ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) here on Monday said that the Commission has prepared a draft bill for introducing Limited liability Partnership (LLP) in the country.
The proposed LLP aiming at documentation of national economy by improving the legislation for the corporate sector which is expected to enable entrepreneurs, professionals and enterprises providing services of any kind or engaged in scientific and technical disciplines to form commercially efficient model suited to their requirements.
In this regard the Commission organized an advocacy and consultative session in collaboration with USAID for seeking the suggestion and comments of different stakeholders including legal experts, academia, chambers of commerce and business experts of the country.
Speaking on the occasion, Director SECP, Mian Ahmad Ibrahim said that the initiative was important for the corporate sector of country which was the back bone and engine of economic growth.
He said that LLP is partnership in which all the partners have limited liability in an incorporated entity and a legal entity separate from its partners.
He said that LLP has been accepted most suitable business vehicle for manufacturing and services sectors in different jurisdiction around the world adding that during last two decades most of the jurisdiction introduced LLP and enacted legislation for this purpose.
Head of Corporatization and Compliance Department of SECP, Nazir Ahamd Shaheen said that his organization was making efforts for the documentation of economy and giving legal cover to businesses.
He said that concept of LLP was accepted by US, UK, Australia, India and other countries of world and adopted by various companies and helping in promoting the business.
Speaking on the occasion, USAID representative, Kanwal Bukhari said that USAID was supporting Pakistan in series of engagements for the betterment of financial sector.
She said that USAID was also working with policy makers, legislators and chambers of commerce and recently launched private equity fund to support the small and medium enterprises.
Comments
Comments are closed.