March 21, 2003	Friday	Muharram 17, 1424

ISLAMABAD, March 20: The Securities and Exchange Commission of Pakistan here on Thursday notified the Companies (Single Member Private Limited Companies Rules), 2003 and invited the views of general public thereon within 14 days.

These rules, according to SECP press release, are aimed to administer provisions of the Companies (Amendment) Ordinance, 2002 relating to the registration of Single Member Companies (SMC) introduced last year.

As a result of such registration, SMC are able to avail themselves of corporate status and have the privilege of limited liability as well as to stimulate documentation of the economy.

These rules would apply to a company incorporated as SMC and a private limited company, limited by shares, which is a multiple member company and becomes an SMC after complying with these rules.

The draft rules have also been placed at the website www.secp.gov.pk.

Meanwhile, the SECP has recommended to the Central Board of Revue to grant tax status of “an individual” to an SMC.