SECP revises fee structure for online submission of documents

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday introduced amendments in the 6th Schedule to the Companies Ordinance, 1984 to facilitate the online submission of documents by companies to Company Registration Offices of the SECP.The fees for online services have been set lower as compared to manual submission. Registration fee for a company having share capital of less than Rs 100,000 was just Rs 2,500 for online submission (the same as prescribed earlier), while it has been raised to Rs 5,000 for manual submission. This has been done due to the reason that manual submission was expensive, time consuming, involves paperwork, resources, etc. The same was also creating delays and difficulties such as data reliability. A fee of Rs 200 for filing of returns was introduced in 1993. This fee had now been enhanced to Rs 500 in case of online filing and Rs 1000 in physical filing. This raise in filing fee was quite nominal and considered necessary to cover the escalating administrative costs. Normally, companies file two returns per annum and annual cost comes to Rs 1000 in case of online submission and Rs 2000 in case of manual submission. Online service had expedited the processes, making them easier and cost effective. It saves time as well as resources, increases efficiency, and creates a paperless and hassle free environment. Those who need to file returns as well as register companies could do so from the comfort of their offices without the need to visit the SECP offices.