August 5, 2019: The Securities and Exchange Commission of Pakistan (SECP) in collaboration with National Incubation Centre (NIC) organized an advance learning session for fresh startups at the NIC, Islamabad.
The SECP’s expert mentored and guided participants on the importance, procedures, benefits and obligations of incorporation. Currently, over one hundred new startups are operating at the state of art incubation center.
The SECP officials from the Corporate Registration and Information Technology Departments gave a detailed presentation on SECP’s eServices and use of digital technology for providing ease of doing businesses. The participants were briefed about easy registration with eServices, criteria for choosing company name, requirement of stating principle line of business, availability of digital articles and memorandum of association forms and templates for applicant ease, electronic mode of payments and provision of certified copies free of cost at the time of incorporation.
In addition to educating potential and existing investors through its Investor Education program, the SECP through its facilitation desks and its Service Desk and toll free number service also provides complete guidance and assistance to applicants. As a result of SECP’s developed digital solutions, the time involved in processing of a company incorporation application has reduced significantly. It was told that during the corresponding month, out of total companies registered 56% companies were issued incorporation certificate within just four-hours.
The participants were informed that the SECP eServices is now integrated with FBR to issue national tax numbers. Resultantly, through SECP eServices, a company automatically gets registered with FBR and receives its NTN digitally. The SECP eServices have become a virtual one-stop shop for registration of a company with all federal and provincial business registration authorities making the process of registration simpler and faster.
The participants were also briefed about the procedure for winding up of a company and easy exit. The participants were advised that if a company is not able to carry on its operations due to any reason, it is always recommended to wind up the company properly. SECP officials also gave a detailed presentation about the mandate and regulatory jurisdiction of the SECP while sharing the vision of end to end digitalization to deliver a world class investor experience.
The National Incubation Center is Pakistan’s largest technology incubation center; the first purpose built creative space in Pakistan buzzing with innovators, mentors, change-makers and passionate leaders. It’s a living example of a successful public-private partnership between the Ministry of IT and Telecom, Ignite – National Technology Fund, Jazz and Teamup.