ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) in collaboration with the Islamabad Chamber of Commerce and Industry (ICCI) organized an awareness session about the Incorporation of Companies, Leading Efficiency through Automation Prowess (LEAP), and the Latest Amendments in the Companies Act for ease of doing business.
Faisal Lateef Khawaja Joint Registrar, Muhammad Naeem Khan Additional Registrar/Incharge Company Registration Office Islamabad gave a detailed presentation to the business community about the role of SECP and the latest amendments in the Companies Act in promoting ease of doing business.
The presentation covered the role and functions of SECP, registration & and regulation of companies, modes of doing business, kinds of companies, benefits of a company, companies established outside Pakistan, and establishment of businesses in Pakistan.
They said that SECP has envisioned a digital transformation program named “Leading Efficiency through Automation Prowess (LEAP)” to position itself as a role model regulator and to deliver a world-class experience to its shareholders. They said that the concept of “startup companies” has been introduced to promote innovation and technological development. Earlier, the buyback of shares was restricted to only listed companies, however, all companies have now been allowed to buy back their shares. The private companies having paid up capital up to Rs.1 million have been exempted from filing of unaudited financial statements. They said that these amendments have been made to promote transparency and good governance of companies. It will promote ease of starting and doing business, encourage innovation, and promote entrepreneurship.
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Faad Waheed, Senior Vice President, Islamabad Chamber of Commerce & Industry welcomed the SECP team and said that its role is very important in private sector development in Pakistan by ensuring transparent laws and good governance. He said that regulatory measures to promote fairness, transparency and accountability is key for Pakistan to emerge as a growing economy. He hoped that the latest amendments made in the Companies Act would facilitate the better growth of start-ups and companies to expand the business landscape in Pakistan.
Engr. Azhar ul Islam Zafar, Vice President, ICCI thanked the SECP team for organizing an awareness session at ICCI for the business community. He said that SECP should organize such awareness sessions in chambers of commerce regularly to educate the business community and help them in business promotion.
