Various categories of companies: SECP increases fee for submission of documents

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has considerably increased the fees for submission of documents by different categories of companies.

The SECP has amended Seventh Schedule (fee paid by companies) of the Companies Act, 2017 through an SRO 500 (I)/2023 issued on Wednesday.

The SECP has raised the fee for submission of documents electronically as well as manually by different types of companies mentioned in the Seventh Schedule of the Companies Act, 2017.

The SECP has raised fee for registration of companies whose nominal share capital does not exceed Rs 100,000.

The SECP was charging fee of Rs 1,100 for submission of documents electronically and fee of Rs 2,200 for submission of documents in physical form for registration of companies whose nominal share capital does not exceed Rs 100,000.

Under a new notification issued by the SECP on Wednesday, the SECP will collect the increased fee of Rs 2,200 for submission of documents electronically and fee of Rs 5,000 for submission of documents in physical form for registration of companies whose nominal share capital does not exceed Rs 100,000.

The SECP has considerably increased fee up to Rs 10,000 (electronic filing) and Rs 15,000 (manual submission) for filing, registering or recording any document notifying particulars relating to a mortgage or charge or pledge or other interest created by a company, or any modification therein or satisfaction thereof.

The SECP has also raised fee by the companies established outside Pakistan which has a place of business in Pakistan.

Within the said category, the SECP will charge fee of Rs 11,000 (electronic submission of documents) and Rs 15,000 (manual submission of documents) for filing, registering or recording any document notifying particulars relating to a mortgage or charge or pledge or other interest created by a company.

According to SRO 500 (I)/2023, for registration of a company whose nominal share capital exceeds 100,000 rupees, the additional fee to be determined according to the amount of nominal share capital as follows:

(i) For every Rs 100,000 of nominal share capital or part of Rs 100,000 up to Rs 5,000,000,000 a fee of Rs 700 would be charged both for the submission of documents manually and electronically.

(ii) For every Rs 100,000 of nominal share capital or part of Rs 100,000 after the first Rs 5,000,000,000, up to any amount of fee of Rs 165 would be collected both for the submission of documents manually and electronically.

Provided that a company which is wholly owned by the federal government and has been notified by the federal government in the official Gazette for exemption from paying fee shall be charged a fee of Rs 10,000.

The fee payable at the time of registration of company shall not exceed forty million rupees in case of electronic submission and fifty million rupees in case of physical submission. Provided also that the fee mentioned shall be increased by 10% after the lapse of one year from the date of this notification, the SECP added.

Copyright Business Recorder, 2023