Lahore, July 24, 2014 (PPI-OT): In order to boost investment, the federal government would establish One Stop Shop (OSS) at the Lahore Chamber of Commerce and Industry in three months time.
This was agreed at a meeting between the LCCI Senior Vice President Mian Tariq Misbah and Investment Climate Advisor of Implementation and Economic Reforms Unit (IERU) Umer Khalid here at the Lahore Chamber of Commerce and Industry.
LCCI former President Mian Muzaffar Ali, Executive Committee members Mian Zahid Javaid Ahmad, Muhammad Haroon Arrora, Deputy Secretary IERU Fozia Abid, Deputy Manger Punjab Board of Investment Shehryar Rana, Azhar Hussain and Deputy Commissioner Inland Revenue Dr Ali Adnan Zaidi also spoke on the occasion.
The objective of the establishment of One Stop Shop is to facilitate business start-up processes to improve the business climate in the country and Implementation and Economic Reforms Unit (IERU) of Finance Division is coordinating the development of OSS.
The OSS would be a point where various procedures related to new business start requiring interaction with different government agencies are centralized in one location. Securities Exchange Commission of Pakistan, Federal Board of Revenue and Employees Old Age Benefit Institutions (EOBI) had already signed an MOU in this respect and to pave the way for establishment of OSS.
Speaking on the occasion, the LCCI Senior Vice President Mian Tariq Misbah said that Lahore Chamber of Commerce and Industry would facilitate the government in early establishment of One Stop Shop. He said that it was the Lahore Chamber of Commerce and Industry that had been calling for a long time now that there should be a one window operation to facilitate the local and foreign investors.
Mian Tariq Misbah said that OSS would not only encourage the foreigners but would also give encouragement to the local businessmen to put their money in new ventures.
He said that according to the World Bank 2014 Doing Business Report, Pakistan ranks 105th, as far as the ease of starting a business is concerned. The new companies in Pakistan face tremendous difficulties in getting registrations and approvals from various Ministries and Government departments.
He said that The total number of procedures required to register a firm in Pakistan are 10, which are markedly higher as compared to the South Asian average of 7 and OECD countries average of 5. Similarly the total number of days required to register a firm in Pakistan are 21, higher than the South Asian average of 16 and OECD countries average of 11.
LCCI Acting President said that this scenario necessitates the establishing of a One Stop Shop which will provide facilitation in business registration procedures relating to different government agencies in one physical location.
He said that One Stop Shop would help in integrating different registration steps with different levels of government into a single streamlined process, thus lowering the time and/or cost needed to register a business. Studies have shown that in Mexico and Columbia, where the One Stop Shops were implemented, the number of registered businesses increased by more than 5 five percent.
He said that since the establishment of a one stop shop involves integration of many departments and processes, LCCI welcomes provincial stakeholders and various Government Departments in this meeting to develop an effective work plan in this regard through mutual consultation. The idea seems good and it is hoped that it will contribute in improving the current scenario.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan