In yet another step towards ease of doing business, the Securities and Exchange Commission of Pakistan has introduced a single combined digital certificate evidencing registration with SECP and some provincial departments simultaneously.
In a press statement on Thursday, the SECP said that it continues to strive for reducing physical interaction with the citizens and is focused on providing services through the use of modern technology at the doorstep of the end-users.
This initiative is expected to significantly reduce the overall “Starting a Business” time in Pakistan and would have a positive impact on the country’s ranking on the Doing Business Index.
There are less than 10 jurisdictions globally where federal and provincial registrations are integrated online on a real-time basis, and Pakistan has also now joined this league.
The single combined certificate will be issued through SECP’s e-Services in real-time upon the incorporation of a company through a ‘single window, and will simultaneously register the company with provincial departments, including Punjab Employees Social Security Institution (PESSI), Sindh Employees Social Security Institution (SESSI), Labour & Human Resource Departments and Excise & Taxation Departments of Punjab and Sindh.
The digital combined certificate features a QR code and a hyperlink for instant verification of the registration status of the company. SECP has in the past also integrated its systems with FBR, EOBI and BOI.
The launch of this combined electronic certificate by SECP is another landmark initiative towards automation of regulatory processes to foster a user-friendly business environment in the country, expected to further fuel the growth of new company registrations in Pakistan.
The SECP’s vision is to relentlessly develop a digital ecosystem under the ‘Leading Efficiency through Automation Prowess’ (LEAP) program for end-to-end digitalization of all its internal processes as well as the outside interface. —TLTP