ISLAMABAD: The Cabinet Committee on Regulatory Reforms (CCoRR) met on Friday to review the third quarterly Regulatory Reform Package, prepared and submitted by the Board of Investment (BoI).
According to a statement, the package developed by a BoI reform team presented a forward-looking agenda aimed at transforming Pakistan’s regulatory landscape to enhance transparency, streamline processes, and strengthen the ease of doing business. Key reform areas included the formulation of the Regulatory Governance Strategy 2025–30, which seeks to establish a modern legal and regulatory system, including the creation of a Pakistan National Legal Registry (PLR).
The package also proposed simplification of business bank account opening through online onboarding for low-risk businesses and the introduction of the Asaan Business Bank Account (ABA) for SMEs.
First package of regulatory reforms: BoI set to seek Cabinet nod
Another major component was the transition from fragmented district registries to a centralized National Business Registry managed by SECP, coupled with the repeal of the outdated Partnership Act, 1932.
In addition, the package proposed a new risk-based and technology-enabled framework for security clearance of foreign investors, ensuring transparency and statutory timelines.
The review of the Companies Act, 2017 was also a significant element, focusing on the modernization of requirements for both unlisted and listed companies through the elimination of outdated provisions and benchmarking against international best practices.
The committee reviewed these reform proposals in detail. All of the proposed reforms were endorsed by the committee and agreed upon by the regulators for implementation, with directions issued to the relevant federal ministries and departments to ensure their time-bound execution.
The establishment of a centralized National Business Registry will eliminate duplication across district registries, allowing firms to complete registration in fewer steps and within a shorter timeframe, while ensuring nationwide recognition of their legal status. Similarly, the modernized risk-based security clearance system will provide foreign investors with predictable timelines, reducing uncertainty and enabling quicker project initiation.
Updates to the Companies Act will ease compliance for both listed and unlisted companies by removing outdated requirements, thereby lowering administrative costs and making corporate governance more efficient.
Qaiser Ahmed Sheikh, Federal Minister for Investment, convened the meeting, which is an important step in the government’s comprehensive efforts to modernize Pakistan’s regulatory framework, a statement said.
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.