ISLAMABAD: The Securities and Exchange Commission of Pakistan has introduced a digital Ultimate Beneficial Ownership (UBO) registry aimed at improving transparency in corporate ownership across the country.
According to officials, the new online platform will maintain detailed information about the ultimate owners of all registered companies, enabling authorities to more easily track and verify the real individuals behind corporate entities.
Mandatory Ownership Disclosure
Under the new system, companies are now required to disclose details of their ultimate beneficial owners.
Newly registered companies must submit ownership information through Form 1.
Existing companies will be required to update their ownership records annually using Form 19.
Strengthening Corporate Governance
The SECP said the UBO registry is designed to strengthen corporate transparency, accountability and regulatory oversight.
Officials added that the system will also help:
prevent the illegal use of companies for financial crimes
improve compliance with anti-money laundering (AML) regulations
enhance corporate governance standards in Pakistan
The regulator believes the digital registry will make it easier for authorities and stakeholders to identify the real individuals who ultimately control or benefit from companies.
