Import and export business is getting very much popular in Pakistan as more and more people are getting indulged into this category of trading and business. The main reason for this trend is the involvement of international currency which becomes very productive and massive when converted into the Pakistani rupee because of the devaluation of the national currency of Pakistan. There are various restrictions and liabilities which should be completed and done before getting started with the import and export business in Pakistan. The very main and crucial aspect of this restriction is that trading either it is import or export could only be done with those countries which have diplomatic relations with Pakistan. The country which doesn’t have any diplomatic relations with Pakistan, trading with such countries is not possible in Pakistan according to the constitution of trading and business.
How to start the business of Import and Export in Pakistan
To start an Import or Export business, the necessary requirements are;
- 1. Name of the firm which should have a National Income Tax Number. This is known as NITN, as the company or firm which don’t have any NITN cannot be considered to be legitimate for the import or export business.
- 2. The second step is the opening of account as the bank becomes a guarantee for the international investors and traders. So the Opening of a current account in a bank should bear the same name of the firm which is being registered with the income tax department of Pakistan.
- 3. Now the official working is being done by fulfilling various forms as the filling of the import and export registration forms are being done which can be taken from the Department of Imports and Exports of the individual’s district office.
- 4. The Import and Export form is being duly filled and signed by the owner and the partners of the respective firm or company and is being handed over to the respective concerned bank.
- 5. The bank then after completing all the formalities of verifying and doing the required authentication then forward the forms with the bank details to the Import and Export Department of Pakistan.
- 6. After passing through the various departmental procedures, the Import registration certificate will be handed over to your bank, which in turn will inform you that your Import registration certificate is with the bank and you can have it during the banking hours.
- 7. At this stage the registration of your firm as an authorized importer or exporter is completed. The registration will have to be renewed after a specific time mentioned on your registration certificate. And now the respective firm or company is legitimate and authorized to involve in any trading of import or export from Pakistan.
This information proves to be very helpful for you about to start a successful business in Pakistan. I am sure you have gained all these details in your hand and ready to establish in your business.