The SECP has doubled the fee for the submission of documents for the registration of companies whose nominal share capital does not exceed Rs. 100,000.
The SECP was charging a fee of Rs. 1,100 for the submission of documents electronically and a fee of Rs. 2,200 for the submission of documents in physical form for registration of companies whose nominal share capital does not exceed Rs. 100,000.
Under a new notification issued by the SECP on Wednesday, now the SECP will charge an enhanced fee of Rs. 2,200 for the submission of documents electronically and a fee of Rs. 5,000 for the submission of documents in physical form for registration of companies whose nominal share capital does not exceed Rs. 100,000.
In this regard, the SECP has amended Seventh Schedule to the Companies Act, 2017 through an S.R.O. 500 (I)/2023 issued on Wednesday.
According to the S.R.O. 500 (I)/2023, for registration of a company whose nominal share capital exceeds 100,000 rupees, the additional fee is to be determined according to the amount of nominal share capital as follows:-
For every Rs. 100,000 of nominal share capital or part of Rs. 100,000, up to Rs. 5,000,000,000, a fee of Rs. 700 would be charged both for the submission of documents manually and electronically.
For every Rs. 100,000 of nominal share capital or part of Rs. 100,000 after the first Rs. 5,000,000,000, up to any amount of fee of Rs. 165 would be collected both for the submission of documents manually and electronically.
Provided that a company that is wholly owned by the Federal Government and has been notified by the Federal Government in the official Gazette for exemption from paying fee shall be charged a fee of Rs. 10,000.
The fee payable at the time of registration of the company shall not exceed Rs. 40 million in case of electronic submission and Rs. 50 million in case of physical submission. Provided also that the fee mentioned shall be increased by 10 percent after the lapse of one year from the date of this notification, SECP added.
For registration of an increase in the share capital made after the first registration of the company, an amount equal to the difference between the amount which would have been payable on registration of the company by reference to its capital as increased and the amount which would have been payable by reference to its capital immediately before the increase, calculated at the rates given.
Provided that increase in fee by 10 percent as mentioned shall not be applicable to the enhancement of the capital fee.
No such fee shall be applicable on registration of an increase in the authorized share capital of a transferee company after the merger consequent to sanction of application for compromises, arrangements, or reconstruction for the merger of companies by the Commission pursuant to Section 279 to 282 or section 284 of the Companies Act, to the extent of the aggregate of the authorized capital of the transferor and transferee companies.
Explanation
For the purpose of calculation of the fee for the registration of an increase in the share capital of the company which has shifted from a physical mode of filing to an electronic mode of filing, the difference of fee shall be calculated on the basis of the rates applicable for electronic submission on the amount of capital before and after such increase:
Provided further that where a company to be formed has been notified by the Federal Government in the official Gazette to be wholly owned by it, a fee of Rs. 10,000/- shall be charged irrespective of the amount of share capital, the regulator added.
The annual supervision fee payable by unlisted/ unlicensed Public Interest Companies on 1st January each year would be Rs. 100,000, SECP added.
Source: Pro Pakistani