The Securities and Exchange Commission of Pakistan (SECP) has considerably enhanced fees for submission of documents electronically and physically by different types of companies.
The SECP has issued S.R.O. 808(I)/2021 to amend the Seventh Schedule to the Companies Act, 2017 here on Monday.
In exercise of the powers conferred under sub-section (2) of section 507 read with section 469 of the Companies Act, 2017, the SECP has made alterations in the Seventh Schedule to the Companies Act, 2017, SECP added.
According to the amendments in the Companies Act, the SECP has increased the fee for registration of companies. It covers an increase in fee for the registration of a company whose nominal share capital does not exceed Rs100,000; registration of a company whose nominal share capital exceeds Rs100,000, the additional fee to be determined according to the amount of nominal share capital.
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: Provided further that the fee payable at the time of registration of company shall not exceed forty million rupees in case of electronic submission and Rs 50 million in case of physical submission.
The SECP has also increased fee for filing, registering or recording a document containing charter/statute/ memorandum and articles, etc. for registration by a foreign company; 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; filing, registering or recording the particulars relating to satisfaction of mortgage or charge or pledge beyond the period prescribed under section 109 but not exceeding one year, SECP added.
Courtesy: Pro Pakistani