Qudsia Bano

In a groundbreaking move towards digital transformation, the Securities and Exchange Commission of Pakistan (SECP) has revolutionised corporate registration by introducing the cutting-edge online portal, "eZfile." The announcement was made during an awareness seminar organised jointly by the Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) and SECP. "eZfile, part of SECP's digital transformation initiative – Leading Efficiency through Automation Prowess (LEAP) – is poised to replace the existing online filing system, 'eServices.' This modern interface is designed to streamline company registration and post-incorporation filings, offering enhanced sophistication and user-friendliness," said an SECP official wishing anonymity. "eZfile aims to enhance user experience by simplifying navigation through the registration process, facilitating easy access to information, and streamlining the submission of returns/documents. The online portal will replace the cumbersome processes with a modern interface and advanced features, ensuring a seamless experience for users," the official added.

The official said that the new Companies Regulations, 2024, introduced by SECP, played a pivotal role in this digital transition. "The regulatory framework has been revamped, consolidating multiple forms into a reduced set of 28, down from 75, eliminating redundancy and enhancing clarity. These regulations cover various aspects, including company incorporation, compliance, licensing under Section 42 of the Companies Act, 2017, share capital issuance, group registration, and exit procedures." One of the standout features of eZfile is the inclusion of built-in checks and guidance messages, providing users with a foolproof mechanism for accurate submissions. This step is expected to significantly reduce errors and enhance the overall efficiency of the registration and filing processes. The phased implementation of the Companies Regulations, 2024, will align with the rollout of the LEAP project, ensuring a smooth transition for businesses and entrepreneurs.

Standardised forms and application samples included in the regulations will further simplify compliance procedures. The introduction of eZfile by SECP marks a significant milestone in Pakistan's journey towards a more efficient and transparent corporate registration system. This digital leap is poised to benefit companies, entrepreneurs, and stakeholders by providing a streamlined, user-friendly, and error-resistant platform for corporate dealings. As Pakistan embraces the era of digitalisation, eZfile stands as evidence of SECP's commitment to fostering a business-friendly environment and promoting ease of doing business in the country.

INP: Credit: INP-WealthPk