SMC rules amended to facilitate the corporate sector


The Securities and Exchange Commission of Pakistan announce the breaking news in Pakistan for small businessmen when they revised the Single Member Companies (SMC) Guidelines 2003 to accomplish the business industry. The guidelines were previously presented in 2002. The detailed frameworks for signing up of SMCs was offered vide SMCs Rules, 2003.

The SMC guidelines were targeted to allow individuals or small businessmen to turn their non-corporate organizations into organizations with restricted responsibility of the associates and allowing them to cope with public entities as organizations rather than people.

After the elapse of important interval, need was experienced to update the SMCs guidelines and make the pre-incorporation techniques simple for conformity. Business community welcomes this hot news. They all said Govt need to take some more amendments to give benefit to the investor and businessman.