The Cabinet Committee on Regulatory Reforms (CCoRR), chaired by Mr. Qaiser Ahmed Sheikh, Federal Minister for Investment, convened a meeting today to review third quarterly Regulatory Reform Package, prepared and submitted by the Board of Investment (BOI). This meeting marks another important step in the government’s comprehensive efforts to modernize Pakistan’s regulatory framework, in line with the directives of the Honorable Prime Minister.

The package, developed by BOI’s reform team, presented a forward-looking agenda aimed at transforming Pakistan’s regulatory landscape to enhance transparency, streamline processes, and strengthen the ease of doing business. Key reform areas included the formulation of the Regulatory Governance Strategy 2025–2030, which seeks to establish a modern legal and regulatory system, including the creation of a Pakistan National Legal Registry (PLR). The package also proposed simplification of business bank account opening through online onboarding for low-risk businesses and the introduction of the Asaan Business Bank Account (ABA) for SMEs.

Another major component was the transition from fragmented district registries to a centralized National Business Registry managed by SECP, coupled with the repeal of the outdated Partnership Act, 1932. In addition, the package proposed a new risk-based and technology enabled framework for security clearance of foreign investors, ensuring transparency and statutory timelines. The review of the Companies Act, 2017 was also a significant element, focusing on modernization of requirements for both unlisted and listed companies through elimination of outdated provisions and benchmarking against international best practices.