As per statement issued by SECP, in order to facilitate the corporate sector, the requirements of nominee and alternate nominee directors as well as particulars and documents of the legal heirs of the Single Member have been proposed to be deleted from the SMC rules.
According to spokesman of SECP, the concept of single member company was introduced in the year 2002 while detailed framework for registration of `Single Member Companies’ was provided in the year 2003.
These rules allow single persons/businessmen to convert their non-corporate entities into companies with limited liability of the members and enabling them to deal with public entities as companies rather than individuals.
The draft of proposed amendment in Single Member Companies (SMC) 2003 rules has been published in official gazette as well as on the website of SECP for public opinion.
