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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has formed a Committee in collaboration with the Institute of Chartered Accountants of Pakistan (ICAP) and the Pakistan Institute of Development Economics (PIDE) to promote corporatization.

SECP has consistently introduced reforms to facilitate company incorporation through automation and streamlining of processes aimed at reducing the overall time of starting a business in Pakistan. Resultantly, the total number of registered companies has increased to 200,000, with over 99.8% of enterprises registering online and 24% completing registration on the same day.

However, there is a need to promote corporatization by identifying and addressing bottlenecks and providing concrete recommendations to achieve sustainable economic development.

The term of reference of the Committee, comprising senior representatives of SECP, ICAP, and PIDE, encompasses a review of the existing regulatory structure, identifying impediments, and providing practical recommendations, including fiscal reforms, to encourage corporatization for sustainable economic development.

Copyright Business Recorder, 2023

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