Syed Marwan Shah

The Pakistan Regulatory Modernization Initiative (PRMI), which aims to reduce the cost of compliance for companies while enhancing the efficacy of the regulatory framework, has integrated business registration through the Pakistan Board of Investment (BoI), reports WealthPK. As part of this initiative, the BoI has been collaborating with multiple stakeholders – including the Special Technology Zones Authority (STZA), the Pakistan Software Export Board (PSEB), and the Pakistan Engineering Council (PEC) – to integrate business registration with the SECP to ensure an easy and straightforward registration process for the business enterprises. In response to questions from WealthPK, a BoI representative said the PRMI initiative is a nationwide endeavour towards enhancing corporate regulation.

The initiative assists in the consolidation of several sector-level company registrations, including investments in the information technology sector through the Securities and Exchange Commission of Pakistan's e-Services platform. Moreover, by making it easier to comply with the requirements for business registration, integration will be crucial for maximizing the country's capacity to draw both domestic and foreign investment. In addition, one-window registration of enterprises will significantly speed up the incorporation process and lower the cost.

According to the source, it will increase investment across the board. Concerning the business environment, the official said Pakistan was steadily improving its business environment and making great strides. Another achievement is the incorporation of business registrations for business start-ups. The SECP, PEC, PSEB, and STZA put in a lot of effort to help businesses run smoothly and inspire trust in investors.

Ijaz Ali, a business sector specialist, told WealthPK that streamlining and digitizing the business registration process will benefit private-sector business activity, boost investment, and help regain and maintain investor confidence. Ijaz asserted that the importance of the private sector to a country's economic development nowadays could not be overstated. Any economy's growth of enterprises helps governments confront and overcome social economic difficulties like creation of jobs and financial resources, as well as raise the residents' standards of living.

So, all in all, to achieve growth in businesses, the government must concentrate on the business-enabling environment to attract both domestic and foreign investors. Tuaha Adil, a research economist at the Policy Research Institute of Market Economy, asserted that in order to further enhance the business environment in Pakistan, the government must address pressing problems like the detrimental effects of taxation, overbearing presence of the government or bureaucratic barriers, trade restrictions, frequent policy changes, and the failure of local industry to integrate into the global value chain due to decades of protective legislation.

Credit : Independent News Pakistan-WealthPk