SECP Launches Combined Digital Registration with Provincial Agencies

As part of its transformational journey, the SECP has now introduced a single combined digital certificate evidencing registration with SECP and some provincial departments simultaneously. The SECP continues to strive for reducing physical interaction with the citizens and is focused on providing services through the use of modern technology at the doorstep of the end-users. This initiative is expected to significantly reduce the overall “Starting a Business” time in Pakistan and would have a positive impact on the country’s ranking on the Doing Business Index. There are less than 10 jurisdictions globally, where federal and provincial registrations are integrated online on a real-time basis, and Pakistan has also now joined this league. The single combined certificate will be issued through SECP’s e-Services in real-time upon the incorporation of a company through a ‘single window, and will simultaneously register the company with provincial departments, including Punjab Employees Social Security Institution (PESSI), Sindh Employees Social Security Institution (SESSI), Labour & Human Resource Departments and Excise & Taxation Departments of Punjab and Sindh. The digital combined certificate features a QR code and a hyperlink for instant verification of the registration status of the company. SECP has in the past also integrated its systems with FBR, EOBI, and BOI. The launch of this combined electronic certificate by SECP is another landmark initiative towards automation of regulatory processes to foster a user-friendly business environment in the country, expected to further fuel the growth of new company registrations in Pakistan. The SECP’s vision is to relentlessly develop a digital ecosystem under the ‘Leading Efficiency through Automation Prowess’ (LEAP) program for end-to-end digitalization of all its internal processes and the outside interface. The recent reforms introduced under LEAP include Digital Certificate of Incorporation, the launch of an online portal for banks to facilitate expeditious account opening, online issuance of Digitally Certified True Copies of statutory returns, and mortgage register.