GUIDANCE FOR NEW COMERS IN IMPORT/EXPORT BUSINESS

The Union of Small and Medium Enterprises (UNISAME) has removed misgivings about import and export registration as the new comers are misinformed that import and export business needs registration as many newcomers are not informed and think it is very complicated.

President UNISAME Zulfikar Thaver has advised the new comers that import and export business can be started by any SME and it is simple and no registration is required to be an importer or exporter except registration with the tax authorities.

He said for import and export business the entrepreneur needs

Sales Tax Registration: First of all the entrepreneur needs to register the company with the Sales Tax Department as an Importer, for exporter it is not mandatory but highly recommended if the exporter aims to claim sales tax refund on the exported item.
NTN Registration: Second requirement is to get the NTN (National Tax Number) for the company, which is issued by the Income Tax Department.
Moreover the entrepreneur needs to register the company with the local Chamber of Commerce.
If the entrepreneur wishes to Import or export his/her own branded products in local brand name, then he/she should consider registering the ‘Brand’ under the local copyright law. This will safeguard the brand against any misuse by any other party.
Before applying for Sales Tax and NTN registrations the entrepreneur must make sure, that he/she has printed company letter heads, stamps and has a bank account in the company name.

Once these documents are ready then the SME is eligible to import or export any goods, importable or exportable by law into Pakistan.

Thaver said import and export business can be started by an SME and the importer and exporter can carry on his business satisfactorily without any hindrance.

However he advised the SMEs to first study the item to be exported or imported and seek proper market information about quality and prices prevailing in the subject domestic or international market.

Posted in: Press Releases