ISLAMABAD, Aug 24: The Securities and Exchange Commission of Pakistan (SECP) has made available at its Quetta and Islamabad company registration offices the adhesive stamps required for registration of memorandum and articles of association of a new company and for copying of any document.

An official statement issued here on Wednesday said this was yet another facilitative measure taken by the SECP to reduce the number of steps in the company incorporation process, so as to make it more efficient.

Previously, the promoters of companies had to obtain stamps from the treasury office after depositing stamp duty in the NBP or the SBP. This usually took two to three days, involving several visits to the treasury office and the bank. The promoters were, as a result, facing a lot of practical difficulties to fulfil the requirement.

The stamp duty is applicable only in Balochistan and Sindh and in the Islamabad Capital Territory (ICT), while the provincial governments of Punjab and NWFP have abolished the stamp duty on memorandum and articles of association of companies upon recommendation of the SECP.

The SECP has also initiated deliberations with the provincial governments of Sindh and Balochistan as well as with the Commissioner ICT to abolish stamp duty on memorandum and articles of association as well as on copy of documents in their respective territories.