The Securities and Exchange Commission of Pakistan (SECP) has initialised the process of company registrations using its Virtual One Stop Shop (VOSS) online solution. An official statement, released on Friday, said that companies had started using the newly launched registration service.
As of now, two companies have registered using the online VOSS. The statement said that CEMEX (Pvt) Limited and Bisma Builders and Developers (Pvt) Limited are the first two companies which made use of the new service.
Prior to this, the SECP conducted a number of awareness and introduction sessions for potential promoters. These sessions detailed the features and benefits of VOSS along with the procedure of making full use of the VOSS.
The Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR) and Employees Old-age Benefits Institution (EOBI) had signed a memorandum of understanding back in September 2013 to officially start working on the Virtual One Stop Shop.
The project was launched for the facilitation of upcoming entrepreneurs, investors and companies so that they could easily submit their business, tax and social security registrations online. The trio of organisations planned to create a web portal with a single, simple interface to register companies with the SECP, get NTN/tax accounts registered with the FBR and register employees with the EOBI.
The creation of the web portal was tasked to Pakistan Revenue Automation (Pvt.) Limited (PRAL), which completed the process last year. VOSS removes the need to visit any of the authority offices and is completely online. The SECP also managed to integrate three of its other internal processes with the online service: Company name reservation, company registration and issuance of certified true copies of the company establishment documents, all of which are possible via VOSS.
The development of the new online system will help in improving Pakistan’s entrepreneurial environment. It will also assist in increasing the startup assistance stature of the country in the “Doing Business” and “Starting a Business” rankings, determined by the World Bank. Other than improvements in these global benchmarks, it will help promote investments, facilitate investors and increase financial documentation of the entrepreneurial sector.