The Securities and Exchange Commission of Pakistan has started registration of companies under the newly-introduced Virtual One-Stop Shop (VOSS) and has registered two companies namely M/s CEMEX (Pvt) Limited and Bisma Builders and Developers (Pvt) Limited under the VOSS.
The SECP also conducted a number of awareness sessions for potential promoters about the VOSS features and benefits.
Earlier, on the basis of an initiative taken by the federal government, a memorandum of understanding for the establishment and operation of VOSS was signed between the SECP, the federal board of revenue and Employees’ Old-Age Benefits Institution to provide for integrated company, tax and employers’ registration with the three authorities, respectively, under the online mode.
In addition, the newly-introduced system has also integrated three internal processes of the SECP including name reservation, company registration and issuance of certified true copies of the company formation documents. The VOSS software has been developed by Pakistan Revenue Automation (Pvt) Limited (PRAL).
The aforesaid development will enable the country to achieve higher rankings in the starting-a-business and doing business indicators which are global benchmarks to assess the doing business environment within a country. It is also likely to promote investment, facilitate and attract new investors, and ensure documentation of economy.