Aoa,
I need to open a bank account on the name of a company for my remittance that i will receive from abroad(its a requirement),
can anyone properly guide me about the whole procedure to register a very small company (for myself only) and then open a bank account on that name?(it will not have any physical existence,or may be i could create a website only but cannot open physical office etc).
Will the type "sole propertiership work for me in this situation"?,
The sole proprietorship company is fine for you. You can register through Lahore chamber of commerce.
what documents do i need to provide for getting NTN certificate.
do i need to pay tax on every remittence that i will recieve in this company name account (and how much percent)?
can they check this bank account transactions or will they rely on whatever i provide in income tax return.
The procedure is simple. Visit Lahore chamber of commerce & collect company registeration form. All the instructions are written on a separate page, follow these.
1. You also need to go to tax office to apply for your NTN. Fill the form & submit, within 10-15 days NTN will be delivered to your home.
2.After that you need to open account with bank, you must get a stamp made of proprietorship in order to open the account with bank.
3. After opening account, Bank will issue you a letter that you hold a company account with them. Take this letter + NTN + chamber form to chamber office and they will register your company.
As far as bank account is concerned, you can receive remittance without any hassle in your account, it will not be an issue. you can also receive remittance in your personal account.
Every year you need to submit a blank report to tax office, its extremely easy and helps keep your registration with chamber.
actually my work (remittence) is small so dont want to spend much on this setup.
total cost is not more than 4000/-
Thanks in advance.
