Islamabad, February 04 – In order to further simplify the name reservation process, SECP has issued name reservation Guidelines which will replace the existing FAQs for name reservation. The Guidelines provides guidance around the regulatory/legal framework governing the company’s registration including name reservation process, procedure to apply for company name including name reservation criteria, tips for appropriate and successful names etc. It also includes the mechanism for filing of appeal against rejection of names. These guidelines are placed on the website of the Commission.
In the guidelines, criteria for resembling name has been reviewed to facilitate the investors and business community to ease out the difficulties. Further, clarity has been provided for use of, numeric values, specific words for licensed entities/modarabas. The criteria for the word Pak/Pakistan used as prefix or suffix has been relaxed. However, proof of Government would be required for use of word ‘of Pakistan’ as it gives the impression of public sector entities.
In order to reduce processing time, minimize human intervention and enhance accuracy, SECP is in the process of implementing an AI-powered Name Reservation System, which will eliminate subjectivity in evaluating company name applications. Automated approvals and AI-driven decision-making will not only expedite the name reservation process but also promote corporatization, foster ease of doing business, and strengthen Pakistan’s overall business environment.
The Securities and Exchange Commission of Pakistan (SECP), in recent years, has undertaken significant reforms to streamline the company incorporation process, making it more efficient, accessible, and cost-effective.
