One of the hallmarks of the new law is that it has been prepared after extensive consultations with all stakeholders, including market experts and the business community, who actively contributed in its formulation, and expressed unanimous support for its enactment. Subsequently, the new law has undergone a rigorous parliamentary approval process before passage, which has resulted in further improvements in the law.
The Companies Bill 2017 contains various enabling provisions for the corporate sector which will improve the ease of doing business, provide a simpler and softer regime for small companies, enable e-governance, ensure better corporate governance, and augment higher standards of transparency and quality of information. Various defective and redundant provisions of Companies Ordinance. 1984 have been removed from the new law. Such measures will enable Pakistan's corporate sector to flourish and be competitive in the international markets.
I would like to appreciate the efforts of the Securities and Exchange Commission of Pakistan (SECP), the various stakeholders who have provided constructive comments and recommendations, as well as my parliamentary colleagues, for their respective roles in the finalization and passage of the Companies Bill, 2017. I am confident that the Companies Bill 2017 will facilitate and provide incentives to the corporate sector, especially small and medium sized companies, which will act as a catalyst and give immediate impetus to the economy. This will enable our nation to achieve higher, sustainable and inclusive economic growth for the prosperity of our people.