In a recent press briefing, Adviser to Prime Minister Imran Khan on Commerce, Textile and Industry Abdul Razak Dawood and Minister of State and Board of Investment (BoI) Chairman Haroon Sharif have said that the company registration procedure in Pakistan has become quite efficient and fast-paced.
Going further, Haroon Sharif said that according to the statistical data of Securities & Exchange Commission of Pakistan (SECP) for past six months, around 8,000 new companies have been registered in the country during this period with an average time of four hours for each company. This claim by the government resolves the hassles of the community at large as previously it took at least 4-7 weeks in Pakistan to register a company.
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Meanwhile, the official website of SECP also affirms that Application processing time on its portal is four working hours. Haroon Sharif said that all company related payments have been combined in one central portal for federal and provincial payments. He also pointed out that tax and other fees/payments were brought down from 47 to 16 and now further reduced to 10.
Govt is aiming to reach in the list of top 50 countries during the time span of five years in World Bank ranking in terms of ease of doing business. Just like the company registration process, property registration has also been introduced in Lahore and Karachi through an online portal.
BoI is working with 30 different departments including Federal Board of Revenue (FBR), Employees’ Old-Age Benefits Institution (EOBI), and Punjab Revenue Authority (PRA) to align them on one platform.
Haroon Sharif also expressed that various foreign investors are admiring SECP’s work on faster company registration by writing memos. Also, many people on social media have appreciated the commission’s effort as they were able to get registered with NTN and everything else within a couple of days.