Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi has said that Companies Ordinance 2016 is the law of the land and registration of companies has been started under the new law. Responding to a query on present legal status of the Companies Ordinance 2016, the Chairman SECP informed mediapersons at the SECP Headquarters Friday that it is very clear that Companies Ordinance 2016 is the law of the land.
The National Assembly Standing Committee on Finance has constituted a four-member sub-committee for further consideration on the said law. The SECP would fully assist and brief the sub-committee on the new law. He said the restructuring of major companies'' registration offices is under way across the country to facilitate the registration process. The same day incorporation of the new companies is being done under the new law. The incorporation process has been simplified under the new law.
Zafar Hijazi was optimistic that incorporation of companies would be doubled next year due to the liberalised policy, facilitation and simplification for companies under the new law. The biggest law of the corporate sector is now operative, which is a marvellous achievement of the SECP. It took us 37 years to make a new companies law in 1984. In line with the global changes and practices, the SECP has drafted the new law in line with the best international practices.
The level of facilitation is so high under the new law, which would double the number of incorporation of companies next year. The new law would play a key role in the documentation of economy, ease of doing business and increase in number of companies.
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