Daily Times

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), in order to facilitate registration of companies, has been introducing various facilitative measures from time to time.

According to a statement released by the commission, SECP has made drastic reductions in registration fee for small companies and filing fee of companies with small capital base. SECP provides complimentary certified true copy of company formation documents and other statutory returns to the companies upon its registration. The time of incorporation has been reduced from minimum 4 hours to 2 hours under Fast Track Registration System.

SECP expanded its outreach by establishing a company registration office at Gilgit and facilitation counters at Sialkot, Abbottabad and Gwadar. Online payment of fee through online funds transfer and credit cards, and obtaining of digital signatures from NIFT online was provided to facilitate foreigner.

Among other things, short memorandum of association of 68 sectors are available on the website, which made it easier for the promoters to incorporate the company by adopting the same.

Despite the introduction of all the aforesaid facilitative measures, it has been observed that promoters don’t directly apply to the commission for the incorporation of the companies, as a result of which time and cost of doing business increases in Pakistan. Further it is also apprehended that free of cost certified copies provided by the commission are misused, which are ultimately charged to the companies by the third parties.

Objective of introduction of the substantial facilitative measures by the SECP is to ease the process of incorporation, and especially promote direct interaction of the companies with the SECP.