Services Archive - Page 2 of 2

Brief Introduction:

The Pakistan Engineering Council (PEC) is a professional organization that regulates the engineering profession in Pakistan. It was established in 1976 with the mandate to protect the public and the profession by regulating the engineering profession in the country.
The PEC is responsible for registering qualified engineers and granting them professional licenses to practice engineering in Pakistan. To be eligible for registration, engineers must meet certain education and experience requirements and pass a licensing examination. The PEC also sets standards for engineering education and training in Pakistan, and it accredits engineering programs at universities and other educational institutions.
In addition to its regulatory functions, the PEC also promotes the advancement of the engineering profession in Pakistan through activities such as research, publications, and continuing education. It serves as a resource for engineers, engineering students, and the public, and it works to enhance the image and reputation of the engineering profession in the country.

Registration :

You can register yourself or your engineering business (sole proprietor, Firm, Company) under the following category.

Engineers:

Any engineers who have completed his engineering degree from PEC accredited university can get itself registered in PEC and become registered engineer. A registered engineer can further become the professional engineer after meeting the certain criteria and passing the related exam.

A registered engineer can start or work in a Constructor or operator firm but for consultancy firm a registered engineer must also be a professional engineer as per the PEC requirement.

Constructor/ Operator :

Your company or firm can be registered as a constructor or operator in following below mentioned categories depending upon meeting the requirement set by Pakistan engineering council.
CA,CB,C1,C2,C3,C4,C5 or OA,OB,O1,O2,O3,O4,O5
Registration in each category has its own requirement and set of benefits.
For CA/OA, CB/OB, C1/O1, C2/O2, C3/O3 category registration SECP registration, audited accounts, Bank Statements and other related detail is compulsory
Engineer Owned/Non Engineer Owned

Renewals/Upgradation/Downgrade :

Your firm or company license/registration needs to be renewed every year before the expiry of the last renewal or registration (incase first time registration)
Firms or companies can also be upgraded from the lower category to higher category or downgraded from a higher category to lower category depending upon your needs.

BOOKKEEPING / ACCOUNTING SERVICES:

It involves recording all financial transactions in a systematic way, including sales, purchases, payments, and receipts. The purpose of bookkeeping/Accounting is to provide a clear and accurate record of a business financial activity, which can be used to prepare financial statements and make important business decisions.

The purpose of Bookkeeping Accounting is to maintain the day-to-day financial transactions of a business, including recording transactions, reconciling bank statements, and maintaining accurate financial records.

The distinction between bookkeeping and accounting is that bookkeeping is focused on recording financial transactions, whereas accounting is more focused on interpreting, classifying, analyzing, reporting and summarizing financial information.

Recording of the daily entries of Purchases, Sales, Payments, and Receipts.
Reconciliation of Banking affairs and petty cash.
Preparation of the Financial Statements.
Preparation of customized reports.
Conducting the Audits where applicable.
Preparation of tax challans.
Filing of Withholding statements.
Filing of Monthly sales tax return.
Filing of Advance tax statements.
Filing Income Tax returns.

Payroll (HR) Services:

Payroll services are companies or organizations that handle the administration of an employees salary and wages, as well as the payment of taxes and other deductions. This can include calculating and issuing paychecks, direct deposit payments, and issuing related forms.

We at FACO take care of all the Payroll needs to avoid any legal complication at your end. We mainly the provide the below mentioned payroll services however these services can be amended to add or less any service as per your needs;

Exact calculation and disbursement of the monthly salaries after considering the all the due deductions like taxes and EOBIs.
Calculation and preparation of monthly tax challans against each employee’s personal detail after considering the due tax liability of that employee.
Calculation and preparation of monthly EOBI (Employee Old Age Benefit) challans
Preparing Employees Social Security detail of each employee
Preparing and maintain the provident fund detail including its Profits, withdrawals and addbacks of the employees
Issuances of the monthly Pay slips detailing the Salary breakup and deductions against it
Issuance of Income tax deductions certificates
Drafting of the employment contracts, offer, termination and resignation letters
Regular Monthly, year-end and on-demand reporting

Brief Introduction:

It a tax levied and collected by provinces or federal (depending upon the area) on the annual value of buildings and land located in the rating area.
It is based on the value and location of the property and is paid by the owner of property. The relevant Excise and taxation office ensures the correct assessment and collection of the said tax.

Criteria of the Assessment :

It based mainly on nature of occupation and the type of building. Locality wise yardsticks for commercial and residential, self or rented as the case may be.

Exemptions :

Normally following exemptions are available

Residential houses constructed on a land area less than 5 Marla other than a specific category location.
The Property not capable of commanding less than certain amount.
A single house not commanding annual rent less than certain amount, if occupied by the owner for his residence
The buildings owned by widows, minor orphan and/or disabled person tax liability upto a certain amount are exempted
One residential house up to one Kanal owned and occupied by a Federal or Provincial Retired Government servant is exempted
Those buildings owned by Government or a Local Authority such as a Corporation, Municipality or town committee
Mosques and other religious buildings
Buildings and Lands used as public parks and playgrounds, schools, boarding, houses, hostels, libraries, and hospitals
Properties the rents of which are devoted exclusively to religious or prescribed public charitable institutions

Our Services Related :

Our Professional team will take care of all the process on your behalf end to end from the correct assessment to the timely and accurate payment of property taxes

Brief Introduction:

The Chamber of Commerce in Pakistan is a non-profit organization that represents the interests of businesses in Pakistan. It is made up of business owners, executives, and other professionals who are committed to promoting economic growth and development in Pakistan.
It plays an active role in promoting economic activities as well as identifying issues of trade, industry, services, investment, environment and protecting the interests of the private sector through continuous dialogue with the government.
The Chamber of Commerce in Pakistan works to create a supportive business environment by advocating for policies that benefit businesses, providing networking and professional development opportunities, and helping businesses connect with each other and with potential clients and customers. The Chamber of Commerce in Pakistan also serves as a source of information and resources for businesses, and it may provide services such as market research, training, and business consulting. The Chamber of Commerce in Pakistan is affiliated with the International Chamber of Commerce (ICC), a global business organization that represents the interests of businesses in over 100 countries.

Benefits of Registration :

Benefits may vary depending upon the region from where you get register, but normally following benefits are provided to the members.

NADRA Facilitation Center
Police Khidmat Markaz
Land Record Facilitation
Annual Business Directory
Issuance of Letter of Origin
Documentation Attestation Facility
Visa Recommendation Letters
Networking Opportunities
Participation in Standing Committee Meetings
International Exhibitions
Free Medical Clinic
Opportunity to learn from seminars, lecturers, workshops
Discounted facilities at various partner hospitals, Diagnostics laboratories and hotels

Brief Introduction:

The PSEB (Pakistan Software Export Board) is a government organization that promotes the development and export of software products and services from Pakistan. It was established in 1995 with the goal of helping Pakistani software companies compete in the global market and increase their exports. The PSEB provides a range of services to software companies, including market research, business development support, and training. It also works to create partnerships between Pakistani software companies and international organizations, and to promote the use of Pakistani software products and services in the domestic market as well as international markets.
The objective of the PSEB is to guarantee maintainable development of Pakistans IT ITeS-BPO industry and facilitate potential investor whether foreign or local to invest in or outsource Pakistans IT ITeS-BPO sector.
To get all the facilities, related the Income tax and in other business related operations, currently the PSEB registers the business under the following categories.

IT Company :

An IT company, or Information Technology company, is a business that provides services or products related to the processing, storage, and communication of information. IT companies can range in size from small businesses that provide a specific service or product to large multinational corporations that offer a wide range of IT-related products and services. Some common types of IT companies include:

Software companies, which develop and sell computer programs for various purposes
Hardware companies, which manufacture and sell physical computer components such as processors, memory, and storage devices
Consulting firms, which provide advice and assistance to organizations on how to use technology to improve their operations
Service providers, which offer IT-related services such as website design, data analysis, and cloud computing

IT companies may serve a variety of industries, including finance, healthcare, government, and education. Many IT companies also offer support and maintenance services to help their clients troubleshoot and fix any issues that may arise with their technology.

Call Center :

A call center is a centralized office or facility that is used for the purpose of receiving and transmitting a large volume of calls. Call centers are often used by businesses to handle customer service inquiries, technical support requests, and sales calls. They can be inbound, meaning that they receive calls from customers, or outbound, meaning that they make calls to potential customers or clients. Call centers are typically equipped with a large number of phone lines and may also use computer software to route calls and manage call volume. Many call centers also use customer relationship management (CRM) systems to track and analyze customer interactions and data. Call centers may be operated by a business itself or outsourced to a third-party provider.

Free Lancer :

A freelancer is a person who works independently and is not committed to a particular employer long-term. Freelancers are self-employed and often work on a project-by-project basis, offering their services to a variety of clients. Freelancers may work in a variety of fields, including writing, editing, design, marketing, programming, and consulting. They may also work in more traditional industries, such as construction, catering, or event planning.
Freelancers may work from a home, office, other location, or other country and they may have flexible schedules that allow them to take on multiple projects at a time. Many freelancers use online platforms and websites to find work and connect with potential clients.

Brief Introduction:

Any economic activity carried on for the purpose of profit is called business.
Business involves the exchange of goods services or money for the purpose of earning a profit.
Business can be conducted in different forms like Individual Partnership Company.
It can take place at various levels including small local businesses large multinational corporations and everything in between.
The primary goal of business is to generate revenue and profits through the sale of goods or services to consumers or other businesses.

Business Registration:

Business registration is the process of formally establishing a business and obtaining the necessary licenses and permits to operate legally.
The process of business registration varies depending on the type of business the location where it will operate and the laws and regulations that apply to it.
First thing in the process of business registration is to choose the appropriate business structure.
Every business structure has its own pros and cons so you need to choose carefully structure of the business depending upon your business requirements.
Following are most common structures of the business registered in the Pakistan

Sole Proprietorship:

A sole proprietorship is a type of business structure in which an individual owns and operates a business on their own. In Pakistan a sole proprietorship is relatively easy to set up and it is the most common type of business structure particularly for small business. It is important to note that as a sole proprietor in Pakistan you will be personally responsible for all debts and obligations of the business. This means that if the business is unable to pay its debts your personal assets may be at risk. It is advisable to seek legal advice before setting up a sole proprietorship in Pakistan.
To set up a sole proprietorship business you need to follow the following steps.
Choose a unique name
Choose a relevant business category
Obtain the NTN of your business from FBR
Any other registration from the relevant authority depending upon your business need.

Partnership:

A partnership is a business structure in which two or more individuals or entities come together to operate a business. In a partnership the partners contribute capital labor and other resources to the business and they share in the profits and losses of the business according to the terms of the partnership agreement.

To set up a sole proprietorship business you need to follow the following steps:

Choose a unique name
Choose a relevant business category
Choose the partners
Draft a brief partnership contract detailing each every terms and condition of partnership like Name Place of business Capital Profit/loss sharing ratio dissolution and arbitration and so on
Approach the relevant authority like FBR Registrar of the firms or SECP.
Following are the variation of partnership depending upon its registration.

AOP :

An association of persons (AOP) is a group of individuals who come together for a common purpose such as a business venture or a charitable organization.
Income earned by an AOP is generally taxed at the individual level rather than at the corporate level.
After following the above steps if want to register your partnership business as AOP you need to approach the FBR with all the partners NTN and partnership contract for registration of your AOP.

FIRM:

A firm is just the like an AOP but the registered one with registrar of the firms. For firm registration after following all the necessary steps you will have to additionally register your partnership contract with the registrar of the firms who after fulfilling all the necessary requirements will issue you a Form C as a proof of registration.
Further you will need approach the FBR for issuance of NTN of your Registered Firm.

LLP :

Limited liability partnership
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.
LLP is a partnership form in which some or all partners have limited liability. In an LLP every partner is not liable for another partners conduct. This is a vital difference from the traditional partnership and a LLP.
For registration of LLP after following the above said steps you need approach the SECP for LLP registration.

Company:

A company is a legal entity that is separate and distinct from its owners and shareholders.
A company is formed by registering with the Securities and Exchange Commission of Pakistan (SECP) a government agency responsible for regulating the formation and operation of companies in Pakistan under the companies act 2017.
There are several types of companies that can be formed in Pakistan including
Public limited companies
Private limited companies
Single member companies
Pharmaceutical company Registration
IT Company Registration

Branch Office:

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.
Branch Office is established by a foreign company to fulfill its contractual obligations with the public or private sector in Pakistan.
For registration it requires permission/registration form Board of investment and SECP and FBR

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. A liaison office is not a separate legal entity and does not have the authority to engage in commercial activities or generate income in the host country. Instead it serves as a channel of communication between the parent company and the local market.
Mainly Board of investment and SECP are involved in the opening of liaison office in Pakistan.

What is Import & Export?

Import and export are processes that involve bringing goods or services into or out of a country. Importing refers to bringing goods or services into a country from a foreign source, while exporting refers to sending goods or services out of a country to a foreign destination.

Who can do Import & Exports?

It can be done by individuals, small businesses, or large corporations, and they can involve a wide range of products and services, such as raw materials, finished goods, agricultural products, and manufactured products. In many cases, import and exports are carried out for the purpose of increasing the competitiveness of a company or country by taking advantage of lower costs or higher demand for particular products in different markets.

Advantages

There are several advantages to imports and exports of goods and services:

Diversification of markets: It allows businesses to access new markets and diversify their customer base. This can help mitigate risk and increase the overall stability of a company.
Increased competitiveness: By importing goods that are cheaper or of higher quality than those available domestically, businesses can reduce costs and improve the quality of their products, which can make them more competitive in the market. Exports can also allow businesses to access new customers and increase their sales.
Access to specialized products: Imports can provide access to specialized products or materials that may not be available domestically. This can be especially beneficial for businesses that rely on these products to produce their own goods or services.
Economic growth: It can stimulate economic growth by increasing the demand for domestic goods and services, creating jobs, and generating revenue for the government through tariffs and other trade-related taxes.
Cultural exchange: It can also facilitate cultural exchange by introducing people to new ideas, products, and ways of life. This can foster understanding and collaboration between different countries and cultures.

What is Weboc :

It refers to Web Based One Customs (Weboc) System of Goods Declaration and Clearance. It is computerized automated system developed for customs clearance of import and exports of goods in Pakistan.

Registration for Import & Export/Weboc :

To do the business of import and export in Pakistan, you have to have a valid weboc (Import & Exports) license.

You can register yourself under the following categories.

Trader

- Commercial (i.e. Manufacturer, Manufacturer-cum-Exporter, Commercial Importer, Commercial Exporter)
- Non-Commercial
- Ship-Breakers
- Trust / Non-profitable Organization
- Diplomatic Cargo (Embassies)
- Government Department
- Courier Services

Customs Agent
Customs Agent
Bank Users
Bonded Carriers
Shipping Lines
Warehouse

What is PSW (Pakistan Single window):

The Pakistan Single Window initiative started by Pakistan Customs. Its aim is to reducing the time and cost of doing business by digitalizing Pakistan’s cross border trade and digitalizing the manual processes. Its purpose is to provide an integrated electronic platform that allows parties in international trade with a single-entry point to all import, export, and transit regulatory requirements. The government is continuously, gradually shifting and upgrading all the users of Weboc to PSW platform to enjoy its fast track services involved in imports & exports stages.

Brief Introduction:

The taxation system is the system for the collection of taxes by the Government of a country. It is considered to be the backbone of the economy of any country as Revenue and expenditures of country are mainly dependent on it.
Pakistan’s current taxation system is mainly composed of Direct taxes (Income Tax) & Indirect taxes (Sales tax, Federal Excise duty and Custom duty), regulated by Federal Government under the name of FBR(Federal Board Of Revenue) and provincial government.
Whenever a person earns in Pakistan more than a certain limit or involve in certain profitable activity, it needs to get itself registered for Income tax through FBR and sales tax under the relevant regulatory authority.

Income Tax :

As the name suggests, the tax which is levied or charged on the income of any person is called Income tax. It generally deducted advance, withheld by the Specific agent or paid the end of every financial year after calculation of tax liability of the taxpayer.
The levy and collection of Income tax in Pakistan is regulated by the FBR through Income tax Ordinance 2001, which is amended by the time to time especially in the light of presented budget by the Federal Government every year.

Sales Tax :

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.

Sales Tax on Product/Supplies :

All types of sales tax on goods is dealt by the FBR through the Sales Tax Act 1990 (amended/updated from the time to time)

Sales Tax on Services :

After the 18th Amendment to the constitution of Pakistan the right to charge and collect the sales tax on services transferred to provinces. So now the relevant provincial authority, regarding the origination and termination of services, charge and collect sales tax on services under their respective laws. (Which are updated from the time to time).
Sales tax on services, just like Sales tax on product, is also ultimately paid by the end consumer. It is also deposited every month to the relevant provincial authority like PRA, SRB, KPRA, ICT.

Our services regarding the Tax registration :

NTN (National Tax number) issuance by FBR for the Individual/Partnership/Company
Sales tax Registration Issuance for Supplies/Services by FBR, Punjab, KPK, SINDH, and Baluchistan

Services

Contact us

Brief Introduction:

Registration :

Engineers:

Constructor/ Operator :

Renewals/Upgradation/Downgrade :

Contact us

BOOKKEEPING / ACCOUNTING SERVICES:

Contact us

Payroll (HR) Services:

Contact us

Brief Introduction:

Criteria of the Assessment :

Exemptions :

Our Services Related :

Contact us

Brief Introduction:

Benefits of Registration :

Contact us

Brief Introduction:

IT Company :

Call Center :

Free Lancer :

Contact us

Brief Introduction:

Business Registration:

Sole Proprietorship:

Partnership:

AOP :

FIRM:

LLP :

Company:

Branch Office:

LIAISON OFFICE :

Contact us

What is Import & Export?

Who can do Import & Exports?

Advantages

What is Weboc :

Registration for Import & Export/Weboc :

What is PSW (Pakistan Single window):

Our services related to Import/Export/Weboc/PSW :

Contact us

Brief Introduction:

Income Tax :

Sales Tax :

Sales Tax on Product/Supplies :

Sales Tax on Services :

Our services regarding the Tax registration :