The Securities and Exchange Commission of Pakistan (SECP) will extend its One Stop Shop (OSS) facility for company registration to Balochistan and KPK. SECP Commissioner Shaukat Hussain, Commissioner (SECP) said this while speaking at the launching ceremony of Government of Balochistan’s plan for Transformation of Traditional Businesses into Corporate Bodies.
Shaukat apprised the audience that the SECP’s eServices have already been integrated with Federal Board of Revenue (FBR) and the Employees Old Age Benefits Institution (EOBI). SECP’s eServces also linked with business registration portals of Punjab and Sindh at the Provincial level. Consequently, he said, SECP eServices has become a One Stop Shop (OSS) for registration of a company with SECP, FBR, EOBI, Punjab/Sindh Employees Social Security Institution (PESSI/SESSI), Excise & Taxation Department and Labor Department of Punjab and Sindh.
Shaukat Hussain, while appreciating initiative of Balochistan government, said that a formal economy where registered businesses pay taxes and create jobs to contribute to the overall economic growth is the need of the hour. Therefore, it is high time that immediate steps are taken to encourage business registrations, he added.
The attendees of the event were also enlightened on recent reforms by SECP to facilitate entrepreneurs and reduce time and cost of starting a new business including simplified incorporation process, significant reduction in fees, reducing time for incorporation to four working hours and facility for payment of fee through mobile and internet banking. SECP Commissioner underlined that the SECP’s reforms led to 27 percent increase in companies registration in 2019. He also apprised audience about recent launch of SECP’s startup portal and proposed amendments in the Companies Act, 2017 to promote startups especially in technology sector.