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SECP establishes company registration office in Gilgit

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has established its company registration office (CRO) in Gilgit-Baltistan.

Gilgit-Baltistan and federal governments had already granted their approval to the move in April this year.

The SECP believes the CRO would encourage business activities in the region. It would also help the businesses to benefit from the e-services facility introduced by the SECP in 2008.

SECP has also stated that they have revamped operations in three of their major offices which are located in Islamabad, Lahore and Karachi, and that new companies can now be incorporated (registered) with SECP in just a day.

According to a press release issued by the SECP just yesterday:

“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.”

Moreover, registering of a company through a single object has been allowed as well to reduce the time taken to start up a business, and to ease the process of incorporation as well.

The SECP said:

“This swift mode of registration is likely to further promote corporation of the business sector.”

A number of other things were also being worked on by SECP as well that can benefit new and existing businesses. They include:

  • measures which helped reduce the registration fee for small companies,
  • reduction in the filing fee for companies with a small capital base,
  • waiving of the name availability fee,
  • merging the name availability,
  • incorporation process to further reduce the time taken for registration.

Furthermore, online payments were made easier at the same time by introducing the option to pay fee online through credit cards. Online fund transfer facility was introduced too, enabling online issuance of digital signatures.

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 doing business reform activity across the globe. It will also ensure documentation of the economy.

Sources: ET, Pro Pakistani

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