The Securities and Exchange Commission of Pakistan (SECP), in order to facilitate the Corporate sector and increase ease of doing business, has decided to drastically reduce the number of forms, applications, and declarations for various types of companies to make it easier to do business.
In this regard, SECP issued SRO 604 (I) / 2021 to issue proposals for amendments to the Companies Regulations (General Procedures and Forms) 2018.
According to the Companies Regulations (General Procedures and Forms) 2018, the number of forms and declarations to be completed by different companies is 45. It is now proposed to reduce the number of forms and declarations from 45 to 25.
The draft regulations (general procedures and forms) of the company from 2018 also provided for simpler forms and declarations, which replaced the existing forms.
The reduction in forms and returns for the corporate sector is implemented to cut costs, avoid duplication, simplify business, reduce required registration compliance and eliminate unnecessary clauses in various forms, and it will be back.
As per the new proposal, there will now be Form A and Forms 1-25 compared to the existing 45 Forms.
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