To facilitate promoters of companies, the Securities and Exchange Commission of Pakistan (SECP) has made available at its Quetta and Islamabad company registration offices adhesive stamps required for registration of memorandum and articles of association of a new company and for copying of any document.
This is yet another measure taken by the SECP to reduce the number of steps in the company's incorporation process, so as to make it more efficient.
Previously, the promoters of companies had to obtain stamps from the Treasury Office after deposit of the stamp duty amount in the National Bank of Pakistan (NBP) or the State Bank of Pakistan (SBP). This usually took two to three days, involving several visits to the Treasury Office and the bank. The promoters were, as a result, facing a lot of practical difficulties in fulfilling the requirement.
The stamp duty is applicable only in Balochistan and Sindh and in the Islamabad Capital Territory (ICT), while the provincial governments of Punjab and NWFP have abolished stamp duty on memorandum and articles of association of companies upon recommendation of the SECP.
The SECP has also initiated deliberations with the provincial Sindh and Balochistan governments as well as with the ICT commissioner to abolish stamp duty on the memorandum and articles of association as well as on copy of documents in their respective territories to encourage incorporation of companies and to accelerate business activity in the area.
Till this is achieved, availability of adhesive stamps at company registration offices would greatly facilitate promoters.
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