WB’s Doing Business Report 2010

Pakistan’s ranking improves by 17 points

ISLAMABAD: Recently released World Bank Doing Business Report 2010 has revealed a significant improvement in ‘Starting a Business’ indicator, which inter-alia takes into account the procedure of registration of a company with the Securities and Exchange Commission of Pakistan (SECP).

The country’s ranking has improved by 17 points from 80th in 2009 to 63rd in 2010.

In South Asia, Pakistan was ranked well ahead of India, which is placed at 169, Bangladesh at 98, Bhutan at 80 and Nepal at 87, revealed a press release issued here on Tuesday.

According to the report, registration of a company could be completed online through the e-services project that was launched to improve efficiency and effectiveness of the business processes of the SECP with a speedy, transparent and paperless environment, making it easier for the representatives of companies and the business community to interact with and obtain information from the SECP.

Further, all the provincial governments and Islamabad capital territory have also abolished the stamp duty on the Memorandum of Association of a company, on the recommendation of the SECP.

Starting a Business indicator includes the procedure for registration of a company with SECP, registration for income tax, sales tax, and professional tax, registration with Employees Social Security Institution, with Employees Old Age Benefits Institution and under Pakistan Shops and Establishment Ordinance.