CCoRR Approves BOI’s Regulatory Reform Package

On Friday, the Cabinet Committee on Regulatory Reforms (CCoRR), chaired by Federal Minister for Investment Qaiser Ahmed Sheikh, approved the third quarterly Regulatory Reform Package crafted by the Board of Investment (BOI), advancing Pakistan’s mission to modernize its regulatory framework.

An official statement outlined that the package establishes a progressive roadmap to enhance transparency, streamline procedures, and boost the ease of doing business.

Key measures include the Regulatory Governance Strategy 2025–2030, the establishment of a Pakistan National Legal Registry (PLR), and a transition from fragmented district registries to a centralized National Business Registry managed by the Securities and Exchange Commission of Pakistan (SECP). This reform will repeal the obsolete Partnership Act, 1932, eliminate duplication across district registries, and enable faster firm registration with nationwide legal recognition.

The package also introduces simplified bank account opening for businesses, featuring online onboarding for low-risk firms and the launch of an Asaan Business Bank Account (ABA) tailored for SMEs.

A new risk-based, technology-enabled framework for security clearance of foreign investors was unveiled, incorporating statutory timelines to enhance predictability and minimize delays.

The committee also endorsed updates to the Companies Act, 2017, aimed at modernizing requirements for listed and unlisted companies, removing outdated provisions, and aligning corporate governance with international best practices. These changes are expected to lower compliance costs and strengthen oversight.

The CCoRR meticulously reviewed all proposals and instructed federal ministries and departments to ensure time-bound implementation.

Federal Minister Qaiser Ahmed Sheikh praised the BOI reform team and regulators, emphasizing that the package underscores the government’s commitment to fostering a transparent, efficient, and investor-friendly business environment in Pakistan.