By Fozia Azam

In an effort to streamline the process of business registration, the Board of Investment (BOI) is actively working to develop the Pakistan Business Portal (PBP), which will serve as a one-stop solution for all registrations, licences, certificates, and other permits (RLCOs) required for various types of businesses. The PBP is an idea conceived by the BOI to revolutionise the way businesses operate in Pakistan by simplifying and digitising the often complex and time-consuming application processes. This single online platform will eliminate the need for business owners to interact with multiple government entities to complete the required documentation.

While taking to WealthPK, Zulfiqar Ali, Director General of Pakistan Regulatory Modernisation Initiative (PRMI) at the BOI, said the platform will provide a user-friendly interface, making it easy for business owners to navigate the RLCO application process at their convenience. “The BOI aims to create a seamless and efficient experience for all types of businesses, including small and medium-sized enterprises (SMEs). By centralising the registration and licencing process, the PBP will significantly reduce the administrative burden for businesses, allowing them to focus more on their core operations and growth,” Zulfiqar said.

Moreover, he said that the PBP will incorporate secure and robust data management systems, ensuring the protection of sensitive information provided by businesses during the application process. This focus on data security will inspire trust and confidence among businesses nationwide.The official said the BOI's efforts towards developing the PBP signify the government's commitment to fostering a business-friendly environment in Pakistan. By leveraging technology and innovation, the PBP will contribute to attracting local and foreign investment, creating employment opportunities, and driving economic growth.

“The BOI expects a significant boost in business registration and investment inflow as a result of the introduction of the PBP. This initiative will mark an important milestone in the government's vision of promoting ease of doing business and establishing Pakistan as an attractive destination for entrepreneurs and investors alike,” Zulfiqar said.He said as the development of the PBP progresses, the BOI remains dedicated to ensuring a seamless transition to this digital platform. He said business owners are encouraged to stay updated with announcements from the BOI to take advantage of this transformative initiative for the growth and development of their enterprises.

To establish the PBP mapping, 550 business regulations were carried out for analysis, simplification and elimination of unnecessary laws. It is expected that following the implementation of new reforms, Pakistan will be included in the top 90 economies of the world with regard to ease of doing business. In the Ease of Doing Business Index 2020, Pakistan is considerably behind its peer economies, ranking 108 out of 190. In the regulatory area of “Starting a Business”, Pakistan ranked 72 out of 190 countries.

 Credit: INP-WealthPk