Tuesday, June 25, 2024

Pakistan secured 2nd position in South Asia to easily start a Business

For the second consecutive year, Pakistan has strengthened its ranking in the Ease of Doing Business Index of the World Bank, according to an annual report released by Pakistan’s Security and Exchange Commission (SECP).

As per the latest World Bank rankings, Pakistan has improved its position by 28 points, a “unprecedented improvement” from 136 to 108, the study said. In the “Starting a Business” indicator, where the SECP is leading the reform process, the highest progress of 58 points has been made out of six reform areas recognized in the 2020 report.

Pakistan’s ranking in this indicator has improved from 130 to 72 and, in terms of ease of starting a business, ranks second in South Asian countries.

According to the SECP, the change is mainly due to the introduction of e-services at the federal level with the Federal Board of Revenue (FBR) and the Workers Old Age Benefits Institution (EOBI) and at the provincial level with Punjab and Sindh company registration portals.

Following this incorporation, SECP’s e-services provide FBR, EOBI, provincial social security agencies, the labour department and the excise and tax departments of Punjab and Sindh with a single window facility for company registration.

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