SECP to extend OSS facility to Balochistan, KP

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) would extend its One Stop Shop (OSS) facility for company registration to Balochistan and Khyber-Pakhtunkhwa, a statement said on Friday.

Speaking at the launching ceremony of the government of Balochistan’s plan for transformation of traditional businesses in to corporate bodies, SECP Commissioner Shaukat Hussain said that the SECP’s eServices had already been integrated with the Federal Board of Revenue (FBR) and the Employees Old-Age Benefits Institution (EOBI).

The eServices are also linked with the business registration portals of Punjab and Sindh, he added. Consequently, the eServices of the commission have become a One Stop Shop (OSS) for the registration of a company with the SECP, FBR, EOBI, Punjab / Sindh Employees Social Security Institution (PESSI / SESSI), Excise and Taxation Department and Labour Department of Punjab and Sindh.

Hussain appreciated the initiative of the Balochistan government and said that a formal economy, where registered businesses pay taxes and create jobs to contribute to the overall economic growth, is the need of the hour.

Therefore, it is high time that immediate steps are taken to encourage business registrations, he added. The participants of the event were also enlightened on the recent reforms taken by the SECP to facilitate entrepreneurs and reduce time and cost of starting a new business, including simplified incorporation process, significant reduction in fees, reduction in the time for incorporation to four working hours and facility for the payment of fee through mobile and internet banking.

The SECP commissioner said the reforms led to 27 percent increase in companies registration in 2019. He also apprised about the recent launch of the SECP’s startup portal and proposed amendments in the Companies Act, 2017 to promote startups, especially in the technology sector.