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Real Estate and Construction is one of the most viable and productive business in Pakistan. Urbanization has triggered growth in not only sale and purchase of land, plots and houses but also rapid growth is seen in development of residential and commercial societies, construction of houses and buildings in Lahore and other major cities around Pakistan. Government of Pakistan considering the potential in this sector recently allowed important tax benefits and exemptions to persons engaged or willing to get engaged in this sector vide Finance Act 2019. Government of Pakistan has promised not to question the income or investment of persons engaged in construction and sale of residential houses subject to certain limitations. Similarly, Developers and builders has been given serious tax benefits on development of societies and buildings. Sale, purchase, ownership and lease of all kinds of properties is governed by different sets of laws in Pakistan as follow:
In Pakistan and more specifically in Punjab, people dealing with real estate issues are known as Property dealers or Real Estate Agents. They charge commission from seller and purchaser for providing services. Property dealers or Estate Agents in Pakistan are required to be registered under the following law with the Punjab Excise and Taxation Department.
Estate Agent can either register as Proprietor Concern, Partnership Firm, Private Limited Company or a Limited Liability Partnership. After getting registered Real estate is also required to be registered with Federal Board of Revenue.
The construction company in Pakistan is regulated by different set so laws. It is required by law that for the purpose of registering a construction company, construction or operator approved by Pakistan Engineering Council must be offered Directorship in the company. Construction Company Registration process in Pakistan is divided into three parts:
Different requirements are to be meted out at each stage. As reiterated above, Construction Company is required to be registered with the Securities and Exchange Commission of Pakistan. Application for registration of company must be accompanied by license of engineers duly issued by PEC, taking part as director in the company. As a second step you have to register your company with the Federal Board of Revenue and apply for the Business National Tax Number (NTN). Before you apply for Business NTN it is required that each director in company must possess individual NTN as well. Once you have fulfilled these requirements, you will be required to register the company with Pakistan Engineering Council before starting to work as contractor.
The company registration process of Construction Business is similar to the registration of other companies incorporated in Lahore, Pakistan as a Private Limited Company. To know the procedure for registration of company click on the link How to Register a Private Limited Company in Pakistan?
Government of Pakistan announced a Special Relief package for the construction Sector giving a status of Industry in Pakistan. Main points of this package are as under;
After company is registered it is required to be further registered with FBR but in a recent development business NTN is automatically issued upon registration of company by SECP. This means no further documentation is required for purpose of registration with FBR.
The Pakistan Engineering Council also referred to as PEC is regulator body established under Pakistan Engineering Council Act, 1976. It is the primary professional body that regulates the profession of engineering in the country. The main functions the council include registration of engineers and constructors in Pakistan along with accreditation of engineering programs offered by higher education institutes and universities in Pakistan.
Laws of Pakistan required mandatory registration for construction company in Pakistan with PEC. Without this registration company cannot take part in Governmental project pertaining to construction in Pakistan.
According to Recent PEC policy given in year 2017 there are eight different registration categories for constructors and operators, namely C-A, C-B, C-1, C-2, C-3, C-4, C-5 and C-6. The Central Enrolment Committee (CEC) of PEC processes and approves the licensing of new companies that fall under C-A, C-B, C-1, C-2, C-3 and C-4. Meanwhile, processes the registration of C-5 and C-6 companies by Regional Enrolment Committee (REC). Needless to state that categories aforegoing differ on the basis of a company’s worth, the number of engineers and their experience. Registration fee for each category is different and increases with each category.
Following is the List of Documents required at the time of Registration Application submission in the Pakistan Engineering Council.
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