In Pakistan, companies are required to file a UBO return with the Securities and Exchange Commission (SECP) in order to disclose their ultimate beneficial owners (UBOs). The UBO return must be filed by companies upon the request of the SECP and must be updated whenever there are any changes to the company’s ultimate beneficial ownership.
The Companies Act, 2017 requires all companies in Pakistan to maintain a register of their ultimate beneficial owners and to disclose this information to the SECP upon request. This includes private and public limited companies, foreign companies, and limited liability partnerships. It’s worth noting that the UBO return must be filed by the company itself and not by individual shareholders or directors. The UBO return is a public document that is available for inspection by the public and must be filed with the SECP in a timely manner. Failure to file the UBO return or to disclose accurate and complete information can result in fines and penalties for the company and its directors