Pakistan Doing Business – Pakistan Doing Business DB …



Starting a Business Questionnaire – Pakistan (Karachi)



 

Dear Mr. Muhammad Siddique,

We would like to thank you for your participation in the Doing Business project. Your expertise in the area of Starting a Business in Pakistan is essential to the success of the Doing Business report, one of the flagship publications of the World Bank Group that benchmarks business regulations in 190 economies worldwide. The Starting a Business indicator, which measures the number of procedures, time, cost and paid-in minimum capital requirement for a small and medium-size limited liability company to start up and formally operate, is one of the 11 indicator sets published by the Doing Business report.

The report attracts much attention around the world. The latest edition, Doing Business 2018: Reforming to Create Jobs, was the 15th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. It received over 10,000 media citations within just a week of its publication on October 31, 2017. Within that same period the Doing Business website was viewed over a million times and the report was downloaded over 15,000 times. One hundred and nineteen economies implemented a total of 264 reforms easing the process of doing business. Europe and Central Asia continues to be the region with the highest share of economies reforming – i.e. 79%, followed by South Asia and Sub-Saharan Africa.

Governments worldwide read the report with interest every year, and your contribution makes it possible for the Doing Business project to disseminate the regulatory best practices that continue to inspire their regulatory reform efforts. In 2016/17, 38 economies made changes to pre-registration and registration formalities captured by the Starting a Business indicator. 

We are honored to be able to count on your expertise for Doing Business 2019. Please do the following in completing the questionnaire:

• Review the assumptions of the case study before updating last year's information in the questionnaire.

• Describe in detail any reform that has affected the areas of starting a business since June 1, 2017.

• Be sure to update your name and address if necessary, so that we can mail you a complimentary copy of the report.

• Kindly return the questionnaire to Nadia Novik at nnovik@.

We thank you again for your invaluable contribution to the work of the World Bank Group.

Sincerely,

Nadia Novik

Tel: +603 2263 4922

Email: nnovik@

[pic]

Primary Contributor Information: Please check the box next to information you do not want us to publish.

| |Name | |

| |Title (Mr., Ms., Dr.) |Mr. |[Mr.   ] |

|Do not publish |First Name |Muhammad |[Shaukat ] |

| |Last Name |Siddique |[Hussain  ] |

|Never Published |Position (e.g. manager, |Executive Director |[Executive Director    ] |

| |associate, partner) | | |

| |Profession (e.g. judge, lawyer, | |[     ] |

| |notary) | | |

| | |

| |Contact details |

|Do not publish |Firm name |Securities and Exchange Commission |[Securities and Exchange Commission of Pakistan   ] |

| |Website |.pk |[ .pk    ] |

|Do not publish |E-mail address |muhammad.siddique@.pk |[ shaukat.hussain@.pk    ] |

|Do not publish |Phone |(051) 921-0205 |[ (051)-9100433    ] |

|Never Published |Fax | |[ (051)-9100448   ] |

| |Mobile phone |0308-8888390 |[     ] |

|Do not publish |Firm Address | | | |

|Street |Securities and Exchange |[Securities and Exchange |P.O. Box | |[     ] |

| |Commission of Pakistan (SECP)|Commission of Pakistan, | | | |

| |63, Jinnah Avenue, Blue Area,|63, Jinnad Avenue, Blue | | | |

| |NICL Building,2º |Area, NICL Building  ] | | | |

|City |Islamabad |[   Islamabad  ] |State/ Province | |[     ] |

|Zip/Postal code |44000 |[  44000   ] |Country |Pakistan |[    Pakistan ] |

7 DB 2019 a06C000001mH3eqIAC starting_survey PAK 420 071E5461-1693-484F-AED0-350E16E156F2

Additional Contributor(s): If there are more people whom you would like us to acknowledge, kindly send us an e-mail.

|Name |Occupation |Email |Phone |Address |

|[Ms. ] |[Securities and Exchange |[  omaimah.nazir@.pk   ] |[(051)9207092] |[Securities and Exchange |

|[Omaimah] |Commission of Pakistan] | |[mobile] |Commission of Pakistan, 63, |

|[Nazir] |[Joint Director] | | |Jinnah Avenue, Blue Area, NICL|

| |[profession] | | |Building] |

| | | | |[state/province] |

| | | | |[Islamabad/Pakistan] |

|[title] |[firm] |[     ] |[phone] |[street] |

|[first name] |[position] | |[mobile] |[state/province] |

|[last name] |[profession] | | |[city/country] |

|[title] |[firm] |[     ] |[phone] |[street] |

|[first name] |[position] | |[mobile] |[state/province] |

|[last name] |[profession] | | |[city/country] |

[pic]Paperless Option for Complimentary Report and Certificate

Last year contributors saved nearly half a million pieces of paper by selecting the paperless report option. We welcome you to join us in conserving resources:

Please e-mail me an electronic copy of the report and my certificate of appreciation, rather than mailing me a paper copy.

Referrals: Please help us expand our list of contributors by referring us to other experts in the private or public sector (lawyers, notaries, public officials or any expert on this field) who can respond to the questionnaire.

|First name |Last name |Position |Firm |Address |Phone |E-mail |

|[      ] |[      ] |[      ] |[      ] |[      ] |[      ] |[      ] |

|[      ] |[      ] |[      ] |[      ] |[      ] |[      ] |[      ] |

1. CASE STUDY ASSUMPTIONS

The Starting a Business indicators record all procedures officially required, or commonly done in practice, for an entrepreneur to start up and formally operate an industrial or commercial business, as well as the time and cost to complete these procedures and the paid-in minimum capital. These procedures include obtaining all the necessary licenses and permits and completing any required notifications, verifications or inscriptions for the company and employees with relevant authorities.

 

Please provide responses to the questions in sections 2 and 3 of the questionnaire based on the case study assumptions and information below.

You are setting up the following company:

|Type of limited liability company |Private Limited Liability Company. The business has 5 owners (shareholders) and is 100% domestically owned. |

|Location |In Karachi. |

|Company size |Start-up capital: PKR 1,628,077 (equivalent to USD 15,100). |

| |Annual sales (turnover): PKR 16,280,765 (equivalent to USD 151,000). |

| |Number of employees: 10-50 employees (within 1 month of commencement of operations). All are nationals of Pakistan. |

|Activities |The business conducts general industrial or commercial activities, such as production or sale of goods or services to the|

| |public. |

| |The business does not qualify for investment incentives or any special benefits. |

| |The business does not perform foreign trade activities and does not handle products subject to a special tax regime, for |

| |example, liquor or tobacco. It does not use heavily polluting production processes. |

|Assets and office space |The business does not own real estate. It leases the commercial plant and offices. |

| |The amount of the annual lease for the office space is PKR 162,808 (equivalent to USD 1,510). |

| |The size of the entire office space is approximately 929 square meters (10,000 square feet). |

|Company deed |10 pages long. |

2. REFORM UPDATE

When answering the questions below, please use the case study assumptions provided in section 1.

2.1 Has there been any reform (in practice or in laws and regulations) related to the process of starting a business SINCE June 1, 2017?

If applicable, please indicate the name and date of the law and provide an online link to the legal text:

| | | |

| |Response |If yes, has this reform simplified or complicated the process of starting a business? Please explain: |

| | | SECP has introduced six (6) reforms that have simplified the process of starting a business and reduced cost|

| | |and time to register a company: |

| | | |

| | |1- SECP on February 06, 2018, launched a single online procedure for user registration, name reservation, |

| | |company incorporation, payment of fee through credit card and IBFT and notification of appointment of CEO. As|

| | |a result procedure 1, 2, 3, 4 and 12 are merged into one single process. This reform has reduced number of |

| | |procedures.The Companies (Incorporation) Regulations, 2017 containing legal provisions for the combined |

| | |process were notified vide S.R.O 704 (I)/2017 dated July 26, 2017 available at |

| | |. |

| | | |

| | |2- The Companies (Incorporation) Regulations, 2017 has replaced the requirement of filing of multiple |

| | |form/documents i.e(Form 1, 21,29, Memorandum) at the time of incorporation with single application |

| | |form/document(Annexure-IV of Incorporation Regulations) . As a result, single filing fee as specified in para|

| | |I(8) of Seventh Schedule of the Companies Act, 2017 is charged instead of filing fees for 4 forms/documents. |

| | |This reform has reduced the cost.The Companies (Incorporation) Regulations, 2017 containing legal provisions|

| | |for the single form were notified vide S.R.O 704 (I)/2017 dated July 26, 2017 available at |

| | |. The |

| | |fee schedule is available at . |

| | | |

| | |3- The Companies (Incorporation) Regulations, 2017 now requires that details of CEO are provided at the |

| | |time of incorporation of company on (Annexure-IV of Incorporation Regulations) instead of previous |

| | |requirement whereby the details of CEO were filed after fifteen days of incorporation of company through |

| | |Form-29. This reform has reduced number of procedures. The Companies (Incorporation) Regulations, 2017 |

| | |containing legal provisions to notify details of directors were notified vide S.R.O 704 (I)/2017 dated July |

| | |26, 2017 available at |

| | |. |

| | | |

| | |4- The Companies (Registration Offices) Regulations, 2018 has specified a timeframe of “4 hours” for |

| | |disposal of complete application for incorporation of company with normal fee. It has replaced the previous |

| | |practice of Fast Track Registration Service under which application was processed in four hours but with |

| | |higher fees. This reform has reduced the time required for company registration.The Companies (Registration |

| | |Offices) Regulations, 2018 containing legal provision regarding timeframe were notified vide S.R.O. 76 |

| | |(I)/2018 dated January 25, 2018 available at |

| | | |

| | | |

| | |5- SECP has developed data linkage with Government of Punjab Business Registration Portal to facilitate |

| | |business registrations at provincial level. |

| | | |

| | |6-SECP has developed data linkage with EOBI since January 2018 whereby corporate data of all companies |

| | |registered with SECP is pushed to EOBI in real time for usage at their end. It is similar to data linkage |

| | |already created with FBR since March 2017. |

| | | |

| | | |

| | |UPDATE: |

| | | |

| | |• Online payment through 1 link has become operational; |

| | | |

| | |• SECP-FBR system has been integrated for issuance of NTN . Although integration has been acknowledged in |

| | |final DB 2019 report (see Procedure No.2) however procedure no 6 (renumbered as Procedure No.5) still |

| | |reported in 2019 report as a separate procedure. Based on data provided to DB team (showing issuance of NTN |

| | |simultaneously with company incorporation) during meeting held on November 27, 2018 it is expected that this|

| | |procedure will be eliminated in next report. |

2.2 Are you aware of any reform (in practice or in laws and regulations) related to the process of starting a business that is expected to be adopted PRIOR TO May 1, 2018?

| | | |

| |Response |If yes, is this reform expected to simplify or complicate the process of starting a business? Please explain:|

| | | SECP in collaboration with 1-link and FBR is working on following two(2) reforms which are expected to be |

| | |adopted prior to May 01, 2018: |

| | | |

| | |1- SECP is collaborating with 1-link to increase online payment options like Debit Card, ATM etc for payment|

| | |of incorporation and post incorporation fees |

| | | |

| | |2- SECP has collaborated with FBR to enhance the scope of existing data linkages between the two federal |

| | |agencies to enable FBR to issue NTN automatically to company after it is registered with SECP. The system has|

| | |been developed and it is in user acceptance testing phase. It will be launched in first week of March.    |

| | | |

| | |UPDATE: |

| | | |

| | |• Integration with PBRP( developed by PITB in Punjab) is at final stage to enable provincial |

| | |registrations (PESSI/Labor) through SECP-PBRP integrated portal; |

| | |• Complete Integration with EOBI, to enable EOBI registration through SECP-EOBI integrated portal, is |

| | |expected to be finalized by January 31, 2019. |

| | | |

| | |After completion of integration with EOBI and PBRP, procedure 8 and 10 (for lahore only ) and Procedure No. 9|

| | |(for both Lahore and Karachi )of DB 2019 will be merged with procedure 2 of DB 2019. |

2.3 Are you aware of any reform (in practice or in laws and regulations) related to the process of starting a business that is ongoing and is expected to be adopted AFTER May 1, 2018?

| | | |

| |Response |If yes, is this reform expected to simplify or complicate the process of starting a business? Please explain:|

| | |       |

2.4 How many Private Limited Liability Company registrations did you or your company oversee in the past year?

3. THE BUSINESS START-UP PROCESS

For your convenience, last year’s aggregate answers are included in this survey. They represent a unified answer based on the answers we received from various contributors. Thus, they may not match the specific answers that you or your colleagues provided last year.

If you feel that the unified answers do not reflect the current reality in your economy, kindly provide us with your own answers and a clear indication of the reasons for your different views.

Please describe in detail any change to the data and indicate when the change took effect. Please specify the reason why you think the data for this year should be different:

(i) Correction: our unified answer is wrong and does not reflect the current practice in your economy;

(ii) Reform: the different answer resulted from a modification of practice or law after June 1, 2017;

(iii) Other: please specify. 

Definitions

A procedure is any interaction of the company founder with external parties, for example, government agencies, lawyers, auditors or notaries. Interactions between company founders or between company officers and their employees are not considered separate procedures. Both pre- and post-incorporation procedures that are required for an entrepreneur to legally operate a business (including procedures required after the company incorporation) are recorded. If female entrepreneurs have to comply with additional requirements compared to male entrepreneurs, such additional requirements are included in the list of procedures and are marked as "applies to women only".

Time is recorded in calendar days, not working days. The time span for each procedure starts with the first filing of the application or request and ends once the company has received the final document, such as the company registration certificate or tax number (for example, it includes the time to make an appointment with a notary or any waiting time once the documents are filed). It is assumed that the entrepreneur has had no prior contact with any of the officials. Procedures that can be fully completed online and in less than 1 day are counted as half a day.

Costs include only official fees and taxes. Bribes are excluded. If possible, please indicate the relevant fee schedule or calculation formula (for example, as a percentage of the company’s capital). Fees for professional services (such as those of notaries, lawyers or accountants) are included only if the company is required by law to use such services or if the use of professional services are solicited by the majority of entrepreneurs.

Paid-in minimum capital requirement is the amount that an entrepreneur is required to deposit in a bank or with a notary prior to or within 3 months of company registration.

Please note that all time and cost estimates for each procedure should be provided assuming that no bribe is offered to the officials. Similarly, please assume that no procedure can be skipped through a bribe payment.

3.1 Please update the data below, taking into account the case study assumptions provided in section 1.

• Please describe in detail any change to the data and indicate when the change took effect.

• When your answers differ from last year's information, please specify whether this is due to a correction, a reform or other reason.

| | |

| |Last year's information |Please update last year's information|Comments (correction, reform, other) |

|Most common type of domestic limited |Private Limited Liability Company | Private Limited Company     |       |

|liability company in Pakistan (Karachi). | | | |

|Minimum capital requirement |PKR 0 |   PKR 0    |       |

|Paid-in minimum capital requirement |PKR 0 |   PKR 0     |       |

|(minimum amount to be deposited prior to | | | |

|or within 3 months of company | | | |

|registration) | | | |

3.2 Please revise as needed the following list of procedures to start a company in Karachi based on the scenario described in section 1.

| | |

|Procedure 1 |Reserve a company name online via the Securities and Exchange Commission of Pakistan (SECP) E-services website |

|Name update: |Complete online procedure for user registration, company name reservation, company incorporation, payment of fees and notification|

| |of CEO   |

|Time: |Time last year: 1 day |

| |Time update:   4 working hours for the complete end to end procedure for user registration, name reservation, company |

| |incorporation, payment of fees and notification of CEO |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with? Procedure 2,3,4 and 12    |

|Cost: |Cost last year: PKR 200 |

| |Cost update:  PRK 200(name reservation fee)  |

| |Legal basis for the fee (including a link to the fee schedule where available): |

| |    |

|Agency: |Agency last year: Securities and Exchange Commission of Pakistan (SECP) |

| |Agency update: Securities and Exchange Commission of Pakistan (SECP)      |

|Procedure Details: |Details: The entrepreneur can check the availability of the desired company name via the website of the Securities and Exchange |

| |Commission of Pakistan (SECP). |

| |To reserve a company name, the applicant proposes one or more names in order of preference, and submits the application form to |

| |SECP either online or in person. The official confirmation (or rejection) of the chosen name and its availability is received by |

| |email or via courier upon payment of the name reservation fee of PKR 200 (online name reservation) or PKR 500 (offline name |

| |reservation) at the SECP-designated bank. The approved name is reserved for 90 days, during which the company must be |

| |incorporated. |

| | |

| |SECP recently introduced the Fast Track Registration Services (FTRS), processing the company name reservation applications within |

| |4 hours of submission for an expedited fee of PKR 500 online and PKR 1,000 in person payable in addition to the normal fees. |

| |Your comments: SECP on February 06, 2018 has launched a single online procedure for user registration, company name reservation, |

| |company incorporation and notification of CEO. The enterpreneur performs following steps: |

| | |

| |(i)Visit SECP Website; |

| |(ii)Checks the availability of three (3) names on SECP website; |

| |(iii)Clicks SECP eServices link; |

| |(iv)Creates user account; |

| |(v)Clicks link for name resrvation and company registration form; |

| |(vi) Fills single form by proposing three names in the order of priority for the desired company along with details of registered |

| |office, Board of Directors/CEO, shareholding pattern, model memorandum etc. |

| |(vii) Pays fee for name reservation and company incorporation through credit card/IBFT. |

| |(viii) Submits the application. |

| | |

| |In case the application is complete and accurate, the certificate of incorporation is issued within four working hours with normal|

| |fee.  |

| | |

| |SECP also provides flexibility to file offline applications which is used by smaller percentage of enterpreneurs.   |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable:  SECP on February 06, 2018, launched a single online procedure for user registration, |

|name reservation, company incorporation, payment of fee through credit card and IBFT and notification of appointment of CEO. As a result procedure 1, 2, 3, 4 |

|and 12 are merged into one single process. This reform has reduced number of procedures. The relevant notification was notified earlier on July 26, 2017 which |

|is available at . |

| |

|The Companies (Incorporation) Regulations, 2017 now requires that details of CEO are provided at the time of incorporation of company on (Annexure-IV of |

|Incorporation Regulations) instead of previous requirement whereby the details of CEO were filed after fifteen days of incorporation of company through Form-29.|

|This reform has reduced number of procedures. The relevant notification was issued earlier on July 26, 2017 which is available at |

|. |

| |

|The Companies (Incorporation) Regulations, 2017 has also replaced the requirement of filing of multiple form/documents i.e(Form 1, 21,29, Memorandum) at the |

|time of incorporation with single application form/document(Annexure-IV of Incorporation Regulations) . As a result, single filing fee as specified in para I(8)|

|of Seventh Schedule of the Companies Act, 2017 is charged instead of filing fees for 4 forms/documents. This reform has reduced the cost. The fee schedule is |

|available at . |

| |

|Further, the Companies (Registration Offices) Regulations, 2018 has specified a timeframe of “4 hours” for disposal of complete application for incorporation of|

|company with normal fee. This reform has reduced the time required for company registration. The relevant notification is available at S.R.O. 76 (I)/2018 |

|     |

|Can this procedure be done online? Please provide a link to the website:       |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 2 |Pay the name reservation and company incorporation fees at the MCB Bank |

|Name update: |Complete online procedure for user registration, company name reservation, company incorporation, payment of fees and |

| |notification of CEO   |

|Time: |Time last year: 1 day |

| |Time update:     4 working hours for the complete end to end procedure for user registartion, name reservation, company |

| |incorporation, payment of fees and notification of CEO |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with?   1,3,4,12    |

|Cost: |Cost last year: included in procedure 1 (name reservation fees) and procedure 3 (registration fees) |

| |Cost update:   PKR 200( name reservation fee)+PKR 9,000( company registration fee) + PKR 400 (filing fee for Annexure |

| |IV/Memorandum) |

| | |

| |The company registration fee is linked with company's nominal share capital. The fee mentioned above is calculated on the basis of|

| |DB assumption regarding the paid up capital of model company which is Rs. 1,628,077. |

| |Legal basis for the fee (including a link to the fee schedule where available): The fee schedule is available at |

| |     |

|Agency: |Agency last year: Bank (MCB) |

| |Agency update: Visa and Master Credit Card, IBFT, |

| | |

| |UPDATE : I Link  |

|Procedure Details: |Details: The company must pay the name reservation and incorporation fees at the designated MCB Bank (formerly Muslim Commercial |

| |Bank) or at the United Bank Limited. The form indicating the amount due is obtained from SECP either online (downloaded) or |

| |on-site, or from the bank. |

| | |

| |The SECP launched online payment facility for its stakeholders in April 2014, therefore, online filing and payment is now possible|

| |for SECP’s online filers, without visiting the Bank or the SECP offices. |

| |Your comments:  SECP has launched online payment facility for its stakeholders since April 2015, therefore online company |

| |registration encompassing procedure 1,2,3,4,12 is possible without visiting bank.  |

| | |

| |Update: |

| | |

| |Online payment through 1 link has become operational; |

| |   |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable:  SECP on February 06, 2018, launched a single online procedure for user registration, |

|name reservation, company incorporation, payment of fee through credit card and IBFT and notification of appointment of CEO. As a result procedure 1, 2, 3, 4 |

|and 12 are merged into one single process. This reform has reduced number of procedures. The relevant notification is available at |

|.     |

|Can this procedure be done online? Please provide a link to the website:   |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?     |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 3 |Obtain PIN for company registration |

|Name update: |Complete online procedure for user registration, company name reservation,ccompany incorporation, payment of fees and notification|

| |of CEO  |

| | |

| |Update: |

| | |

| |This procedure has been reported as a separate procedure ( as Procedure No.1) in DB 2019 despite our submissions that it is a part|

| |of "online procedure for user registertaion,company name reservation, company incorporation, payments of fee and notification of |

| |CEO" introduced in Feb 2018. On the basis of arguments presented before DB team during meeting held on November 27, 2018 it is |

| |expected that it will not be cosnidered as separate procedure in next report. |

|Time: |Time last year: Less than one day (online procedure) |

| |Time update: This is not a separate procedure instead it is creation of user account for company registration through eServices. |

| | |

| |4 working hours for the complete end to end procedure for user registration, name reservation, company incorporation, payment of |

| |fees and notification of CEO  |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with?    1,2,4,12   |

|Cost: |Cost last year: PKR 100 |

| |Cost update:  PKR 100     |

| |Legal basis for the fee (including a link to the fee schedule where available):       |

|Agency: |Agency last year: Securities and Exchange Commission of Pakistan (SECP) |

| |Agency update:   Securities and exchange Commission of Pakistan    |

|Procedure Details: |Details: As of April 2017, SEC has allowed for the registration for company incorporation to be submitted through inputting the |

| |PIN number instead of the digital certificate. As such, companies now just need to input the following information into the system|

| |his/her 13 digit CNIC Number /NICOP /POC without dashes. The user will also enter his/her personal details i.e. Full Name, |

| |Father’s/Spouse Name, Gender, Date of Birth, Current Address, Permanent Address, Mobile Number, Email Address. The user will then |

| |enter his/her proposed password. In next section, the user is required to select three security Questions and then provide answer |

| |to those questions. The user will then click the Signup button to proceed further. After verification, the system will send |

| |security code to User on his/her provided Mobile Number and also on his/her email address. Upon submission, the system will send |

| |PIN to User on the provided Mobile No. through SMS and also on the provided Email Address. This system generated PIN will be |

| |required for company incorporation. |

| |Your comments:  This is not a separate procedure instead it is creation of user account for company registration through |

| |eServices. User registration or creation of user account is pre-requisite to log-in to any online system. |

| | |

| |Further, user registration is part of unified procedure launched by SECP on February 06, 2018, for creation of user account, name |

| |reservation, company incorporation, payment of fee through credit card and IBFT and notification of appointment of CEO. As a |

| |result procedure 1, 2, 3, 4 and 12 are merged into one single process. This reform has reduced number of procedures. The relevant |

| |notification is available at |

| |     |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable:  The details are mentioned above. Legal basis is available at |

|     |

|Can this procedure be done online? Please provide a link to the website:       |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 4 |Complete online registration on the Securities & Exchange Commission of Pakistan (SECP) e-portal |

|Name update: |Complete online procedure for user registration, company name reservation, company incorporation, payment of fees and notification|

| |of CEO   |

|Time: |Time last year: 2 days |

| |Time update:  4 working hours for the complete end to end procedure for user registration, name reservation, company |

| |incorporation, payment of fees and notification of CEO   |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with?   1,2,3,12    |

|Cost: |Cost last year: See comments |

| |Cost update:   PKR 9,000 (company registration fee) + PKR 400 (filing fee for Annexure IV/Memorandum). |

| | |

| |The company registration fee is linked with company's nominal share capital. The fee mentioned above is calculated on the basis of|

| |DB assumption regarding the paid up capital of model company which is Rs. 1,628,077. |

| |Legal basis for the fee (including a link to the fee schedule where available):   The fee schedule is available at |

| |    |

|Agency: |Agency last year: Securities and Exchange Commission of Pakistan (SECP) |

| |Agency update: Securities and Exchange Commission of Pakistan (SECP)  |

|Procedure Details: |Details: Registration can either be completed online or in person at SECP. The following documents are required for submission: |

| |a. Form 1: Declaration of compliance |

| |b. Form 21: Identification of the location of the office |

| |c. Form 29: Particulars of directors, secretary, chief accountant, auditors, and others |

| |d. One copy of the Memorandum and Articles of Associations with the signature of each member (in presence of a witness) |

| | |

| |The fees for incorporation of a company was updated on May 24, 2016 according to the S.R.O 448. The fees depend on the authorized |

| |capital as: |

| | |

| |- Online submission: PKR 1,000 for registration of a company whose nominal share capital does not exceed PKR 100,000 and an |

| |additional fee of PKR 500 for every PKR 100,000 of nominal share capital or part thereof, up to PKR 10,000,000. The online filing |

| |fee is PKR 400 per document. |

| | |

| |A confirmation of the online or physical submission is received instantly, and the actual certificate a few days later via email |

| |or courier. The entrepreneur can register with any Company Registration Office, irrespective of the jurisdiction. All regional |

| |SECP offices are computerized. In February 2012, SECP launched the Fast Track Registration Services (FTRS), under which the |

| |incorporation of a company can take place within 4 hours for an expedited fee of PKR 20,000 for on-site incorporation and PKR |

| |10,000 for online incorporation payable in addition to the normal fees above. To register a company online, the entrepreneur must |

| |first obtain a digital signature through the National Institutional Facilitation Technologies (NIFT) system. If the application is|

| |received with less than four hours remaining in the working day, the same shall be disposed of in the next working day. |

| |Your comments: SECP on February 06, 2018 has launched a single online procedure for user registration, company name reservation, |

| |company incorporation and notification of CEO. The enterpreneur performs following steps: |

| | |

| |(i)Visit SECP Website; |

| |(ii)Checks the availability of three (3) names on SECP website; |

| |(iii)Clicks SECP eServices link; |

| |(iv)Creates user account; |

| |(v)Clicks link for name resrvation and company registration form; |

| |(vi) Fills single form by proposing three names in the order of priority for the desired company along with details of registered|

| |office, Board of Directors/CEO, shareholding pattern, model memorandum etc. |

| |(vii) Pays fee for name reservation and company incorporation through credit card/IBFT. |

| |(viii) Submits the application. |

| | |

| |In case the application is complete and accurate, the certificate of incorporation is issued within four working hours with normal|

| |fee. |

| | |

| |SECP also provides flexibility to file offline applications which is used by smaller percentage of enterpreneurs. |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable:   SECP on February 06, 2018, launched a single online procedure for user registration, |

|name reservation, company incorporation, payment of fee through credit card and IBFT and notification of appointment of CEO. As a result procedure 1, 2, 3, 4 |

|and 12 are merged into one single process. This reform has reduced number of procedures. The relevant notification is available at |

|. |

| |

|The Companies (Incorporation) Regulations, 2017 now requires that details of CEO are provided at the time of incorporation of company on (Annexure-IV of |

|Incorporation Regulations) instead of previous requirement whereby the details of CEO were filed after fifteen days of incorporation of company through Form-29.|

|This reform has reduced number of procedures. The relevant notification is available at |

|. |

| |

|The Companies (Incorporation) Regulations, 2017 has also replaced the requirement of filing of multiple form/documents i.e(Form 1, 21,29, Memorandum) at the |

|time of incorporation with single application form/document(Annexure-IV of Incorporation Regulations) . As a result, single filing fee as specified in para I(8)|

|of Seventh Schedule of the Companies Act, 2017 is charged instead of filing fees for 4 forms/documents. This reform has reduced the cost. The fee schedule is |

|available at . |

| |

|Further, the Companies (Registration Offices) Regulations, 2018 has specified a timeframe of “4 hours” for disposal of complete application for incorporation of|

|company with normal fee. This reform has reduced the time required for company registration. The relevant notification is available at S.R.O. 76 (I)/2018 |

|    |

|Can this procedure be done online? Please provide a link to the website:       |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 5 |Open a bank account for tax registration |

|Name update: |      |

|Time: |Time last year: 1 day |

| |Time update:      |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with?    6,   |

|Cost: |Cost last year: No charge |

| |Cost update: No charge   |

| |Legal basis for the fee (including a link to the fee schedule where available):       |

|Agency: |Agency last year: Bank |

| |Agency update: Bank |

|Procedure Details: |Details: A bank account number in the name of the company is needed in order to register for taxes. A copy of the registration |

| |certificate is needed in order to open a bank account. |

| |Your comments:   There is no requirement to open bank account to obtain NTN.    |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable: As per sub-rule 2 of Rule 80B of Income Tax Rules, 2002, there is no requirement to open|

|a bank account for income tax registration   |

|Can this procedure be done online? Please provide a link to the website:       |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 6 |Apply for a national tax number (NTN) and register for income tax |

|Name update: |      |

|Time: |Time last year: 2 days |

| |Time update:   |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with? Procedure 5. Further, SECP and FBR are enhancing existing data |

| |linkage to enable FBR to issue NTN automatically based on corporate data pushed by SECP. |

| | |

| | |

| |Update subsequent to DB 2019 report: |

| | |

| |SECP-FBR system has been integrated for issuance of NTN . Although integration has been acknowledged in final DB 2019 report (see|

| |Procedure No.2) however procedure no 6 (renumbered as Procedure No.5) still reported in 2019 report as a separate procedure. |

| |Based on data provided to DB team (showing issuance of NTN simultaneously with company incorporation) during meeting held on |

| |November 27, 2018 it is expected that this procedure will be eliminated in next report. |

| | |

|Cost: |Cost last year: no charge |

| |Cost update:   no charge    |

| |Legal basis for the fee (including a link to the fee schedule where available):       |

|Agency: |Agency last year: Tax facilitation center of the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR) in Karachi |

| |Agency update:       |

|Procedure Details: |Details: To apply, the company must submit a simple one page form called the NTN Form as well as a proof of registration, the |

| |Memorandum and Articles of Association, bank account number, copies of the national identity cards of its directors, and an |

| |attestation of the registered business address at the nearest tax facilitation counter of the Regional Tax Office in Pakistan. |

| |All applications are forwarded to the Central Registration Office (CRO) in Islamabad that allocates a uniform NTN number to each |

| |company. The center processes the application and issues the NTN at no charge. The certificate is then sent to the registered |

| |address of the applicant. The company can track the application online or through the RTO helpline. If undelivered, the NTN |

| |certification can be collected from the specified office at the Central Board of Revenue. Recently, the Federal Board of Revenue |

| |launched electronic services enabling online applications for NTN numbers to be made through its website: .pk. |

| |Your comments:  There is no requirement to open bank account to obtain NTN.   |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable: As per sub-rule 2 of Rule 80B of Income Tax Rules, 2002, there is no requirement to open|

|a bank account for income tax registration     |

|Can this procedure be done online? Please provide a link to the website:    |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 7 |Apply for a Sales Tax Number (STN) at the tax facilitation center of the Regional Tax Office (RTO) of the Federal Board of Revenue|

| |(FBR) in Karachi |

|Name update: |      |

|Time: |Time last year: 1 day |

| |Time update:       |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with?       |

|Cost: |Cost last year: no charge |

| |Cost update:       |

| |Legal basis for the fee (including a link to the fee schedule where available):       |

|Agency: |Agency last year: Tax facilitation center of the Regional Tax Office (RTO) of the Federal Board of Revenue (FBR) in Karachi |

| |Agency update:       |

|Procedure Details: |Details: According to the Sections 14, 15 and 16 of the Sales Tax Act 1990 and Sales Tax Rules 2006, the company must register for|

| |sales tax by submitting the application Form STR-1 at any tax facilitation counter at the nearest Regional Tax Office (RTO). The |

| |local RTO forwards all applications to the Central Registration Office. After verification, the CRO issues a Registration |

| |Certificate bearing the registration number and mails the same to the registered company, on a prescribed From STR-5. |

| |The Sales Tax General Order No. 4/2007 introduced electronic filing of the sales tax returns; and as of July 1st 2008, electronic |

| |filing was made mandatory for all categories of taxpayers. |

| |Your comments:       |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable:       |

|Can this procedure be done online? Please provide a link to the website:       |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 8 |Register for Professional Tax with the Excise & Taxation Department of the District |

|Name update: |      |

|Time: |Time last year: 7 days (simultaneous with the previous procedure) |

| |Time update:    |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with?  5,6,7,9,10,11    |

|Cost: |Cost last year: no charge |

| |Cost update:   no charge    |

| |Legal basis for the fee (including a link to the fee schedule where available):       |

|Agency: |Agency last year: Excise & Taxation Department of the District |

| |Agency update:     |

|Procedure Details: |Details: Following the Devolution Plan 2001, professional tax is enforced at the district level by the Excise and Taxation |

| |Department of the relevant provincial district. The tax is levied upon businesses, professionals, trades, callings or companies |

| |employing such professionals. The responsible district Excise and Taxation Officer (ET officer) is empowered to enroll in survey |

| |register every person who carries on any such business or profession and thereafter, give notice to such enrolled person. In case |

| |of a new business, the company is required to make a request to the ET officer to get enrolled by submitting a simple assessment |

| |form. The ET officer issues a registration number that acts as the reference number for the registered company and is noted down |

| |on every Bank Challan when assessments are paid into the Bank. |

| |Your comments: |

| | |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable:     |

|Can this procedure be done online? Please provide a link to the website:   |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 9 |Register with the Sindh Employees Social Security Institution (SESSI) |

|Name update: |      |

|Time: |Time last year: 7 days (simultaneous with the previous procedure) |

| |Time update: 2 days    |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with? 5,6,7,8,10,11    |

|Cost: |Cost last year: no charge |

| |Cost update:    no charge   |

| |Legal basis for the fee (including a link to the fee schedule where available):       |

|Agency: |Agency last year: Sindh Employees Social Security Institution (SESSI) |

| |Agency update:       |

|Procedure Details: |Details: Registration with the Sindh Employees Social Security Institution is governed at the provincial level by an independent |

| |institution called the Sindh ESSI. |

| |Your comments: Punjab Government has launched Business Registration Portal which caters online registration for the following: |

| |• Partnership Firm Registration (Industries, Commerce & Investment Department, Punjab) |

| |• Shops & Establishment Registration (Labour & Human Resource Department, Punjab) |

| |• Registration with Punjab Employees Social Security Department (PESSI)  |

| | |

| |Update ( w.r.t: Starting a busniess in Lahore) |

| | |

| |• Integration with PBRP( developed by PITB in Punjab) is at final stage to enable provincial registrations (PESSI/Labor) through |

| |SECP-PBRP integrated portal; |

| | |

| |After completion of integration with PBRP this procedure will be merged with procedure 2  of DB 2019  |

| | |

| |    |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable:  The manual system has been replaced with online system. see explanation above.        |

|Can this procedure be done online? Please provide a link to the website:        |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 10 |Register with Employees Old-Age Benefits Institution (EOBI) |

|Name update: |      |

|Time: |Time last year: 1 week (simultaneous with the previous procedure) |

| |Time update:       |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with?       |

|Cost: |Cost last year: no charge |

| |Cost update:       |

| |Legal basis for the fee (including a link to the fee schedule where available):       |

|Agency: |Agency last year: Employees Old-Age Benefits Institution (EOBI) |

| |Agency update:       |

|Procedure Details: |Details: According to the Amendment in EOBI Act 1976 effective as of July 2008, every industry or a commercial establishment with |

| |5 or more employees must register with the federal Employees Old Age Benefits Institution. Under the Employees Old Age Benefit |

| |Scheme, insured persons are entitled to pension upon retirement, invalidity in the case of a disability, old-age grant in the case|

| |of a retiring elder lacking the minimum threshold for pension, and survivor’s pension. A contribution of 5% of minimum wage must |

| |be paid by the employer and 1% of minimum wage must be paid by the employee. |

| | |

| |An employer shall before expiration of thirty days from the day on which the Act becomes applicable to the industry or |

| |establishment in respect of which he/she is the employer, communicate to the Institution the name and particulars of the industry |

| |or establishment in Form PR-01 and of every insured person employed therein in Form PE-01 and, in the case of Form PE-01, give the|

| |receipt appended to the Form to the insured persons. An insured person may also communicate his/her name and other particulars to |

| |the Institution in Form PE-02. |

| |Upon receipt of the requisite particulars in Forms PR-01 and PE-01 from an employer, the Institution shall register the name of |

| |the industry or establishment in respect of which he/she is the employer and of the insured person and issue to the employer a |

| |Certificate of Registration in Form PI-02 and to each insured person a Registration Card in Form PI-03. |

| |The institution may send the Registration Card in Form PI-03 to the employer for delivery to the insured person to whom it |

| |relates. |

| |The minimum Pension has been increased from PKR 3,600 per month to PKR 5,250 per month. |

| |Your comments:    |

| | |

| | |

| |UPDATE: |

| | |

| |Complete Integration with EOBI, to enable EOBI registration through SECP-EOBI integrated portal, is expected to be finalized by |

| |January 31, 2019. |

| |After completion of integration this procedure will be merged with procedure 2 of DB 2019. |

| | |

| |     |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable:       |

|Can this procedure be done online? Please provide a link to the website:       |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 11 |Register under the West Pakistan Shops and Establishment Ordinance 1969 with the Labor Department of the District |

|Name update: |      |

|Time: |Time last year: 7 days (simultaneous with the previous procedure) |

| |Time update:  2 days     |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with?   8,9    |

|Cost: |Cost last year: PKR 1,000 |

| |Cost update:       |

| |Legal basis for the fee (including a link to the fee schedule where available):       |

|Agency: |Agency last year: Labour Department of the District |

| |Agency update: Business Registration Portal      |

|Procedure Details: |Details: Pakistan Shops and Establishment Ordinance 1969 requires every establishment other than a one man shop to be registered |

| |with the Deputy Chief Inspector of the Labor Department in each district. This is to safeguard the labor standards of the workers.|

| | |

| |To register, the employer must submit the application Form A accompanied by a bank challan. The application for a new |

| |establishment shall be made within 2 months of setting up the establishment. The registration fees have been changed to the |

| |following pursuant to the Punjab Shops and Establishments (Amendment) Act 2014 (II of 2014): |

| | |

| |Rs. 200 in the case of an establishment employing 1 to 5 workers. |

| |Rs. 300 in the case of an establishment employing 6 to 10 workers. |

| |Rs. 500 in the case of an establishment employing 11 to 20 workers. |

| |Rs. 1000 in the case of an establishment employing more than 20 workers. |

| | |

| | |

| |Once the payment is settled, the Deputy Chief Inspection lists the establishment in the Register of Establishments maintained in |

| |Form B and issues a registration certificate in Form C. The registration certificate shall be prominently displayed by the |

| |employer at the establishment, and shall be renewed after every two years upon payment of fees. |

| |Your comments:  Punjab Government has launched Business Registration Portal which caters online registration for the following: |

| |• Partnership Firm Registration (Industries, Commerce & Investment Department, Punjab) |

| |• Shops & Establishment Registration (Labour & Human Resource Department, Punjab) |

| |• Registration with Punjab Employees Social Security Department (PESSI)  |

| | |

| |Update: |

| | |

| |• Integration with PBRP( developed by PITB in Punjab) is at final stage to enable provincial registrations (PESSI/Labor) through |

| |SECP-PBRP integrated portal; |

| | |

| |After completion of integration with PBRP this procedure will be merged with procedure 2  of DB 2019  |

| | |

| |       |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable: The manual system has been replaced with online system. see explanation above.    |

|Can this procedure be done online? Please provide a link to the website:    |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

| | |

|Procedure 12 |Register the appointed CEO with the SECP |

|Name update: |Complete online procedure for user registration, company name reservation, company incorporation, payment of fees and notification|

| |of CEO   |

|Time: |Time last year: Half a day (online procedure) |

| |Time update:   This is no longer a separate procedure instead the details of CEO are provided at the time of filing application |

| |for company registration |

| | |

| |4 working hours for the complete end to end procedure for user registration, name reservation, company incorporation, payment of |

| |fees and notification of CEO    |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with?   1,2,3,4   |

|Cost: |Cost last year: PKR 400 for the cost of form 29 |

| |Cost update:  PKR 0    |

| |Legal basis for the fee (including a link to the fee schedule where available):       |

|Agency: |Agency last year: SECP |

| |Agency update:    Securities and Exchange Commission of Pakistan   |

|Procedure Details: |Details: Pursuant to the Companies Ordinance 1984, articles 198 - 205, a CEO is to be appointed within 15 days of the company's |

| |incorporation. The company needs to register said CEO within 14 days of the decision. |

| |Your comments:  SECP on January 06, 2018, launched a single online procedure for user registration, name reservation, company |

| |incorporation, payment of fee through credit card and IBFT and notification of appointment of CEO. As a result procedure 1, 2, 3, |

| |4 and 12 are merged into one single process. This reform has reduced number of procedures. The relevant notification is available |

| |at      |

|If you made changes to last year’s information, please indicate whether these reflect a correction or a reform |

|Please explain the changes and provide the legal basis when applicable:    The Companies (Incorporation) Regulations, 2017 now requires that details of CEO are |

|provided at the time of incorporation of company on (Annexure-IV of Incorporation Regulations) instead of previous requirement whereby the details of CEO were |

|filed after fifteen days of incorporation of company through Form-29. This reform has reduced number of procedures. The relevant notification is available at |

|.   |

|Can this procedure be done online? Please provide a link to the website:     |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

| |

3.3 Additional procedures to start and operate a business. Please specify any new or existing procedures that have been omitted from the general list. For example, are there any missing procedures related to:

• Registration of employer and/or employees with the relevant social security agency

• Registration of employer and/or employees with the Ministry of Labor

• Registration of employer with the relevant tax authority and/or VAT

• Registration or inspection of the company’s office space by any agency

|Additional procedure 1 | |

| |      |

|Time: |       |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with? |

| |      |

|Cost: |       |

| |Legal basis for the fee (including a link to the fee schedule where available): |

| |      |

|Agency: |       |

|Procedure Details: |       |

| |Please indicate the sequence of this new procedure (for example, between procedures 2 and 3): |

| |      |

|Can this procedure be done online? Please provide a link to the website:       |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

|Additional procedure 2 | |

| |      |

|Time: |       |

| |Can this procedure be done simultaneously with another procedure? |

| |If so, which other procedure can it be done simultaneously with? |

| |      |

|Cost: |       |

| |Legal basis for the fee (including a link to the fee schedule where available): |

| |      |

|Agency: |       |

|Procedure Details: |       |

| |Please indicate the sequence of this new procedure (for example, between procedures 2 and 3): |

| |      |

|Can this procedure be done online? Please provide a link to the website:       |

|If yes, do the majority of entrepreneurs use this online service? |

|If not, what are the main obstacles?       |

|If the procedure is done online, is any further in-person interaction still needed at the agency (i.e. a visit to submit physical documents in addition to the |

|electronic submission; a visit to obtain the final document; receive a physical inspection visit, etc.)? |

| |

|If yes, please explain:       |

4. RESEARCH QUESTIONS

This year, Doing Business is collecting data on the quality of infrastructure, accessibility of information and legislative framework for the registration of limited liability companies. It also looks into the issue of education and training at the company registry. This section measures data for Pakistan. Please provide your answers to the questions below as well as your comments when applicable.

4.1 Quality of infrastructure at the company registry

| |Answer |Comments |

|4.1.1 Is there a centralized business registry with full national | |   SECP maintains eServices, an online |

|coverage (Pakistan)? | |portal for company incorporation and |

| | |post-incorporation activities    |

| | | |

|4.1.2 Are all company records stored in digital form in the economy | |       |

|(Pakistan)? | | |

| | | |

|4.1.3 Is there an electronic database to search all company records? | |       |

|If yes, is the search available in bulk (i.e., the result would show all | |       |

|companies that satisfy the search criteria)? | | |

|If yes, is the search available for individual cases? | |       |

| | | |

|4.1.4 Is there an electronic system that covers the entire company | |  E-services of SECP provides a single |

|registration process (from submitting the application to receiving the | |procedure for online company |

|company documents in an electronic format)? | |registration   |

| | | |

|4.1.5 Is there a fully electronic filling of changes of company | | E-services provides facility for |

|ownership? | |electronic filig of changes of |

| | |ownership    |

| | | |

|4.1.6 Is there an electronic payment for all fees related to company | | Fees related to company incorporation |

|incorporation? | |can be paid electronically through |

| | |online fund transfer as well as credit |

| | |cards.   |

| | | |

|4.1.7 Is there an electronic signature or another electronic form of | | The promoters/subscribers of company |

|authentication (with relevant legal framework) used for online company | |apply PIN generated through SECP |

|registration? | |eServices  |

| | | |

|4.1.8 Is there an automated electronic exchange of information between | | With Federal Board of Revenue, Punjab |

|the business registry and other stakeholder agencies (tax authority, | |Business Regsitration Portal and EOBI. |

|social security, pension fund, etc.)? | |  |

| | | |

|4.1.9 Is a Unique Business Identification number (UBI) for all companies | |       |

|used by all government agencies (business registry, tax authority, social| | |

|security, etc.)? | | |

4.2 Accessibility of information about companies

| |Answer |If online, please provide link |Comments |

|4.2.1 Does the company registry provide public access to | | | |

|information about the: | | | |

|• Name of company? | | |       |

| | | |

| | |me-search/?searchCriteria=Contains| |

| | |&companyName=abc      | |

|• Company ID? | |       |       |

|• Name of directors? | |       |       |

|• Name of shareholders? | |       |       |

|• Name of beneficial owners? | |       |       |

|• Articles of association? | |       |       |

|• Year of incorporation? | | |       |

| | |  |

| | |ame-search/?searchCriteria=Contain| |

| | |s&companyName=abc    | |

|• Legal address? | |       |       |

|• Physical address? | |       |       |

|• Type of main activity? | |       |       |

|• Annual accounts? | |       |       |

| | | | |

|4.2.2 Is the list of documents needed to incorporate a limited | | |       |

|liability company available to the general public? | | |

| | |rmation/registration-of-company/  | |

| | |   | |

| | | | |

|4.2.3 Is the list of all fees (including their amount) required | | |       |

|for company incorporation available to the general public? | | |

| | |rmation/fee-calculator/schedule-of| |

| | |-feesixth-schedule/  | |

| | | | |

|4.2.4 Are the service standards for company incorporation (e.g. | | |       |

|commitment from the administration to deliver the document within | |   |

|a specific timeframe) available to the general public? | |/cro-regulations-2018/?wpdmdl=3045| |

| | |5    | |

| | | | |

|4.2.5 Are statistics about newly registered limited liability | | .pk    |  Through monthly press |

|companies available to the general public? | | |releases, annual report     |

|If yes, what is the number of new limited liability companies in |       |       |       |

|the economy (Pakistan) in 2017? | | | |

4.3 Legislative framework for company registration

| |Answer |If yes, please provide a specific legal|Comments |

| | |basis | |

|4.3.1 Is it mandatory to verify the company name? | |   Section 10 of the Companies Act, |       |

| | |2017    | |

| | | | |

|4.3.2 Is it mandatory to verify the identity of the | |  Companies (Incorporation) | Verification of identity of |

|entrepreneurs? | |Regulations, 2017     |companies' promoters is carried out |

| | | |by registrar through ID Verification |

| | | |System of National Database and |

| | | |Registration Authority    |

|If yes, who is held responsible for verifying the | Registrar | | |

|identity of the entrepreneurs? Please select all that |Notary | | |

|apply: |Lawyer | | |

| |Other       | | |

| | | | |

|4.3.3 Is it mandatory to register changes of company | | Section 12 , 13 of the Companies Act, |       |

|name at the business registry? | |2017   | |

|If yes, what is the time limit for registering such |       | Prior approval of registrar for change|       |

|changes? | |of name   | |

| | | | |

|4.3.4 Is it mandatory to register changes in | |   Section 130 of the Companies Act    |       |

|shareholder details at the business registry? | | | |

|If yes, what is the time limit for registering such |   Within 30 days of date of |   Section 130 of the Companies |       |

|changes? |AGM    |Act       | |

| | | | |

|4.3.5 Is it mandatory to register changes in the | |   Section 38 of the Companies Act, |       |

|articles of association at the business registry? | |2017   | |

|If yes, what is the time limit for registering such |   30 days    |   Section 38 of the Companies Act, |       |

|changes? | |2017    | |

| | | | |

|4.3.6 Is it mandatory to register bankruptcy cases? | |       |       |

|If yes, what is the time limit for registering such |       |       |       |

|cases? | | | |

| | | | |

|4.3.7 Is it mandatory to register beneficial owner | |   Section 452 of the Companies Act, |       |

|details and changes thereof? | |2017   | |

|If yes, what is the time limit for registering such |   Along with annual returns |       |       |

|changes? |which are due within 30 days | | |

| |of AGM   | | |

| | | | |

|4.3.8 Are there legal provisions on preventing the | |   Section 496 of the Companies |       |

|corporate identity theft? | |Act,2017    | |

|If yes, please describe. |     Please see details in |       |       |

| |relevant section  | | |

| | | | |

|4.3.9 Are there any differences for women shareholders| |       |       |

|during the operations of the company? | | | |

|If yes, please describe. |       |       |       |

4.4 Training and education

| |Answer |Comments |

|4.4.1 Do the officers of the company registry have the legal | |       |

|obligation of attending specific trainings? | | |

|If yes, what is the legal basis? |       |       |

|If yes, how are the training delivered (online, group classes, etc.)? |       |       |

|If yes, is there any time requirement for officers to do the training?|       |       |

|If yes, what is the content of the training? |       |       |

| | | |

|4.4.2 Is there any minimum number of days per year dedicated to | |       |

|training for officers of the company registry? | | |

|If yes, what is the minimum amount? |       |       |

| | | |

|4.4.3 Is there any frequency for the trainings provided to the | |       |

|officers of the company registry? | | |

|If yes, how often are the trainings provided? |       |       |

| | | |

|4.4.4 Does the company registry have a budget dedicated to staff | |       |

|training? | | |

|If yes, what is the amount for training? |       |       |

|If yes, what is the percentage of the total budget? |       |       |

| | | |

|4.4.5 Are entrepreneurs offered the option of attending specific | |       |

|classes or trainings when they start their new business? | | |

|If yes, what is the content of the training (business plan, |       |       |

|entrepreneurship, etc.)? | | |

|If yes, how are the training delivered (online, group classes, etc.)? |       |       |

|If yes, are the trainings offered to anyone or targeted at specific |       |       |

|groups (youth, women, etc.)? | | |

| | | |

|4.4.6 Do entrepreneurs get any incentive to obtain any additional | |       |

|tertiary education during the conduct of business? | | |

|If yes, what kind of incentive is offered (tax credits for educational|       |       |

|expenses, tax exempt educational savings plans, funding for | | |

|entrepreneurship training, etc.)? | | |

|If yes, are the incentives offered to anyone or targeted at specific |       |       |

|groups (youth, women, etc.)? | | |

| | | |

|4.4.7 When changes to the business start-up process are introduced | Pilot test |

|(e.g. new online system), how are the conveyed to the officers of the |Dissemination campaign (e.g. social media, billboards, etc.) |

|business registry? |Training/workshops |

| |Through public broadcast (e.g. TV, radio, etc.) |

| |None of the above |

| |Other (please specify in comments)       |

| | | |

|4.4.8 When changes to the business start-up process are introduced | Dissemination campaign (e.g. social media, billboards, etc.) |

|(e.g. new online system), how are the conveyed to the general public? |Training/workshops |

| |Through public broadcast (e.g. TV, radio, etc.) |

| |None of the above |

| |Other (please specify in comments)       |

REFERRALS

Please help us expand our list of contributors by referring us to other experts in the private or public sector (lawyers, notaries, public officials or any expert on this field) who could respond to Doing Business questionnaire.

First Name      

Last name      

Firm name      

Position      

Phone      

Email      

Profession

Topic of Interest

Thank you very much for completing the questionnaire!

We sincerely appreciate your contribution to the Doing Business project. 

The results will appear in the Doing Business 2019 report and on our website: . 

Your work will be gratefully acknowledged. 

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download