Filing of Statutory Returns

Filing of Statutory Returns To Ensure SECP Compliance 

As per section 265 of the Companies Act 2017, all companies incorporated under this act are  legally obliged to do the filing of statutory returns from time to time to the SECP. 

For any business entity in Pakistan, it is crucial to meet statutory returns timely to avoid penalties, legal issues, and the potential of its dissolution. 

However, it is rather difficult to find simplistic ways of dealing with SECP’s legal guidelines that could help save time. That is where we come in, Ways Tax sought to be a one-stop online Tax consultancy firm where Taxpayers can get all their Tax related issues solved online.

Filing of Statutory Returns

Stay Compliant, Stay Confident! 

File your statutory returns seamlessly with our expert assistance. Let us handle your statutory filings for peace of mind.

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Understanding SECP Statutory Returns

The statutory returns mean the amount and types of records & forms that companies prepare and submit to SECP as and when required according to the set legislation and regulatory requirements. 

Noncompliance with these guidelines attracts severe fines and may attract legal proceedings.

Types of Returns

  1. Immediately after incorporation: Forms are required right after registering a company.
  2. Periodical: Annual, half-yearly, or quarterly filings (e.g., Form A/B, Form 29).
  3. On the occurrence of specific events: Changes in company structure, address, directors, etc.

Utility for Stakeholders

Statutory returns provide transparency for stakeholders such as:

  • Banks and investors evaluate a company’s financial health.
  • Vendors and suppliers to verify credibility.
  • Importers/exporters and creditors to assess risk and reliability.

Stakeholders can inspect or obtain certified copies of these filings through SECP’s system.

Some Key Statutory Filings Required by SECP

Let’s discuss them in detail:

1. Annual Return (Form A/B)

  • SECP requires every company to submit an annual return in the form of a document containing a summarized report, activity profile, structure, and shareholding pattern among others.
  • Deadline: Within 30 days of the Annual General Meeting (AGM).

2. Filing of Financial Statements

  • The balance sheet, profit and loss account, and cash flow statements have to be lodged with the Companies’ audited financial statements.
  • Deadline: Within 30 days of the AGM for listed companies and 15 days for private companies

3. Change in Directors, CEO, or Company Secretary (Form 29)

  • This form is used to file any change in the management or key personnel of the company to SECP.
  • Deadline: Within 15 days of the change.

4. Filing of Special Resolutions (Form 26)

  • In case a company holds any special resolutions, for example, variation of share capital, change in business activity, or name of the company, SECP must be notified.
  • Deadline: Within 15 days of passing the resolution.

5. Allotment of Shares (Form 3)

  • SECP also requires details of the allotment every time a company floats new shares in the market.
  • Deadline: Within 30 days of the allotment.

6. Change in Registered Office (Form 21)

  • Any change in the registered office address must be notified to SECP.
  • Deadline: Within 15 days of the change.

7. Other Filings and Compliance

  • This includes notices of board meetings, mergers, dividends, and other significant corporate events.

Filing Through e-Services

1. Obtain a Login Name and Password:

  • Request via an official letter with valid credentials (e.g., CNICs).
  • Provide a verified email address.

2. Log in to SECP eServices and:

  • Select the relevant form.
  • Enter the required information.
  • Attach supporting documents in PDF format (max size: 2 MB)
  • Generate and print a Bank Challan for fee payment.
  • Digitally sign the forms using a NIFT digital signature.
  • Submit the forms and pay the fee via the designated bank (e.g., MCB).

Secure Your Business Integrity! 

File your SECP statutory returns accurately and on time. Trust our experts for efficient and compliant statutory return submissions

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Why Is Filing SECP Returns Important?

Let’s discuss how filing statutory returns can benefit you

  • Avoid Penalties: The filing of statutory returns is important, as you can in different cases get fines ranging from thousands up to millions of rupees, according to the size of your company.
  • Maintain Corporate Compliance: SECP compliance improves your company’s standing in the market and more investors and business partners are willing to engage with you.
  • Legal Protection: Filing statutory returns is crucial because it offers legal freedom to your company from some of the legal cases or actions from the SECP.
  • Transparency: Making frequent filings helps your company to enhance financial reporting and therefore credibility.
  • Prevent Dissolution: Failure to adhere to the laws of SECP can result in the company being removed from the register.

Fines and Penalties for NOT/LATE Filing Of Statutory Returns with SECP

Fines and Penalties
Form NameMaximum Initial Fine (Listed Company)Maximum Initial Fine (Other than Listed Company)Fine for Continuing Default (Listed Company)Fine for Continuing Default (Other than Listed Company)Other Consequences
Form ARs. 10,000/-Rs. 2,000/-Rs. 200/- per dayRs. 50/- per day–
29Rs. 500/-Rs. 500/-–––
3Rs. 500/- per dayRs. 500/- per day–––
7Rs. 100/- per dayRs. 100/- per day–––
10Rs. 500/- per dayRs. 500/- per day––The charge can only be registered with SECP’s leave under Section 131 of the Companies Ordinance, 1984
21Rs. 200/- per dayRs. 200/- per day–––

Challenges Faced During SECP Filing of Statutory Returns

Filing statutory returns with SECP can be a daunting process for businesses due to the following challenges:

  • Complex Requirements: Each form has its unique requirements, and failing to provide accurate information can lead to rejection.
  • Tight Deadlines: Failure leads to other problems and fines are charged in case of missing the time limits.
  • Time-Consuming: Keeping track of filings, particularly of various forms also consumes a lot of time that would have otherwise been spent on business operations.
  • Lack of Expertise: Lack of information and awareness of legal processes and norms of the SECP also poses the problem of enhanced mistakes for most businesses.

How Ways Tax Can Help You in Filing of Statutory Return

At Ways Tax we know the significance of correct and early filings of SECP statutory returns.

Due to the years of practice in this area, we can propose the necessary set of services to guarantee the clients’ successful compliance. 

Here’s why you should choose us:

1. Expert Guidance

Our team of experienced members is aware of all the rules and regulations followed by SECP for filings. We make sure that all your papers are well-processed and submitted on time.

2. End-to-End Services

We take care of document preparation, formatting the document, submitting the document and even following up on the submission status if need be.

3. Timely Compliance

We pay keen attention to due dates and other deadlines to ensure that your fillings are done within the set time to avoid any fines.

4. Cost-Effective Solutions

Our services are aimed to be as convenient for you, and as cheap as possible. Our pricing is justified, and we always provide services that can be appropriate for any kind of business.

5. Customized Solutions

Of course, there is no such thing as an identical business, which means that we adapt our compliance services to your needs and preferences.

6. Peace of Mind

At Ways Tax, you can rest assured that while you get on with your core business, we handle all your SECP matters for you.

7. Reliable Support

We are always available to answer your questions and provide ongoing support for your compliance needs.

Get Started Today With Ways Tax

Filing of statutory returns with SECP doesn’t have to be a stressful or confusing process. At Ways Tax, we take the complexity out of compliance and help your business stay on track.

Don’t wait until the last minute and risk penalties or legal complications. 

Fill the below form to contact Ways Tax today for professional SECP filing services. Let us handle the paperwork.

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