SECP Commissioner Muzaffar Ahmed Mirza has called upon the business and industrial community in Sialkot to formalise their enterprises through corporatisation, aiming to improve governance, enhance transparency, and unlock new financing and growth opportunities. He made these remarks while addressing the Sialkot Chamber of Commerce.
Simplification of Regulatory Procedures
Mirza emphasised that the Securities and Exchange Commission of Pakistan (SECP) is actively simplifying regulatory procedures, reducing compliance burdens, and expanding digital services to make incorporation and ongoing corporate compliance easier for businesses. This initiative is part of a broader effort to encourage the informal sector to transition into the formal economy.
Benefits of Corporatisation
The commissioner highlighted that corporatisation offers numerous advantages, including better access to bank financing, equity markets, and government incentives. It also helps in building trust among stakeholders and attracting foreign investment. According to Mirza, a formalised business structure is essential for sustainable growth and competitiveness in the global market.
Call to Action for Sialkot Chamber
During the event, Mirza urged the members of the Sialkot Chamber of Commerce to lead by example and adopt corporate structures. He noted that many businesses in the region remain unregistered or operate as sole proprietorships, limiting their potential. The SECP is committed to providing support and guidance throughout the transition process.
“Formalising your business is not just a regulatory requirement but a strategic move towards long-term success,” Mirza stated, as per the SECP's press release. He added that the SECP has introduced online portals and simplified forms to reduce the time and cost of registration.
Digital Services and Future Plans
The SECP has been expanding its digital footprint, with initiatives such as the e-Services portal, which allows businesses to file documents, pay fees, and track applications online. Mirza revealed that the commission is working on further automating processes to minimise human intervention and enhance efficiency. He also mentioned that the SECP is collaborating with other government agencies to create a seamless regulatory environment.
Impact on Sialkot's Economy
Sialkot is a major industrial hub known for its exports of sports goods, surgical instruments, and leather products. The formalisation of businesses in this region could significantly boost tax revenues and economic growth. The chamber members welcomed the SECP's efforts and expressed interest in learning more about the corporatisation process.
