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SECP Launches Electronic Certificate to Promote Ease of Doing Business

Morpheus

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SECP Launches Electronic Certificate to Promote Ease of Doing Business

Posted 18 hours ago by ProPK Staff

Securities and Exchange Commission of Pakistan


End-to-end automation of services through the use of modern technology is the top priority on the reform agenda of the Securities and Exchange Commission of Pakistan (SECP), informed a statement issued by the SECP.
The launch of the electronic certificate of incorporation is another step to make the company incorporation process fully electronic and hassle-free. This development is in line with corporate registries of developed countries.


The electronic certificate has been launched from January 1, 2021, and issuance of the physical certificate of incorporation has been discontinued. A new electronic certificate is equivalent to the physical certificate for all legal purposes. It includes various security features, including an SECP monogram, the electronic seal of the registrar, a QR code, and a hyperlink for instant verification from the SECP’s record.

After this development, the company incorporation process has become fully electronic. This contact-free service has been especially fast-tracked in light of the current pandemic, and with a view of further time savings while incorporating a company.
In 2008, when eService was launched by the SECP for electronic submission, it was the first of its kind initiative by any public sector organization in Pakistan. The recent launch of electronic certificate is another “first” in SECP modernization journey towards end-to-end digitization of all its regulatory functions.

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Baz2020

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I am sure there would be a group of government officials ready to sabotage the contact free aspect of it.

The system will stay down for most part. Unless the entire beauracracy is replaced I think there is little hope for anything positive
 

Morpheus

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SECP improves security of electronic filings, company registration process









ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has improved the security of electronic filings as well as company registration process.

According to a statement, the SECP has integrated its e-services with Pakistan Mobile Number Portability (MNP) Database (Guarantee) Limited to verify the cell number of applicants against their CNICs. The verification of the cell phone number of directors and sponsors of a company will also eliminate the chances of misuse of CNIC or cell number of any individual for fraudulent purposes.

Verification of CNICs with NADRA databases is already in practice.

The whole verification process is fully electronic and instant. It is an important development in the context of challenges posed by AML and CFT also.

The SECP had stated the facility of online submissions of returns in 2008. Since then, it has been continuously working on the improvement of its online portal “e-services” in order to ensure secure and efficient service delivery to the entrepreneurs and the corporate sector.

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Morpheus

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SECP’s New Business Center Records Highest Ever Incorporations of Companies

Posted 30 mins ago by ProPK Staff

Securities and Exchange Commission of Pakistan


The newly established Business Center of Securities and Exchange Commission of Pakistan (SECP) recorded 24 percent growth in the incorporation of new companies.


The center registered 837 new companies in January 2021. It is the highest ever incorporation by a single Company Registration Office (CRO).

The SECP Business Center in Islamabad is a well-equipped office to promptly process applications for the incorporation of companies. It has improved the overall user experience with a perspective of providing ease of doing business in Pakistan.

During the month of January, the SECP registered 2,201 new companies, raising the total number of registered companies to 134,797. Out of new incorporations, 98 percent of companies were registered online and around 30 percent of the applicant’s completed the incorporation process on the same day.
Around 69 percent of companies were registered as private limited companies, while around 28 percent were registered as single-member companies.


Three percent of the companies were registered as public unlisted companies, not-for-profit associations, foreign companies, and Limited Liability Partnership (LLP).
During the month, 66 foreign users completed registration from overseas.
The top five sectors in the month of January 2021, included the trading sector with 314 incorporations, information technology with 269, construction 227, services and allied 188, and E-commerce with 79, while 1124 companies were registered in other sectors.

Foreign investment has been reported in 44 new companies, from, China, Malaysia, Sweden, South Africa, Norway, Netherlands, Turkey, the UK and the US. The highest numbers of companies were registered at Business Center Islamabad, followed by 623 and 319 companies registered in CRO Lahore and Karachi, respectively.

The CROs in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta, and Sukkur registered 156, 122, 56, 53, 22 and 13 companies, respectively.

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Morpheus

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SECP Launches Online Portal for New Companies to Expeditiously Open Bank Accounts

Posted 7 mins ago by Press Release



In order to promote ease of doing business and digitalization, the Securities and Exchange Commission of Pakistan (SECP) has launched a portal for expeditious bank account opening of newly registered companies.


The online portal provides banks real-time access to statutory records of companies, thus enabling them to open corporate accounts without seeking physically certified copies of statutory documents.
Through this portal, the banks can access and verify company information directly from SECP’s records. The online availability of statutory records will reduce the turn-around-time for the opening of a corporate bank account or for availing other banking services. On the other hand, it will facilitate banks in carrying out due diligence of their corporate customers for account opening and other services.

Any bank can access the portal by applying to the SECP for creating their user accounts.
Initially, this facility is being launched for private limited, public limited, and companies formed for not-for-profit objects. In due course, data of foreign companies and limited liability partnerships will also be linked and made available.

The SECP is planning to discontinue issuance of certified true copies in physical form, and consequently, banks will only be able to access SECP’s records through this portal.

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