Navigating the registration process with the Federal Board of Revenue (FBR) can be a game changer for Freelancers and Entrepreneurs in Pakistan. Here’s a step-by-step guide to ensure you’re on the right path:
- Become a Filer: The first step is to become a registered tax filer. This sets the foundation for your legal and financial compliance.
- Register Your Startup / Business: Choose the structure that fits your needs:
- Open a Bank Account: Open a bank account in the same business (entity) name registered with the FBR to streamline your financial and legal transactions.
- Register with PRA: If you’re operating locally in Punjab, ensure to register your business with the Punjab Revenue Authority (PRA).
- Register with PSEB: The Pakistan Software Export Board (PSEB) is essential for IT service exporters. It helps in obtaining licenses necessary for exporting IT services.
- Select an International Payment Gateway: Choose a reliable international payment gateway to facilitate bank transfers for your business.
- Local Payment Gateways: Consider local payment gateways for added flexibility and convenience.
- Annual Compliance: Meet the annual compliance requirements of both FBR and SECP to maintain good standing and avoid penalties.
