The Securities and Exchange Commission of Pakistan (SECP), to further speed up the processing and bring uniformity in decision making, has centralized the function of approving applications of a company’s name reservation.
This is the first step towards the centralization of various regulatory functions currently performed at company registration offices (CROs). To ensure standard application of the law, the complete process of the company’s incorporation will be gradually centralized.
Reservation of the proposed company name is the first and pivotal step for the registration of a company. The company’s law prescribes key considerations to ensure that a company’s name shall not, in any way, be exploitative of existing companies or susceptibilities of the general public. Thus, there is considerable subjectivity involved in the interpretation of the law.
In the decentralized model, approval of the company’s name, through respective CROs, was susceptible to arbitrary decision-making. The centralization of the name reservation process will ensure that the regulatory objectives are met with increased efficiency while ensuring end-user satisfaction.
A separate email contact, [email protected], has been dedicated to addressing the queries of applicants to ensure a smooth transition, besides availability of support through the SECP Service Desk Management System (SDMS).