The Securities and Exchange Commission of Pakistan (SECP) while following its objective to bring reforms in order to provide ease of doing business in Pakistan, the body has now streamlined the procedure of reserving the name of the company and applying for incorporation online.
The SECP has made a major change in the procedure of registering a company in Pakistan, within four working hours using e-services now you can register a business in Pakistan. SECP has now issued SRO to make necessary amendments in the incorporation procedures, the measures are taken by following the World Bank’s report on doing business. The parameters are defined in World Bank report are addressed by SECP so the graph of ease of doing business in Pakistan could be raised.
Following these changes, now the people who intend to register a company in Pakistan will only require submitting a combined application which contains 3 options of proposed name of the company and incorporation application with the model memorandum of association and articles of association. Before this, SECP has already changed the procedure and merged it to notify the appointment of CEO in the company incorporation.
Moreover, the fee is reduced significantly because several statutory forms are merged together in a single form. Now the name reservation and company registration fee for a single member with capital up to Rs. 100,000 is Rs. 1550 only when applied online. The offline fees, however, is Rs. 3000. The previous fee online was Rs.2300 and offline was Rs4500.
The reforms have also reduced the number of procedures, time and cost of starting a company and business. SECP is committed to bringing in more reforms that can create a real difference when it comes to ease of doing business in Pakistan.