ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has made drastic reductions in registration fee for small companies and filing fee of companies with small capital base in order to facilitate registration of companies.
The 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 hrs to 2hrs under Fast Track Registration System. The SECP expanded its outreach through establishing 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. The Commission also enabled same day online incorporation without charging any additional fee subject to adoption of short memorandum of association, available on SECP’s website.
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.
