ISLAMABAD: According to the annual report issued by Security and Exchange Commission of Pakistan (SECP); Pakistan’s position has been enhanced on World Bank (WB) Ease of Doing Business Index for the second consecutive year.
As per World Bank’s latest rankings on ease of doing business for 2020, Pakistan has improved its position by 28 points from 136 to 108 which is an unprecedented improvement, report said. After this integration, SECP’s eServices is offering one window facility for company registration with FBR (NTN registration), EOBI, provincial employees social security institutions (PESSI/SESSI), Labor Department and Excise and Taxation Department of Punjab and Sindh.
This improvement is primarily due to integration of SECP e-Services with the Federal Board of Revenue (FBR) and the Employees Old Age Benefits Institution (EOBI) at the Federal level and with Business Registration portals of Punjab and Sindh at the Provincial level.
As a result of this reform, number of procedures to start a business as recorded in the Doing Business Report 2020 have been reduced from 10 to 5 and Pakistan has been able to ranked at first in South Asia and 6th among the top ten reformers globally.
The administrative powers under the STA relating to operationalization of the STR have been entrusted to the Commission through the Financial Institutions (Secured Transactions) (Amendment) Ordinance, 2020. The SECP, with financial support from DFID (UK), has launched the STR on April 30, 2020.