In an attempt to promote business incorporation in the country, the Securities and Exchange Commission of Pakistan (SECP) has revamped operations at its three major offices located at Karachi, Lahore and Islamabad.
“Incorporation and facilitation desks have been established at these Company Registration Offices, which will ensure facilitation to the investors so that companies are incorporated within a day,” said a press release issued by the SECP on Monday.
In a bid to reduce the turnaround time in business start-up and ease the process of incorporation, the registration of companies with a single business objective has been allowed. This will help with registering companies on the same day subject to the condition that registration documents are filed online.
“This swift mode of registration is likely to further promote corporatization of the business sector,” the SECP said.
Interestingly, the SECP is currently working on several other initiatives that can benefit existing and new businesses. These include introducing several measures to reduce the registration fees for small firms or firms with a lower capital base, waiving of the name availability fee, provision of complimentary certified true copies of company formation documents and reduction in the time to register by merging the name availability and incorporation processes.
The SECP also expanded its physical outreach by establishing a registration office in Gilgit (Baltistan) along with a Capital Market Hub in Abbottabad and Facilitation Center in Sialkot. Many analysts believe that these measures will offer a business friendly environment to the corporate sector.
“The reforms are also likely to improve the country’s starting-a-business and doing business rankings annually published by the World Bank to provide a comparative analysis of the doing business reform activity across the globe. It will also ensure documentation of the economy,” SECP said in a statement