SECP launches swift incorporation scheme
ISLAMBAD—The Securities and Exchange Commission of Pakistan (SECP), with the aim to ensure ease in doing business in Pakistan and to facilitate the entrepreneurs for registration of companies, has launched swift incorporation scheme. Under the schemes the documents for the incorporation of a company shall be processed on the same day as against two working days, if applied online with short Memorandum and Articles of Association placed on the SECP’s website at http:// www.secp.gov.pk/CLD/ cld_memo_article.asp and the documents are received by 10 am.
Further, if the documents are submitted online under the Fast Track Registration Services (FTRS), with short Memorandum and Articles of Association and received by or before 3 p.m., the same shall be processed within two hours as against four hours. The aforesaid measures have been taken by the SECP to reduce the turnaround time in starting the business and to ease the process of incorporation for the benefit of promoters and to encourage corporatization in the country. This facility will be available starting June 24, 2016. The SECP has recently taken a number of steps to facilitate the corporate sector, including drastic reduction in the fee for the incorporation of company, filing of returns, provision of one set of complimentary copy of the incorporation documents and of the accepted returns.
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