Simplification and Automation of Process for Notarization and Attestation
Reform ID I168
Reform Description Automating and simplifying the notarization and attestation process.

Before:For international companies, attestation from the foreign Pakistan embassy is required which takes months.

After:The process has been simplified and automated for a seamless first experience for foreign investors and shareholders.
Sector All Sectors
Beneficiaries All Businesses
Jurisdiction/ Location Federal
Department Security and Exchange Commission of Pakistan, Ministry of Information Technology and Telecommunication (MOITT)
Date of Implementation 16-11-2021
Details Difficulty ● Attestation and notarization requirements for foreigners seeking to become shareholders or otherwise invest in the local companies are onerous, time-consuming, and expensive.

● The main purpose behind attestation and notarization is to confirm the identity of the signatory and the authenticity of the document.

● While there may be some use of attestation and notarization to the Power of Attorney’s, there is no need for other documents that are needed for company regulation by the regulators, for example, SECP, CCP, etc.

● Embassies are not linked, requiring hard copies of documents, which delays the process. Foreign investors need a robust and efficient system to ensure a seamless first experience with Pakistan.
Analysis ● During interaction with the stakeholders, it was felt that the issuance of notarization and attestation can be simplified and automated.
Solution ● The requirement is automated and instead of original documents to be posted to Pakistan, a confirmation email from the relevant Embassy may suffice. Moreover, provisional incorporation (though conditional) of a subsidiary is allowed until such Embassy confirmation so that the foreign entity can start its operations.

● Notification/circulars are passed under the SECP Act 1997, Act 2017, CC Act 2010, FE Manual etc. to accept e-notarized and e-attested documents that have met the requirements under the ETO.

● ECAC to formulate regulations under section 43 of the ETO for the accreditation of e-notaries and formulate the process for e-notarization and e-attestation.
Evidence
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