Govt Introduces 170 Amendments to Companies Act

News Desk

ISLAMABAD: The Pakistani government has announced approximately 170 amendments to the Companies Act 2017 aimed at simplifying company registration and enhancing the business environment.

The changes were disclosed by Haroon Akhtar Khan, Adviser to the Prime Minister on Industries and Production, during a press conference on Friday.

Khan emphasized that the existing regulatory framework has been a significant barrier to foreign investment, citing its complexity and the challenges it poses for businesses.

He stated, “Over the past 78 years, laws and regulations have been introduced to meet various needs. However, over time, unnecessary complexities and overlapping requirements have accumulated, making it difficult for businesses to operate efficiently.”

The amendments have been approved by the federal cabinet and are now set to be presented to parliament for further consideration.

The implications of these reforms are substantial, as they are expected to streamline processes, reduce compliance costs, and ultimately attract more foreign investment into Pakistan.

This move is seen as a critical step towards modernizing the corporate regulatory framework, which could enhance the overall economic landscape of the country.

Looking ahead, the government plans to continue its regulatory reviews to ensure that the business environment remains conducive to growth.

The proposed amendments will be discussed in parliament in the coming weeks, with stakeholders eager to see how these changes will be implemented.