ISLAMABAD, July 13: The Securities and Exchange Commission of Pakistan chairman, Dr Tariq Hassan, on Wednesday said the unbound potential for industrialisation in Balochistan could be optimally utilised through corporatization and development of corporate culture in the province. He was speaking to the members of the Quetta Chamber of Commerce and Industry (QCCI), said a statement issued here.

Dr Hassan said the rate of corporatization in Balochistan was extremely low compared with the rest of the country. He said only 339 companies were registered with the commission in Balochistan, which was 0.007 per cent of Pakistan’s overall corporate sector.

He urged the local businessmen to increase the pace of corporatisation to play a proactive role in the overall development of the province. Dr Hassan informed the QCCI members that the commission had eased the process of company registration by introducing various radical reforms.

Now, he said, a company could be incorporated within three days. Similarly, the Small and Medium Enterprises (SMEs) sector, which had a considerable share in the corporate sector, was being facilitated and the concept of single member company had been launched to allow the sole proprietors to embrace corporate status.

He said through the efforts of the SECP in collaboration with the Central Board of Revenue (CBR), the definition of ‘small company’ had been inserted in the Finance Bill 2005 and a number of exemptions/relaxations were granted to the small companies to easing their tax burden.

The SECP chairman reiterated the company’s commitment to continue its efforts for the development of the corporate sector and facilitate the promoters and investors in this regard. He hoped that the business community would also join hands with the SEC and undertake concerted efforts to achieve these targets.