against the tax payer.
Where tax payers finds itself aggrieved against the said order/judgement, it may appeal against such order/judgment to reach the true outcome of the situtaion

 

SECP related :

After the incorporation of the company by the SECP requires the company to follow to certain rules the regulations to run the affairs of the company.
These rules also updated from the time to time to incorporate any new requirement by Government or any related body.
Like the FBR, SECP also send notices from the time to time for a number of different reasons, like non filing of any previous statements or documents or to submit the documents as per the any new applied rules or show cause. There are also the show cause notices, which are sent to provide the opportunity to be heard before initiating any legal proceeding or passing an order/judgement.
Once the ample time as per law has been passed, the SECP may pass an order/judgement, which needs to be appealed with in a due time period after meeting a certain requirements.

 

Our Service related to Notices/Appeals :

Our expert helps to avoid any Adverse Oder or judgement by reply the notices along the strong building of your case.
If any order/judgement passed, Specialized Expert services are provided to appeal against order, reassessment of the Case and getting order in favor of the client.

The post Legal Services appeared first on FACO.

]]>
https://faco.pk/services/legal-services/feed/ 0
SECP Registration https://faco.pk/services/secp-registration/ Tue, 29 Aug 2023 04:46:07 +0000 http://www.themechampion.com/demo/finance/?post_type=services&p=77 The post SECP Registration appeared first on FACO.

]]>

Brief Introduction:

A Business can be carried out in different structures like Sole proprietorship, partnership and company.
One of the very popular form of business is company. Which has its own benefits ranging;
Limited liability
Separate Legal Entity from its owners
Protection of shareholders interests
Transfer of ownership shares
Easy to raise funds
Accountability
Tax benefits
In Pakistan, Company registration is regulated by the Securities and Exchange Commission of Pakistan (SECP).

Securities and Exchange Commission of Pakistan (SECP) :

Apart from the company registration, it also provides the other related services. It mainly deals with following Registrations. It regulates the companies through the companies Act 2017.

 

Single Member Private Limited Company (SMC) :

It has only one member or director to control its affairs. It enjoys the benefit of Limited liability.
It has to nominate a person
It is mainly a facilitation provided to all those business which are run or governed by only one owner and wants to get the status of a company.
By registering itself as SMC Pvt Company, a sole proprietor enjoys status of corporate level.
For the registration purpose rest of the things are same as of others forms.

 

Private Limited Company :

A partnership is a business structure in which two or more It is a form of a company registered by SECP and needs to have minimum two and maximum 50 members. Its registration process is almost identical to the other forms of company. Which involves; Choose a unique name with respect to the relevant business category Register the name with SECP for company Registration Process Choose the Members & Directors Registering the Members/Directors with SECP Decide the Authorized and Paid up Capital Prepare the necessary documents like Memorandum & Articles of Association for submission during the registration process. Meeting any Additional requirement by SECP Removing any objection thereon

 

Foreign company:

Any company or body which is incorporated outside Pakistan can have its liaison or Branch office in Pakistan.

 

Branch Office :

Branch Office is established by a foreign company to fulfill its contractual obligations with the public or private sector in Pakistan.
A branch office is a business location that is separate from the main office or headquarters of a company. Branch offices are typically established in order to expand a companys reach and serve a specific market or geographic area

 

LIAISON OFFICE :

A liaison office is a type of business presence that a company establishes in a foreign country in order to represent the companys interests and facilitate communication with local business partners and customers.

 

NGO/NPO :

NGO stands for Non-Governmental Organization and NPO stands for Non-Profit Organization. Both types of organizations are typically private, independent groups that are not affiliated with any government. They are often involved in humanitarian, educational, or advocacy work, and they are typically funded through donations, grants, and other private sources of funding. Both NGOs and NPOs are considered to be non-profit organizations, meaning that they do not operate for the primary purpose of making a profit. Instead, they are focused on achieving specific social or environmental goals.

 

LLP:

Limited Liability Partnership is a new business form in Pakistan initiated by SECP (Securities Exchange Commission of Pakistan). The purpose for Starting this business structure was to minimize the gap between sole proprietorships and partnerships, which are mostly unregistered, and limited liability companies.

 

Others :

Other the providing the above mentioned services. It deals with Capital market, NBFCs and insurance sector.

The post SECP Registration appeared first on FACO.

]]>
SECP Compliances/Services https://faco.pk/services/secp-compliances-services/ Tue, 29 Aug 2023 04:41:52 +0000 http://www.themechampion.com/demo/finance/?post_type=services&p=72 The post SECP Compliances/Services appeared first on FACO.

]]>

Brief Introduction:

There are a set of rules, regulations and standard operating procedures for companies laid down by the SECP. In order to smoothly run the company business and avoid any legal issue with the SECP, every company must follow these rules. It includes the event based, regular, compulsory and optional filings/ submission of documents and do certain actions by the company to the SECP.
Non following or non-compliance of these rules may result in form of penalties or legal actions of both.

Annual Filing, Form A, 29, 45 :

A sole proprietorship is a type of business structure in which an Every company should conduct the Annual general meeting once a financial year. The company also needs to submit its Annual filing, which includes Form A Form 29, on the date of Annual general meeting or the last day of calendar where no such meeting is held.

 

Form A

Every company, having its share capital, needs to submit the form A (containing the detail of authorized, paid up capital, number of shares etc.) every year or needs to intimate its registrar in writing where there is not any change.

 

Form 29

Every company needs to submit the detail of any incoming or outgoing director, CEO chief executive officer or auditor or change there on in a prescribed format (detailing the Name, Father Name, CNIC, Address, Designation and date of such change. That form is called Form 29

 

Form 45

Every needs to declare the main beneficiaries or the ultimate beneficial owner of the company or the change therein to the SECP on a specified format which is form 45. This filing needs to be done the first time after the incorporation of the company and then every year.

 

Change of Name

After the incorporation of a company, a business may to need to change its name due to a number of reasons. In the case after the reserving the new name for company, it needs to prepare and submit the required documents on a specified format. After the approval from SECP the new name starts reflecting on your company.

 

Change of Address :

A company may shift/change its business address from one location to another. Depending whether it shifted form one city to another, within the same city, or one province to another, it needs to file a certain set of documents to SECP for the change of address in company records. After the approval from the SECP address will be updated on company data.

 

Change in Authorized/Paid up Capital :

A company may increase or decrease its authorized or paid up share capital depending upon the business needs. Before the initiating any such change a company first need to update this change in its company records within a certain time period after getting the necessary approvals from the borad of directors and other relevant stake holders. Once the all the working is done, the company have to file amended company documents on a specified format for the incorporation of this change in SECP.

 

Alteration in Memorandum or Articles of Association :

A SECP registered company is run by rules and regulation already preset in the memorandum or articles of association. Every time company have to strictly follow these documents. If the need arises the company can apply for the change in these official documents.
For example if the company needs to change its main line of business, it needs to first initiate the process of changing its memorandum in the SECP on a prescribed format along with relevant documents. Once such change is approved by the secp, company only then can be run according the amended documents.

 

Addition/Deletion of the directors :

Directors and CEO of the company are appointed during incorporation, are retired in first AGM and then elected for a term period of three years. A director may continue or opt to retire on due dates as decided in the company law. A director may also be removed before the due dates or get in as a new one in a company.
Any such change along with the director consent/resignation needs to be intimated on prescribed forms to SECP. Only the approval by the SECP such change becomes legal in the company records.

 

Auditor Appointment :

It is compulsory for every company to appoint the first auditor within the ninety (90) days of incorporation of the company. That appointed auditor automatically gets retired on the first Annual General meeting. At the very same AGM a new auditor needs to be appointed for a period next AGM if the previous one is not reappointed. The compulsory appointment is binding to company by the SECP, failure to comply may result in penalties and legal complications.

 

Share updation :

Depending upon the entry of new member or departure of old member from the company, a company may needs to update the transfer/increase/decrease of its shares with respect to its members shareholding ratio. As the criticality of the dividend, decision making and other related important matter depend upon the shares ratio, so this new change could only the legally applicable once such change is duly approved by SECP.

 

Event Based Filing :

During the routine operations of the company a set of prerequisites compliances/flings are defined in the companies Act 2017. But there are certain time when a specific events occurs and that specific event needs a filing or report the event on prescribed format to the SECP. Non-reporting or non-filing of such events may create operational and legal complications for the company. Examples are death of director, any mistakes in the data of the company with respect to its members or directors or others.

 

The post SECP Compliances/Services appeared first on FACO.

]]>
Professional Tax/Excise & Taxation Registration https://faco.pk/services/professional-tax-excise-taxation-registration/ Tue, 29 Aug 2023 04:40:24 +0000 http://www.themechampion.com/demo/finance/?post_type=services&p=69 The post Professional Tax/Excise & Taxation Registration appeared first on FACO.

]]>

Brief Introduction:

In Pakistan, Professional tax is a tax that is charged collected by local governments from the individuals who are engaged in certain professions.
Professional tax is typically imposed on professionals such as lawyers, doctors, engineers, architects, accountants, and other licensed professionals etc.
It is typically a flat tax that is based on the income or status of the professional.
The amount of the tax may vary depending on the Region/Area, type of profession, form of the business and quantum of the business activity.
In Pakistan provinces and federal different tax rates for different professions.
Professional tax is distinct and completely different from other taxes, such as income tax or sales tax.

Registration for the professional tax :

It may vary depending upon from where you applying for professional tax but followings are the main requirements;
Application to Excise officer for Registration
NTN of the Business
CNIC of Owners/directors/Partners
Bank Account Maintenance Certificate
Registration of the Sole Proprietor/Partnership/Company
Proof of the payment of Fee

 

Renewals:

Professional Tax Registration is issued for a period of one year, so it needs to renew every year.
Requirements are almost the same except for the fee which may increase depending upon the certain criteria.

The post Professional Tax/Excise & Taxation Registration appeared first on FACO.

]]>
IPO Services https://faco.pk/services/ipo-services/ Tue, 29 Aug 2023 04:12:53 +0000 http://www.themechampion.com/demo/finance/?post_type=services&p=64 The post IPO Services appeared first on FACO.

]]>

Brief Introduction:

Intellectual property (IP) refers to creations of the human mind, such as inventions, literary and artistic works, and symbols, design, names, and images used in commerce. There are several types of intellectual property.
IP law protects the creators and owners of these creations by granting them certain exclusive rights. It is designed to encourage innovation and creativity by giving people an incentive to invest time and resources into creating new things. IP law gives the owner of IP rights the exclusive right to use, sell, and license their IP to others.
IPO refers to the intellectual property organization Pakistan. It initially established as an autonomous body dated April 8, 2015. It is now under the control of commerce division.
IPO Pakistan deals with following types of Intellectual properties.

Trade Mark :

In case of goods, A Trademark is a word, phrase, symbol, and/or design that identifies and distinguishes the source of the goods of one party from those of others.
While for Services, A service mark is a word, phrase, symbol, and / or design that identifies and distinguishes the source of a service rather than goods.
Trade Marks Registry (TMR) is main department of Intellectual Property Organization of Pakistan (IPO-Pakistan) working for the registration of trade and services marks under the Trademarks Ordinance, 2001.
A trade mark can be registered in respect of Goods or Services or both, it should not contain any prohibited word.

 

PATENT :

A patent is grant of exclusive rights for an invention to make, use and sell the invention for a limited period of 20 years. Once you have registered a patent, it prohibits others to make, use, or sell the invention. The protection of the patent starts once the patent is granted to you by IPO Pakistan.
A patent owner decides that who may or may not use the patented invention during the protected period. The owner of the patent can also sell its own to other, which will make the purchaser the new owner of patent.
Patent can be a useful product or a process.

 

DESIGN :

Ornamental or aesthetic aspect of an article is design. It may consist of three dimensional features (shape or face) or two dimensional (pattern, lines or color).
It can be for technical and medical instruments to watches, jewelry and other luxury items; from house wares and electrical appliances to vehicles and architectural structures.
The registration of design prevents others from unauthorized copying or imitation of design.

 

GI :

Geographical indications (GIs) are distinctive signs used to identify a product as originating from a particular place, region, or country.
These signs have specific geographical origin and possess qualities and reputation due to natural and human factors in place of origin
They are used to protect and promote the reputation of certain products that are closely associated with a specific place of origin, and to ensure that consumers are not misled about the true origin of the product.
According to the GI Act and Rules the following four bodies play a vital role in the GI registration and protection system of Pakistan.

  • State
  • Registrant
  • Authorized Users
  • Certification Body

The post IPO Services appeared first on FACO.

]]>
REAL ESTATE RELATED Notary Services https://faco.pk/services/real-estate-related-notary-services/ Thu, 15 Jun 2023 17:55:06 +0000 https://faco.pk/?post_type=services&p=600 The post REAL ESTATE RELATED Notary Services appeared first on FACO.

]]>

Property Sales/Purchase related Legal Assistance

Property sales and purchase related legal services refer to the legal assistance that is provided to individuals or businesses who are involved in buying or selling property. This may include residential, commercial, or industrial properties.
Property sales and purchase related legal services are essential to ensure that the transaction is conducted in accordance with the law and that the parties involved are protected.

Registering the Sale/Purchase of the property: It involves recording the transaction with the relevant government authorities in order to establish legal ownership of the property.
The registration process involves several steps, including:
Payment of Stamp Duty: Before a property can be registered, the buyer must pay the stamp duty on the sale deed, which varies depending on the location and value of the property.

Execution of Sale Deed: Once the stamp duty is paid, the buyer and seller must execute a sale deed or agreement that outlines the terms of the sale.
Submission of Documents: The buyer must then submit the sale deed along with other relevant documents, such as the property title and proof of payment of taxes, to the relevant registrar of property.

Verification and Registration: The registrar will verify the documents and register the property in the name of the buyer. The registration fee must be paid at this stage.
Issuance of Registration Certificate: After registration, the buyer will receive a registration certificate that serves as proof of ownership.

Drafting Contracts Services:

It involves the preparation and creation of legally binding agreements between two or more parties.
Contract/Agreement include all the terms and conditions of a particular transaction or relationship.
These contracts/agreements include purchase agreements, Sale agreements, Rental agreements, deeds, and other related documents.
These contracts can be further registered with the notary public, it includes the process of having the notary public witness the signing of the contract and then affixing their seal and signature to the document to attest that the parties signed it in their presence. Notary public are authorized by the government to perform various legal services, including witnessing the signing of documents, certifying the identity of signatories, and administering oaths.

The post REAL ESTATE RELATED Notary Services appeared first on FACO.

]]>
International Company Registration https://faco.pk/services/international-company-registration/ Thu, 15 Jun 2023 17:53:29 +0000 https://faco.pk/?post_type=services&p=599 The post International Company Registration appeared first on FACO.

]]>

Brief Introduction:

Doing business in other countries in nothing new or not impossible, especially considering the whole world as a global village after era of the Internet. Any person who want register its business outside the country especially in United States and United Kingdom can opt for our related expert services.
Whether you want to provide the services or sale the goods outside the country both are equally practical and convenient for a businessman.
If you are interested in selling the goods outside Pakistan, goods can be directly placed in overseas warehouses or can be directly dispatched from the Pakistan depending upon your related business model. Moreover for the providing services outside Pakistan, workforce can be outside Pakistan or inside Pakistan.

Our Services related to company/business incorporation outside Pakistan :

Our Expert team will help you in everything from getting your corporation registered in USA or UK, Opening a Merchant account, smoothing run of business operations to meeting the compliance, following the rules, Regulations and laws related to your business in that specific country.

The post International Company Registration appeared first on FACO.

]]>
Other Important Registration https://faco.pk/services/other-import-registration/ Thu, 15 Jun 2023 17:43:50 +0000 https://faco.pk/?post_type=services&p=598 The post Other Important Registration appeared first on FACO.

]]>

Food business Registration

The food business is of great importance in Pakistan as it is a significant contributor to the countrys economy. The food industry in Pakistan is diverse and ranges from agriculture, food processing, and food retail. Pakistan has a rich food culture, and the food industry plays an essential role in preserving and promoting this culture. The food business in Pakistan is diverse, including street food, restaurants, bakeries, and catering services. These businesses provide a wide range of food options, from traditional Pakistani cuisine to international dishes.
It is important to note that the requirements for starting a food business in Pakistan may vary depending on the location of your business and the type of food products you are planning to sell. Therefore, it is recommended to consult with a legal expert or a business consultant to obtain the correct licenses and permits before starting your food business.
We at FACO take care of all the tax related licenses, Registration (NTN, Income Tax, Federal and provincial Sales tax) and compliances.

Hospital Registration

To register a hospital in Pakistan, you need to follow certain procedures and obtain various licenses and permits. Here are the steps to register a hospital in Pakistan:

  • Choose a legal structure: You need to decide on the legal structure of your hospital, such as a sole proprietorship, partnership, or a limited liability company.
  • Land and building: You need to acquire land and construct a building that meets the requirements set by the government of Pakistan for hospitals. This includes having a certain number of beds, emergency services, operating theaters, and other necessary facilities.
  • NOC: You need to obtain a No Objection Certificate (NOC) from the relevant authorities, including the local health department, the Pakistan Medical and Dental Council (PMDC), and the Pakistan Nursing Council (PNC).
  • Apply for Registration: You need to apply for registration of your hospital with the relevant authorities, including the Pakistan Medical and Dental Council (PMDC), the Pakistan Nursing Council (PNC), and the local health department.
  • Health License: You need to obtain a license from the local health department to operate your hospital.
  • Tax Registration: You need to register your hospital with the Federal Board of Revenue (FBR) to obtain a National Tax Number (NTN) and Sales Tax Registration Number (STRN).
  • Insurance: You need to obtain insurance for your hospital to cover any liabilities or risks.

It is important to note that the requirements for hospital registration in Pakistan may vary depending on the location and size of your hospital. Therefore, it is recommended to consult with a legal expert or a business consultant to obtain the correct licenses and permits before starting your hospital.

NGO/NPO Registration

NPO and NGO are both non-profit organizations, but they have some differences in their structure and scope of operations.

NPO stands for Non-Profit Organization. This type of organization is typically set up to carry out a specific charitable, social, or cultural purpose. NPOs do not have owners or shareholders, and any profits earned by the organization are used to further its charitable objectives.

On the other hand, NGO stands for Non-Governmental Organization. This type of organization is set up to promote a particular cause or advocate for a specific issue. NGOs are often involved in international development, human rights, and environmental protection. NGOs can be non-profit or for-profit, and they can be funded by government grants, private donations, or their own business activities.
In Pakistan, the registration of NGOs (Non-Governmental Organizations) and NPOs (Non-Profit Organizations) is governed by several laws and acts, including:

  • Companies Act, 2017: This act governs the registration of non-profit companies with the Securities and Exchange Commission of Pakistan (SECP).
  • Societies Registration Act, 1860: This act governs the registration of societies with the Registrar of Societies in each province.
  • Voluntary Social Welfare Agencies (Registration and Control) Ordinance, 1961: This ordinance regulates the registration of social welfare agencies with the Ministry of Social Welfare and Special Education.
  • Trusts Act, 1882: This act governs the registration of trusts with the relevant authorities in each province.
  • Income Tax Ordinance, 2001: This ordinance regulates the tax exemption and other tax-related benefits for registered NGOs and NPOs.
  • Foreign Contributions Regulation Act, 2018: This act regulates the acceptance and utilization of foreign contributions by NGOs and NPOs.

It is important to note that the requirements for registration of NGOs and NPOs may vary depending on the location and type of organization. Therefore, it is recommended to consult with a legal expert or a business consultant to obtain the correct licenses and permits before starting your NGO or NPO.

The post Other Important Registration appeared first on FACO.

]]>
Winding Up of Business https://faco.pk/services/winding-up-of-business/ Thu, 15 Jun 2023 17:43:32 +0000 https://faco.pk/?post_type=services&p=597 The post Winding Up of Business appeared first on FACO.

]]>

Brief Introduction:

Winding up or closing of a business is the process of voluntarily or compulsory
cancelling/shutting down the business along with its all related activities, licenses, approvals, Registrations and distributing its assets to its creditors and shareholders.
The winding up of a business is as important as its starting or in some cases more important.

Reasons for Winding up :

There can be many reason of which what mainly can be are mentioned below.
Bankruptcy; A situation where business is unable to pay its liabilities
Insolvency; where business cannot make payments on time
Shifting to a new business
Personal Reasons
In case of Death
Court Order
Continuous Losses

Process of Winding up of Business :

In order to ascertain the process we first must identify the form or structure of business in
which it was constituted. So process of winding up or closing depending upon whether
it is a Sole Proprietor, Partnership/Firm or Company.

Winding up/Closing of Sole Proprietorship :

Business registration is the process of formally establishing a A business individual mainly register itself in FBR for NTN (National Tax number) and STRN (Sales Tax Registration Number).

So a sole proprietorship business needs to be close done main in FBR through an application
to relevant Commissioner for removal of business and STRN from its name. After going
through all relevant documents and audited accounts, if found satisfactory the relevant
officer will the remove business from individual name and mark it closed.
The owner may further approach to cancel any additional registration from the relevant authority
(where applicable) like Pakistan Engineering council, Chamber of Commerce Industry and professional tax.

Winding up/Closing of Partnership/Firm :

If your business is registered as a firm under the Registrar of the firms then, after completing all the relevant process and documentation,
(1) first you have to approach Registrar of firms. After the due verification the Registrar of the firms will close the firm and issue you a certificate.
(2) Secondly you need to approach the FBR for winding up of NTN and STRN of business.
(3) Further any additional licenses and registration you may approach the relevant authority.

Winding up/Closing of Company :

The process of windup of company may also vary depending upon its form like Single Member Company, Private limited company, public or foreign but mainly following process is followed for the closure of the company.
Winding up of company mean the putting the life of a company to end. Like a natural person company also needs to take care of all of its affairs in the process carefully.
During the process of the winding up of company, Assets are disposed, Debts are paid off from the sold assets proceeds. If any surplus is left it is distributed among the shareholders.
The process of winding up begins as soon as the court passes the order for winding up though a liquidator and which is also appointed by the court.
Once above mentioned due process is completed, the its further cancellation is requirement in all the Government and Private bodies where it was registered like FBR, PEC, CCI, Excise & Taxation, Customs, BOI (Board of Investment) etc.

The post Winding Up of Business appeared first on FACO.

]]>