ISLAMABAD: With the aim to further facilitate corporate sector, the Securities and Exchange Commission of Pakistan (SECP) has amended the single member companies (SMC) Rules, 2003, which were introduced in the country in 2002.
In the recent amendments, the requirements of nominee and alternate nominee directors as well as particulars and documents of the legal heirs of the Single Member have been deleted from the SMC Rules, thus this information are no more required in forming SMC. Furthermore, a provision for incorporation of SMC by corporate legal person has been inserted.
In case of death of single member, the role of secretary has been strengthened. The notification for amendments in the SMC Rules has already been published in Official Gazette and placed at the SECP web site.
The amended Rules have provided a hassle free regulatory mechanism and entrepreneurs have started taking benefit of these amendments and a number of companies are being registered. It is envisaged that the amendments shall help in flourishing further growth of SMCs.
