‘One-Stop Shop’: Central registration database of new investors being organized

SOHAIL SARFRAZ

ISLAMABAD: The government has decided to establish a central registration database of new local and foreign investors, who wanted to get registered with the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan (SECP) without separately going to these organizations.

Sources told Business Recorder here on Friday that the FBR and the SECP have decided to constitute a working group, comprising IT and operational staff to carry out a detailed feasibility study for implementation of the One-Stop Shop (OSS).

Sources said that the main purpose of creation of ‘One-Stop Shop’ is to curtail hassle for new investors for obtaining permission, business registrations and other government requirements. At present, a new investor has to go to the SECP for obtaining registration. Investors also have to visit the FBR to obtain registrations before starting new businesses. 

Similarly, the investors have to visit various government departments for obtaining permissions, registration certificates and National Tax Numbers/company’s registration. Instead of visiting different government departments, the ‘One-Stop Shop’ would provide all facilities to new investors under one roof.

Recently, a meeting was convened on the OSS which was attended by officials of SECP, FBR, EOBI and of the Economic Reform Unit, Ministry of Finance.

An official from SECP presented the concept paper for the proposed OSS. He explained the concept of OSS and the way forward to actually materialize the goal. He emphasized the importance of establishing OSS and also highlighted that the OSS will not only be restricted to SECP, FBR and EOBI, but will include many other organizations with which a businessman has to deal with. It was discussed that there is need to have one registration database where a businessman can provide details required by every organization rather than asking the businessman to provide details separately. This central information can then be accessed by respective organizations for their specific functions.

The FBR and EOBI agreed with the concept paper presented by Executive Director SECP Nazir Shaheen and it was principally agreed to take forward the idea of OSS. It was agreed that in the first phase, a virtual OSS would be designed and implemented, which would cover the new business registration requirements/procedures of SECP, FBR and EOBI pertaining to limited liability companies.

It was decided that a working group, comprising IT and operational staff from the three concerned agencies - SECP, FBR and Employees Old Age Benefits Institution (EOBI) would be formed to carry out a detailed feasibility study including costing, for implementing the virtual OSS. The SECP would be represented in the Working Group by Nazir Ahmed Shaheen and Aamir Waheed. Hamid Khan, Director Central Registration Office (CRO) was nominated member of technical committee and focal person from FBR. Umer Khalid from ERU would represent the ERU (MoF) on the working group.

On the basis of findings of the detailed feasibility study and the gaps identified, the ERU (MoF) would formally request the World Bank for Technical Assistance for the setting up the virtual OSS.

The issue of hiring technical consultants was also discussed and it was decided that if the funding is in the form of grant, then such costs can be incurred and that too only in case where it is required without any alternate available. It was also decided that if the funding is in form of loan, then FBR, SECP and EOBI shall try to reduce the cost by taking the concept ahead from own resources.

It was decided that the project may be taken up expeditiously without further delay as all the three organizations ie FBR, SECP and EOBI agreed to establish OSS.