SECP launches online company registration

Wednesday, February 11, 2009

By Jawwad Rizvi

LAHORE: The Securities and Exchange Commission of Pakistan (SECP) has introduced online company registration in order to promote a hassle-free and paperless system.The News has learnt that the SECP has issued an SRO 119 (I)/2009 dated February 6 for company’s registration fee for submission of documents both online and physically. In order to promote a paperless system, the SECP has fixed about half of the registration fee for online process in every category.The SECP notified registration fee of Rs2,500 for online submission of documents for a company with nominal share capital up to Rs100,000. In case the nominal share capital crosses Rs100,000, Rs100 to Rs500 would be added to the fee.For registration of an increase in share capital which came after the first registration of the company, the amount to be paid would be equal to the difference between the amount which would have been payable on registration of the company by reference to the increase in capital and the amount which would have been payable by reference to its capital immediately before the increase, calculated at rates given under clause 2.For registration of any existing company, except for such companies exempted from payment of fee in respect of registration under the ordinance, the fee will be the same as for registering a new company.For filing, registering or recording any document required under the ordinance other than particulars of mortgage/charge or other interest created by a company, or the memorandum or the abstract required to be filed with the registrar by a receiver or the statement or other document required to be filed with the registrar by the liquidator in a wind-up, a fee of Rs500 will be charged for online process and Rs1,000 for physical process.For filing, registering or recording a document related to mortgage or charge required under the ordinance, a fee of Rs5,000 will be charged for online process and Rs7,500 for physical process.An official of the SECP revealed the Commission had introduced the online registration process in an era when everyone was moving in a paperless system. “In corporate culture, the online system is more convenient for the people rather than adopting an orthodox system,” he added.