PCJCCI and SECP launch new compliance scheme

LAHORE: The Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) hosted an awareness session on ‘Major Corporate Compliance Requirements and the Companies Regularization Scheme 2024’ on Tuesday.

This event, held at the PCJCCI Secretariat, was organized in partnership with the Securities and Exchange Commission of Pakistan (SECP).President of the PCJCCI Moazzam Ghurki, who chaired the session, said that the objective of the meeting was to provide a thorough understanding of the evolving corporate compliance landscape.

He emphasized that the session aimed to ensure that businesses not only meet legal requirements but also implement best practices that promote transparency, accountability and growth.

During the session, Shahbaz Sarwar, registrar/incharge of the company registration office at SECP Lahore, outlined the goals and objectives of the awareness session.He provided insights into the SECP’s initiatives designed to facilitate business operations and promote corporate compliance, including the Companies Regularization Scheme.

Sidra Mansur, additional registrar at the SECP, discussed the features and advantages of the CompaniesRegularization Scheme (CRS) 2024. She explained that the SECP has reintroduced the CRS to allow defaulter companies to file their overdue statutory returns from June 15, 2024 to September 15, 2024.

This scheme applies to non-listed public companies, private companies, single-member companies (SMCs), trade organizations, non-profit associations, companies limited by guarantee, and foreign companies.

She further detailed that the scheme covers documents filed after their due dates for defaults up to October 28, 2023, excluding returns related to mortgages and charges. Companies can submit their documents online via eZfile or in person at the relevant company registration office (CRO).

The CRS offers notable benefits, such as the opportunity to file overdue annual returns, statutory forms, and accounts by paying a one-time fee without additional charges or penalties. This initiative provides a unique chance for companies to regularize and update their corporate records without facing penalties for late submissions.

Usman Saeed, deputy registrar, delivered an in-depth presentation on major corporate compliance requirements under the Companies Act, 2017, and the associated rules and regulations. Vice President of the PCJCCI Hamza Khalid and Secretary General of the PCJCCI Salahuddin Hanif expressed their gratitude to the participants. They conveyed their hope that such innovative and informative sessions will assist young entrepreneurs and the business community in registering their ventures with the SECP.