ISLAMABAD, May 19: The SECP announced on Saturday that it would only be registering companies on-line, and those firms which have shifted from physical filing to online cannot revert back to physical filing.

Currently there are around 62,000 registered companies and more than 60 per cent of them are online. This is mainly because online charges are up to 50 per cent less than physical filing, said an official of the SECP.

However, the official added that it has been observed that most of the applicants get their companies registered online through eServices, but subsequently file their returns manually.

Earlier, filing of returns resulted in delays as well as requiring additional resources to maintain physical and electronic records.

“The conversion of physically filed forms in e-documents also requires extra time, effort and human resources, this adversely affects the essence of eServices,” the SECP informed the registered companies.

The aim of e-filing is to provide transparent, accurate and accessible user-system interface and to ensure that extra efforts and time spent on physical submissions is minimised.

“One of the benefit of e-filing is that the SECP has launched fast track registration at four services which is completed in four hours,” the official said, adding that these services are change of name, checking the availability of name, mortgage details registration and incorporation of companies.