'Physical One Stop Shop' to be set up to facilitate company-related registrations: FBR, SECP, EOBI, LCCI sign MoU

Federal Board of Revenue (FBR), Securities and Exchange Commission of Pakistan (SECP), Employees Old Age Benefits Institution (EOBI) and Lahore Chamber of Commerce and Industry (LCCI) on Saturday signed a memorandum of understanding (MoU) to establish " Physical One Stop Shop (OSS)" at the LCCI premises to provide a single interface for businessmen/investors intending to get their company registered with the SECP, followed by NTN/tax registration with FBR and employers registration with EOBI.
The MoU was signed by LCCI President Sohail Lashari, Chairman FBR Tariq Bajwa, Chairman SECP Tahir Mahmood and Director General EOBI Iqbal Haider Zaidi. LCCI Senior Vice President Mian Tariq Misbah, Vice President Kashif Anwar, LCCI President-elect Ijaz A Mumtaz, member of Implementation and Economic Reforms Unit Khalid and Fozia Abid from Ministry of Finance were also present on the occasion.
LCCI will provide all necessary facility in this regard. The POSS arrangement will apply in respect of the procedures of company name registration and company incorporation with SECP, NTN/income tax registration with FBR and employer's registration with EOBI. Lashari while lauding the matchless co-operation of SECP, FBR and EOBI, said that Physical One-Stop Shop for company registration will provide simplicity and facilitation for businessmen for export, attaining membership and exploring newer markets for Pakistani products.
He said Physical One Stop Shop is being formed with the co-operation of SECP, EOBI and FBR but there are many more departments to follow, in fact all those departments who are inevitable for the businessmen to start and carry out their businesses. He said that the standing committee of Code of Corporate Governance has been working very meticulously for making the Physical One Stop Shop a success.
He said that starting from the very contribution of bridging the gap between the business community and the government, LCCI has always tried to play a supportive role using its good office to work for the prosperity of the country and to ease the procedures for doing business in the country.
Lashari said that the step which LCCI has taken to form One Stop Shop not only will facilitate the business community but will also affect positively on the economy of the country. He paid rich tributes to the efforts of Umer Khalid from Implementation and Economic Reforms Unit and Fozia Abid from Ministry of Finance for making this historic MoU between SECP, FBR, EOBI and LCCI viable.
Umer Khalid informed the participants that Implementation and Economic Reforms Unit (IERU) of the Finance Division has been co-ordinating the development of One Stop Shop for new business registration, in collaboration with the SECP, FBR and the EOBI. They said that these three agencies signed MoU in December 2013 for establishment of a virtual one stop shop through an online portal. The POSS being set up at LCCI will use the VOSS system which will become operational by October 2014 to provide facilitation in business registration procedures related to SECP, FBR and EOBI in one physical location.