Staff Reporter Islamabad
The Securities and Exchange Commission of Pakistan (SECP), in pursuit of its agenda to promote ease of doing business and digitalization, has launched a portal for expeditious bank account opening of newly registered companies.
The online portal provides banks real time access to statutory records of companies, thus enabling them to open corporate accounts without seeking physically certified copies of statutory documents.
The banks can access and verify company information directly from SECP’s records through this portal. The online availability of statutory records will reduce the turn-around-time for opening of corporate bank account or for availing other banking services. On the other hand, it will facilitate banks in carrying out due diligence of their corporate customers, for account opening and other services.
By applying to the SECP, any bank can access the portal for creating their user accounts. Initially, this facility is being launched for private limited, public limited and companies formed for not-for-profit objects. In due course, data of foreign companies and limited liability partnerships will also be linked and made available.
