In order to promote ease of doing business and digitalization, the Securities and Exchange Commission of Pakistan (SECP) has launched a portal for expeditious bank account opening of newly registered companies.
The online portal provides banks real-time access to statutory records of companies, thus enabling them to open corporate accounts without seeking physically certified copies of statutory documents.
Through this portal, the banks can access and verify company information directly from SECP’s records. The online availability of statutory records will reduce the turn-around-time for the opening of a corporate bank account or for availing other banking services. On the other hand, it will facilitate banks in carrying out due diligence of their corporate customers for account opening and other services.
Any bank can access the portal by applying to the SECP for creating their user accounts.
Initially, this facility is being launched for private limited, public limited, and companies formed for not-for-profit objects. In due course, data of foreign companies and limited liability partnerships will also be linked and made available.
The SECP is planning to discontinue issuance of certified true copies in physical form, and consequently, banks will only be able to access SECP’s records through this portal.