ISLAMABAD: President Mamnoon Hussain signed the Companies Act 2017 on Tuesday replacing the Com­panies Ordinance 1984.

The Act will allow the Securities and Exchange Commission of Pakistan (SECP) to inquire about the beneficial owners of offshore companies working in Pakistan.

The enactment of the Companies Act, 2017, is one of the most significant legal reforms in the country.

It is aimed at bringing the company law on a par with global standards. The Act has introduced significant changes to the company law.

The new law will facilitate the growth of economy in general and the corporate sector in particular

by providing simplified procedures for ease of starting and doing businesses, greater protection of investors.

It is also expected to give a boost to corporatisation in the country.

Published in Dawn, May 31st, 2017

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