The Board of Investment (BOI) is currently engaged in a proactive initiative to simplify the business registration process through the development of Pakistan Business Portal (PBP). This online platform is designed to function as a comprehensive solution, consolidating all necessary registrations, licences, certificates and other permits (RLCOs) essential for different business types. Talking to WealthPK, Zulfiqar Ali, Director General of Pakistan Regulatory Modernisation Initiative (PRMI) at BOI, said, “Pakistan Vision 2025 intends to attract high-quality, export-oriented, import-substituting and efficiency-seeking foreign direct investment to bring the country’s economy forward through increased integration with global value chains.” He stated that the traditional hurdles associated with business registration had been a longstanding challenge in Pakistan. “Recognising the need for a transformative approach, BOI has embraced technological innovation to simplify and streamline the registration process.”

“Against this backdrop, PBP's core objective is to simplify and digitise complex application processes, thus effectively eliminating the need for businesses to navigate multiple government entities. The PBP's user-friendly interface is designed to empower business owners, particularly small and medium-sized enterprises, streamline RLCO application processes and alleviate the administrative burden. By centralising registration and licensing, PBP enables businesses to refocus on core operations and foster growth.” Ali emphasized the broader economic implications of PBP, stating that the initiative aligns with the government's commitment to fostering economic growth. “By leveraging technology and innovation, PBP is expected to attract local and foreign investments, create employment opportunities, and significantly reduce the administrative burden on businesses.” “A substantial boost in business registration and investment inflow will come about as a result of PBP, marking a pivotal moment in the government's vision of promoting ease of doing business in Pakistan,” he opined.

The PRMI director general said that a streamlined business registration process was a key driver for economic growth. “By reducing administrative bottlenecks, BOI is sending a positive signal to potential investors that Pakistan is committed to fostering a business-friendly environment.” According to the Pakistan Investment Policy 2023, the country is committed to improving the business climate by enhancing the ease of doing business. This includes introducing good regulatory practices, reducing unnecessary regulatory burdens, and fostering improved coordination for government-wide reforms. The policy also aims to boost investment promotion and facilitate investor retention by simplifying the taxation policy. Additionally, there will be a concerted effort towards better enforcement of intellectual property rights, the establishment of a web-based Investment Project Management System, and the improvement of investor protection. The policy underscores the promotion of high-quality, export-oriented, and import-substituting investments.

Credit: Independent News Pakistan (INP)