What is Form 45 or UBO Compliance required by SECP?
What is Form 45 or UBO Compliance required by SECP?
The Security and Exchange Commission of Pakistan (SECP) requires every company to file a declaration stating who its ultimate beneficial owners (UBOs) are by submitting Form 45. Transparency is improved among corporate entities through compliance with international standards. The SECP reminds registered companies repeatedly that they must adhere to this law and has conducted widespread awareness campaigns through print and electronic media. Form 45 may now be submitted online by registered companies. SECP introduced this procedure to make compliance easier via Form 45 or UBO Compliance.
How to Submit Form 45/UBO Compliance? A step by step guide:
Step 1: Download the Form 45/UBO compliance from SECP’s website via this link www.secp.gov.pk Document form 45 declaration of compliance with the provisions of section 123a of the companies act 20117
Step 2: Complete the form and follow it up with a simple cover letter stating that you are submitting Form 45 for compliance to the CRO office.
Step 3: You must create a challan and pay the Form A and Form 29 fees first if you haven’t yet filed Form A and Form 29. When the due date for Form A and Form 29 has already expired, the fee for Form A and Form 29 will be double (based on the company’s capital).
The fee for Form 45 manual submission is the same as that for Form 29 and Form A (double fees) if you had already submitted Form A and Form 29.
Step 4: Submit or mail a copy of the paid challan and the filled out Form 45 along with the cover letter to your local CRO.
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