eZfile Portal; A LEAP of Transition from e-Services

The Securities & Exchange Commission of Pakistan has released latest version of The Companies Regulations 2024 consequent to the powers under section  512 of the Companies Act, 2017. The Companies Act 2016 replaced the Companies Ordinance 1984 with a comprehensive piece of legislation. It was widely appreciated by all the concerned and is in practice since inception.

The Companies Regulations 2024 have replaced and consolidated the following ten separate regulations:

o   The Foreign Companies Regulations, 2018;

o   The Companies (General Provisions and Forms) Regulations, 2018;

o   The Companies (Registration Offices) Regulations, 2018;

o   The Associations with Charitable and Not for Profit Objects Regulations, 2018;

o   The Companies (Further Issue of Shares) Regulations, 2020;

o   The Intermediaries (Registration) Regulations, 2017;

o   Unlisted Companies (Buy Back of Shares), Regulations, 2023;

o   The Group Companies Registration Regulations, 2008; and

o   The Companies (Easy Exit) Regulations, 2014.

The Companies Regulations 2024 is attributed to have below other major achievements:

o   Simplified several procedures

o   Substantially reduced forms to be filed with SECP from 75 to only 28.

o   Similar definitions referred in the nine separate regulations have been included at a single place for ease of reference.

o   Applications and annexures (13 Nos) have also been reduced to seven (7) applications only.

The Securities & Exchange Commission of Pakistan has replaced its’ e-Services with the brand new “eZfile” portal catering all online services under the Act and the Regulations afore-mentioned. Let’s take a quick look on various facets of “eZfile”.

Why New Portal eZfile Introduced to Replace e-Services?

·         SECP flagship e-Services portal was catering only companies mainly. Limited Liabilities Partnerships was added sometimes back, but e-Services required a major overhaul, experts believed for years. eZfile is a latest in the Leading Efficiency through Automation Process i.e. LEAP and shall be managing the companies, LLPs and said to be accommodating few other entities in phases to come.

·         Over the period the multiple issues with the e-Services necessitated the requirement for improvement in existing or a new portal. eZfile, the second phase of LEAP is aimed to replace the outdated system and introduce latest technology along with multiple add-ons.

·         E-Services was widely criticized for its’ complicated processes and lack of attractive user interface. eZfile used to have quite interactive and eye catching, user-friendly interface vis-à-vis improve graphics

·         Business facilitation and strengthening the corporate culture can only be achieved through facilitating the potential investors. eZfile has been designed by keeping in mind this very objective and a little browsing through witnesses that the purpose is well served.

·         Periodical compliance can only be improved if it’s made easy and number of forms are reduced. Filings interface has been self-explanatory and tech features like pop-ups, guides and help me make decision are very valuable addition in the SECP eZfile portal

What’s New in eZfile portal of SECP

·         The most exciting tool introduced in eZfile portal by SECP is Help-me”. It’s really awesome to utilize technology and artificial intelligence to assist investors, businesses and users at large to analyze, value and make your own decisions simply by asking few generic questions.

·         Compliance or filing scheduling tasks, alerts, events, notices, news and overdue tabs are one the best technology tools that will improve user experience and save lot time

·         Navigation of user through various processes shall reduce the time required for filing and improve the quality of compliance.

·         Enhanced accessibility is made available s you can access your forms in a more convenient manner, edit by the times, its approved and get certified true copy i.e. CTC, quite easily

·         eZfile ensures more compatibility by bringing in various feature and integrating them effectively to offer maximum benefit to the investor

·         Privacy and security of data has always been in question when it comes to corporate culture. eZfile by adopting latest technology has promised users and businesses to solving critical security questions and data safety and integrity.

·         Encryption standards has been used by SECP in improving the security of information stored therein. This shall help secure the data and information from internal sources and any keep it safe in the event of any security lapse o breach.

·         Guiding material is one of the very important features introduced by the SECP team. Guiding materials in easy form are pre-requisite of ease of doing business and increase the investor confidence.

·         Built in checks have been introduced in the eZfile portal for the sequential filings

·         Pop-ups is the all-new feature of eZfile portal and is expected to be liked most. It will help users to identify the important area to focus on and avoid overlook.

·         Technology driven progression features have made this eZfile portal expressive and impressive. You can now navigate between the incorporation and filings process easily and get your tasks don in more effective manner.

·         eZfile is expected to overcome one of the basic lacking of e-Services that is the Status of the forms and flings. eZfile is equipped with user friendly status tool. Status tool was in demand from the experts over the long time. Professionals shall be most benefitted though the investors or the sponsors may also view the status of their ongoing tasks or filings at themselves.

End to End Digitalization

·         Registration all processes

·         Compliance of periodical returns and

·         Phase 3 & 4 completely automation

Major Benefits of eZfile initiative

·         Improve digitalization experience of businesses, intermediaries, & prospectus investors to generate economic activity and growth.

·         Substantially reduced forms to be filed with SECP from 75 to only 28.

·         Applications and annexures (13 Nos) have also been reduced to seven (7) applications only.

·         Ease of doing business improvement always attract existing businesses to invest further and motivate the potential investors for direct foreign investment i.e. FDI – countries lead on this index

·         Faster processing from incorporation to declarations shall reduce the time being consumed and shall lead positive contribution towards more productive ends

·         24/7 accessibility of eZfile portal shall bring SECP service at par with any developed world corporate culture. Access of eZfile any time and from anywhere around the world would improve the business index and attract more people to consider incorporating companies, consequently extending corporate culture base. Imagine you can file late night other than office hours is a luxury even.

·         Real time updates, latest accurate, relevant, reliable & composite information from one platform i.e. eZfile shall enhance investor confidence and quick decision making shall attribute more economic activities

·         Security of corporate data and information is presumed to be top concern of businesses now a days. eZfile is claimed to have advanced technology that shall ensure fool proof security. Strongly designed and quality ensured disaster recovery plan and business continuity plans will guarantee the security risks and data breach protocols

·         Digital document submissions have been further improved in the eZfile portal and SECP is committed to reduced paper free environment and governance.

·         Data analysis may be the last but not least outcome do the eZfile portal. Since more filtered data shall be entered and the processed information shall help policy makers like Federal Board of Revenue and Special Investment Facilitation Center to focus on the right area for growth and monitoring.

In conclusion, the introduction of the eZfile portal by the Securities & Exchange Commission of Pakistan is a promising leap in the transition from e-Services. This new portal aims to address the shortcomings of the previous system and provide a more user-friendly and efficient platform for corporate registration and compliance. With simplified procedures, reduced forms, and enhanced features like artificial intelligence assistance and improved security, eZfile is expected to improve the digitalization experience for businesses and investors, attract more investment, and contribute to economic growth.

You can contact at 0092-300-8422327 for more details