New Company Registration will Now take Only Four Hours in Pakistan

[Shahzaz ud din]

New Company Registration will Now take Only Four Hours in Pakistan
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An online system has been devised by the securities and exchange commission of Pakistan(SECP). In a single comprehensive online procedure, you can get you’re your Company Registration within four hours.

World Bank recently has furnished the report ‘Doing Business Report 2018’ and it is mentioned in the report that it takes 17.5 days for a business in Pakistan to get registered.

The report indicates various variables in carrying out business and in this regard SECP has been collaborating with Board of investment to design a reform to facilitate the ‘Starting the Business’ parameter Report.

Reservation of company’s names and thereafter its incorporation, all has been synchronized on the single online procedure. This will reduce the hassle for businesses and it was incorporated keeping in view the best practices carried out across the globe in competitive business environments.

E-portals have always facilitated the businesses and by this e-service, particularly the new companies would easily get themselves registered on board.

“Now in just four hours a company will get itself registered and all it requires is the submission of name availability with three options, then incorporating the application along with the Memorandum of Association and Article of Association” according to Board of investment.

 

[AZADPAKISTAN2009]

The problem is not registration of company

The problem is ease of doing financial Tranactions as a Business moving funds in and out like Swiss or various progressive societies do for easy inflow of cash


Our Model needs to be similar to SWISS in term of opening Banking accounts and creating Saving accounts. If we can develop a Financial Model like SWISS 100% like swiss Pakistan will see a great benefit



Our State Bank's Laws are dinosaur laws from 1956, really go read the state bank laws and you will find it was written in "1950" at time when Pakistan was new country and currency was in huge shortage so that is why we have idiotic laws about currency movement Laws


Have Backbone to protect consumer Data / Protect their interest and you will be rewarded by World Wide investors


Financial Laws need to be upgraded to alllow MAXIMUM AMOUNT OF CASH INTO PAKISTAN and you can move your funds when ever you like

The current laws make 0% sense from Business prespective, that you can only carry 2,000 or 3,000 small amount

UAE allows 30,000-50,000 USD per visit
pakistan allows meaningless amount ($500) no investor is gona move his funds into Pakistan with these kind of strange laws exist in Pakistan


State Bank's Laws about investment cash need upgrading and also ease of money world wide


There should be be COMPLIMENTARY SERVICE for folks who move 1 Million Dollar into Pakistan

Food and Hospitaliaty Service Free of charge to customers Visiting Pakistan to Open Bank Accounts

However if you are gona do your 1950 Laws in year 2018 !!! It would be difficult

Very simple Law Move in Cash (Freely) - Move out Cash (Freely)

There should be no question asked policy on moving upto 5 Million USD in and out of Pakistan for Business People

Such flexibility will make 99.99% people use Bank System to transfer funds or just bring in cash with you in Pakistan in Private Jet

In Pakistan , we ourselves have harmed our own National Interest by imposing almost idiotic laws to limit investment and making it harder for Pakistanis to conduct business

This really needs to change drastically to attract free flowing investment into Pakistan


Just look at SWISS banks and economy 100% Financially driven Economy

 

[Thanatos]

More needs to be done.

 

[Samlee]

The problem is not registration of company

The problem is ease of doing financial Tranactions as a Business moving funds in and out like Swiss or various progressive societies do for easy inflow of cash


Our Model needs to be similar to SWISS in term of opening Banking accounts and creating Saving accounts. If we can develop a Financial Model like SWISS 100% like swiss Pakistan will see a great benefit



Our State Bank's Laws are dinosaur laws from 1956, really go read the state bank laws and you will find it was written in "1950" at time when Pakistan was new country and currency was in huge shortage so that is why we have idiotic laws about currency movement Laws


Have Backbone to protect consumer Data / Protect their interest and you will be rewarded by World Wide investors


Financial Laws need to be upgraded to alllow MAXIMUM AMOUNT OF CASH INTO PAKISTAN and you can move your funds when ever you like

The current laws make 0% sense from Business prespective, that you can only carry 2,000 or 3,000 small amount

UAE allows 30,000-50,000 USD per visit
pakistan allows meaningless amount ($500) no investor is gona move his funds into Pakistan with these kind of strange laws exist in Pakistan


State Bank's Laws about investment cash need upgrading and also ease of money world wide


There should be be COMPLIMENTARY SERVICE for folks who move 1 Million Dollar into Pakistan

Food and Hospitaliaty Service Free of charge to customers Visiting Pakistan to Open Bank Accounts

However if you are gona do your 1950 Laws in year 2018 !!! It would be difficult

Very simple Law Move in Cash (Freely) - Move out Cash (Freely)

There should be no question asked policy on moving upto 5 Million USD in and out of Pakistan for Business People

Such flexibility will make 99.99% people use Bank System to transfer funds or just bring in cash with you in Pakistan in Private Jet

In Pakistan , we ourselves have harmed our own National Interest by imposing almost idiotic laws to limit investment and making it harder for Pakistanis to conduct business

This really needs to change drastically to attract free flowing investment into Pakistan


Just look at SWISS banks and economy 100% Financially driven Economy

Some Of My Friends Work In Board Of Investment.They Told Me That For Just Bringing Money Into The Country You Need Nearly 30 NOCs!!!!That's Right Just Bring In The Money No Land Acquisition Yet No Utility Connection Yet Just Bringing In The Money Means Ke 30 Mehekmo Ka Pait Bharo.

Who Is Going To Invest In This Atmosphere.Whenever I Hear Some Government Leader Say That Pakistan Has Business Friendly Atmosphere I Feel Like Banging My Head On The Wall.

Plus The Government Has A Fine Tradition Of Shamelessly Violating It's Own Signed Agreements e.g IPPs In 1994 Policy, Port of Singapore,TCC,Al Tuwairqi Steel.Khalifa Coastal Refinery And I Can Go On and On

 

[AZADPAKISTAN2009]

Well I think Pakistan , really needs to "Simplify" and "Modenize" our Financial Sector to make it easier for Business community to move funds in and out of Pakistan without a fear


Becasue as I stated earlier most of the World countries who enjoy a strong financial system have been blessed with a tremendously simple financial process for their customers


> Swiss economy 99% driven by Financial Sector , and they have the process so simply done , you have 100%
annonymous existance you come open account and save your saving account in Swiss Banks

> China or Russia if you will open a Bank Account there they will not sell you out


Unless that Model is simplified , the present model is "Tremendously difficult" for Pakisatnis
That needs to 100% Change


This is the single most important area Pakistan has to revolutionize
"Making Transaction easy"


If Person A moves money from Country A to Country B
There is 0% reason to be concerned of their financial matters

Unless ISI has a open case against them or their name is on ECL sure have further inquiry
otherwise make the process "easy"


All this excessive Tracking has crippled Pakistan's own economy by our own hands


Hindering people who use the Legal System ~ is counter productive becasue 99% of time they are using the fund for Investment, Business or trade



The Rich Politicians may not experience this , however the working class Pakistanis go thru this experience


"EASE of business = Healthy Economy"


We need to go back to 50-60's when we had Golden era in Banking