2 min read
In a major step to improve the ease of doing business, the Cabinet Committee on Regulatory Reforms has approved 104 business compliance reforms under the Board of Investment’s (BOI) first Regulatory Reform Package.
Chaired by Federal Minister for Investment Qaiser Ahmed Sheikh, the committee reviewed 136 reform proposals, approving 104 aimed at reducing compliance costs, simplifying business procedures, and eliminating red tape. The approved business compliance reforms include scrapping 19 outdated requirements and streamlining 57 procedural steps to help businesses operate more efficiently.
The reform package primarily targets federal-level registrations, licenses, certificates, and permits (RLCOs). It also proposes amendments to the Companies Act, 2017, specifically for unlisted firms. A subcommittee has been tasked with consulting the Securities and Exchange Commission of Pakistan (SECP) and other stakeholders to finalize these changes.
All relevant ministries have been instructed to implement the approved reforms within a 90-day timeline, depending on the complexity of each reform. The BOI will supervise the execution process and provide regular progress reports to ensure timely implementation.
The committee also confirmed that additional business compliance reforms are in the pipeline, targeting specific sectors to further reduce regulatory barriers for companies operating in Pakistan.
