The Securities and Exchange Commission of Pakistan (SECP) has centralised the function of approving applications of company’s name reservation, in order to further speed up processing and to bring uniformity in decision making.
This is the first step towards centralization of various regulatory functions, currently performed at company registration offices (CROs). To ensure standard application of law, the complete process of company’s incorporation will be gradually centralised.
The reservation of the proposed company name is a pivotal step for a company’s registration. The company’s law prescribes key considerations to ensure that a company’s name shall not, in any way, be exploitative of existing companies or susceptibilities of the general public. Thus, there is considerable subjectivity involved in interpretation of the law.
In the decentralized model, approval of the company’s name, through respective CROs, was susceptible to arbitrary decision-making. The centralization of name reservation process will ensure that the regulatory objectives are met with increased efficiency while ensuring end-user satisfaction.
A separate email contact, email@example.com has been dedicated to address the queries of applicants to ensure a smooth transition, besides availability of support through SECP Service Desk Management System (SDMS).