Facilitation initiatives by SECP

January 11, 2015 | By More

Securities Exchange Commission of Pakistan SECP has introduced number of reforms for the facilitation of business community. In this connection, following three important milestones that SECP has achieved, for greater facilitation of stakeholders:-SECP2

  • Launch of Virtual One-stop-shop (VOSS)

Economic growth is closely linked to the development of a pro-business environment. Making life easier for business entities and facilitating the entry of new business into the marketplace promote competiveness and growth. While regulation governing registration of businesses is essential, their implementation can sometimes turn into a difficult and costly process for the investors, which may discourage entrepreneurial activity.

In order to promote the investment climate in the country, virtual One Stop Shop (VOSS) for business registration is being established. VOSS offers following benefits to the stakeholders:-

  1. Online registration with three organizations i.e. SECP, FBR and EOBI, at one platform, simultaneously
  2. Three core processes at SECP, i.e. Name availability, Company incorporation and certified true copy merged in just one process.
  3. Lesser turnaround time
  4. Easy and hassle free process.
  5. Increased efficiency

In addition, to the VOSS, the launch of physical One-Stop Shop (POSS) in the provinces has also been planned, which is being steered by GOP and for which SECP has already committed to provide its due support. MOU for the first POSS at Lahore Chamber of Commerce & Industry-LCCI has been signed in September 2014 between SECP, FBR, EOBI and LCCI. Similar MOUs are expected to be made with KCCI and other Chambers of Commerce. In this regard, facilitation offered by LCCI is greatly appreciated and similar kind of facilitation is also solicited form other chambers, for the collective objective of improving business climate in Pakistan.

  • Issuance of Companies (Easy Exit) Regulations, 2014

The SECP has issued and implemented Companies (East Exit) regulation, 2014 vide SRO No.1083 (i)/2014, dated December 2. The regulations aim to make “easy exit” a permanent feature, while prescribing an easy to follow procedure. Now the public unlisted and private companies, excluding certain types of companies, desirous of getting their name off the register of companies has to adjust file certain prescribed forms/documents to the SECP.

Earlier, a company desirous of closing its business had to undergo a lengthy and rather cumbersome winding up procedures. For this purpose, companies easy exit schemes CEES were launched number of times, for a specific period, in order to provide alternate and easy exit mechanism for striking-off a company name.

There was a continuous demand from relevant quarters for making CEES a permanent feature. The SECP, for this purpose and with the aim of facilitating stakeholders, has thus issued regulations these regulations which prescribe an easy to follow process for any easy exit/strike-off. The regulations can be accessed at the SECP website i.e. www.secp.gov.pk

  • Online payment solution

The SECP is in process of providing completely online solution that would provide stakeholders to pay fees through credit, debit cards and online transfer. At the moment MCB customers can pay fees to SECP through online fund transfer facility. With the implementation of above facility, stakeholders would be able to pay fees to the SECP from any city of Pakistan, rather from anywhere in the world.

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Category: SME Development

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