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online registration of companies

online registration of companies

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Published by Ali Gulzar

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Published by: Ali Gulzar on Jun 03, 2010
Copyright:Attribution Non-commercial

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10/12/2012

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 Authority of registration
 The Registration Department of SECP is responsible for registration of theCompanies under companies Ordinance 1984, and the rules and regulationsmade there under along with other relevant laws.
Functions of registration department:
 
 Its primary functions include
1. Registration of companies,2. Regulating their statutory functions,3. Monitoring of corporate compliance through examination of statutoryreturns and accounts.The Registration department is mainly responsible for registration of companies and supervision of Company Registration Offices (CROs). Itmonitors the functioning of registered entities in terms of the statutory provisions, regulates corporate compliance of registered entities and ensuresfiling of statutory returns by companies. Implementation of cost accounts inrelated industries, development of legal framework, and providing guidanceto CROs and the general public are also part of the functions of the Wing These functions are performed by the eight regional offices of the SECP, theCompany Registration Offices (CROs). The Registration Departmentsupervises, coordinates, and monitors the workings of the CROs. TheDepartment is headed by Executive Director 
 
OBJECTIVE
To promote healthy growth of corporate enterprises,protection of investors and creditors, promotion oinvestment and development of economy.
ORGANIZATIONAL STRUCTURE
 
 
WHEN ELECTRONIC REGISTRATION STARTED INPAKISTAN:
: The Securities and Exchange Commission of Pakistan (SECP) hasintroduced online company registration in order to promote a hassle-freeand paperless system.SECP has issued an
SRO 119 (I)/2009 dated February 6
forcompany’s registration fee for submission of documents both online andphysically. In order to promote a paperless system, the SECP has fixedabout half of the registration fee for online process in every category.
Why online registration needed?The process of registration of companies in Pakistan was started manually. But that method wasmuch time consuming and was difficult to handle. To facilitate the process of venture creation and to make it more prompt & easySECP introduce online registration system to register thecompaniesIt is the convenient way to register a company. It saves time and reduce paper filing and handling cost.
 Advantages of electronic registration
 
Filing online offers the following distinct advantages:
convenience – file from the office or from home – the
is open seven days a week, 24 hours a day.
reduced delivery costs traditional delivery expenses and delays areeliminated with online submissions.
immediate acknowledgement of filing no more guessing as towhether your submission has been received
 prompt articles processing – online submissions enable Corporationsto offer expedient processing within either the same day or next dayturnaround, depending on the time of filing and complexity of theapplication.

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