In order to promote the ease of doing business, the Securities and Exchange Commission of Pakistan (SECP) has introduced numerous reforms through the enactment of the Companies Act, 2017.
In order to increase the number of new incorporations, a simplified incorporation process has been introduced. In this regard, the Companies (Incorporation) Regulations, 2017, have been amended. Now the companies are required to submit simple application form under regulation 5 of the Companies (Incorporation) Regulations, 2017, instead of different statutory forms, i.e. 1, 21, 27, 28, and 29 as were required to be filed under the repealed Companies Ordinance, 1984.
All the necessary information regarding company registered address, telephone number and list of directors/chief executive is now available in the different annexure of application form. In view of the above, the SECP would like to inform banks/stakeholders that requirements for filing different statutory forms such as 1, 21, 27, 28 and 29 at the time of incorporation has been replaced with simple application form under regulation 5 of the Companies (Incorporation) Regulations, 2017.