The Securities & Exchange Commission of Pakistan (SECP) has introduced a new User Registration System under eServices which will reduce the incorporation cost from Rs. 1,500 per user to Rs. 100 per user.
This will be a paradigm shift in companies’ incorporation system which will reduce the turnaround time from days to minutes for registration of users of eServices.
E-Services is a web portal developed by SECP to facilitate incorporation of companies and filing of forms and documents in electronic form to the registrars.
With SECP’s new User Registration System, users won’t have to go through the tedious process of obtaining digital signatures from NIFT. The user registration under eServices now can be obtained simply with user login, password and PIN code. You can sign up a Pakistani national or a foreigner. The documents can then be submitted online to the Commission and the registrar concerned. This will also be a one-time registration without any renewal and associated cost as is presently required on an annual basis.
Incorporation fee for small companies having authorized capital up to Rs. 100,000 has also been substantially reduced and now a small company can be incorporated by just paying filing and incorporation fee of Rs. 2,000 in the case of online filing and Rs. 4,000 in case of offline filing. SECP revamped its operation in December 2016 by establishing Incorporation and Facilitation desks at offices of Lahore, Karachi and Islamabad, which facilitate the incorporation of a company in a single day.
SECP Chairman, Zafar Hijazi, inaugurated the new system and he also highlighted other reforms introduced by SECP such as risk management system and surveillance system to catch the fraudulent elements while safeguarding the investors’ interests and rights.