ACCA publishes detailed report on MLCC

Dear Readers,

Peace be on you,

It is with pleasure that we share that ACCA, the largest accountancy body in the world recently published a detailed report on our firm Millennium Law & Corporate Company (MLCC) and recognized it as the pioneer ACCA practicing firm in Pak. You can directly access it at: ACCA’s published profile of MLCC

or continue to read below and let us know your valuable views.

Millennium Law and Corporate Company (MLCC) becomes the Pioneer ACCA practicing firm in Pakistan

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Profile of Millennium Law & Corporate Company

  • 30 + Years’ “Young”

Millennium Law & Corporate Company (MLCC) has a background of thirty (30) years plus history of professional excellence stemming from its parent practice. It used to be focused solely on legal practice including corporate matters.

  • Way Forward – One stop solution

MLCC was expanded to include a new division for providing ACCA centered services. This led to the inclusion of the areas of taxation, corporate services, internal audit, advisory, risk management and trainings in addition to the other legal matters within the services offered by MLCC.

  • Partners

The firm is setup with specialized teams dealing with relevant areas under four (4) partners, two of whom are ACCA members while one is an ex legal advisor Federal Land Commission (Government of Pakistan) and another is an ex deputy Attorney General of Pakistan.

  • Pioneer ACCA Practising Firm in Pakistan

In 2015, the Association of Chartered Certified Accountants (ACCA) took a giant leap in Pakistan and initiated practising license program for the country.

  • MLCC became the pioneer practising firm in Pakistan with
  • Omer Zaheer Meer FCCA (the managing partner of MLCC) being awarded the first ever ACCA practising license in Pakistan.

Before that history was made when:

  • Omer Zaheer Meer FCCA became the first ever ACCA member to get admitted to the prestigious Lahore Tax Bar Association (LTBA) during 2009/10.
  • He was later joined by his brother Mr. Ali Zaheer Meer ACCA who is now a partner at MLCC and another ACCA member at LTBA.

Millennium Law & Corporate Company has built a reputation for quality services based on value creation and issue resolutions with time-specified deliverables. It is now the premier ACCA practising firm in the country and one of the leaders in the taxation, advisory and corporate services sectors.

  • Distinguished Collaborations

MLCC through its partners is currently represented at the Taxation Committee of Lahore Chamber of Commerce and Industry, Chairing the Liaison and sitting on the publication committees of LTBA, Chairing the Taxation Committee of ACCA, Global Tax Forum of ACCA and several think-tanks including Hamdard Thinkers’ Forum and Millat Thinkers’ Forum. MLCC’s clientele also includes some of the most distinguished names. Out key clients and/or associations are as below:

Read the rest of this section directly at:  ACCA’s published profile of MLCC

 

Why was MLCC started?

Managing Partner’s Views:

It is my strong and educated belief that the ACCA qualification and a proper training program equips one with the relevant skills, education and expertise to be the best not just technically but on the value addition side of being an entrepreneur.

With an early start to my career resulting is sufficient experience, I felt it was the right time to launch an ACCA practising firm on my return from UK to Pakistan. Also it was an opportunity to contribute back to the profession and ACCA fraternity in several ways.

However ACCA did not have a local practising license back then. Nevertheless we upheld the brand ACCA and pioneered in an area deemed alien for ACCA members at the time, i.e. local taxation. Within a short span of time we stood out of the crowd delivering excellence and quality beyond norms of the market. We then started expanding into other areas such as corporate services, advisory, risk management, e.t.c. with equally good results.

The milestones so far

Since becoming the pioneer ACCA practising firm in Pakistan some of the major milestones achieved by MLCC are outlined below:

  • Establishment of our non-legal services headquarter at the prime location of Bashir Mansion, 2 Turner Road, Lahore which is opposite FBR, close to Appellate Tribunal, behind Lahore High Court, adjacent AG Office and practically in the hub of all the action.
  • Establishment of a branch office in DHA, Lahore for facilitation of our clientele from the posh areas.
  • Award of the practising license and hence becoming the pioneer ACCA practising firm in Pakistan
  • Joining of Mr. Ali Zaheer Meer as the second ACCA partner of the Firm
  • Expansion intro value addition areas beyond taxation including internal audit, advisory, risk management, corporate services, e.t.c.
  • Start of our training division
  • Partnership with ACCA Pakistan for the CPD trainings of ACCA fraternity and beyond
  • Attendance of our CPD programs and training events by high-profile professionals including owners, directors and even non-ACCA partners of other renowned firms
  • Publication and launch of a research study on indirect taxation across the MESA (Middle-East and South-Asia region) in collaboration with ACCA and EY
  • Working with top names in various sectors including the likes of National Bank of Pakistan, Habib Bank Limited, MPDD, ACCA, LCCI, KCCI, LTBA, e.t.c.
  • Pre-launch of our ACCA trainees induction program

Advantages and benefits of ACCA firms

ACCA firms offer several benefits for the ACCA fraternity, the business community and the society at large. Some of the major ones include:

  • Opening up of new horizons and opportunities
  • Jobs creation
  • Quality services
  • Greater acceptance of ACCA locally
  • Entrepreneurial rewards
  • Increased collaborations with worthy partners
  • Greater exposure

With the advent of CPEC and the corresponding developments, there is a lot of potential for quality accountants and firms offering the right services. Yes it will be challenging but the rewards are more than commensurate. So have a dream and turn it into a reality.

CPEC a Game Changer

The following article has been published in Daily Nation, dated 29th June 2015

(E-Paper (Print Edition)http://nation.com.pk/E-Paper/lahore/2015-06-29/page-9)

(Onlinehttp://nation.com.pk/business/29-Jun-2015/cpec-a-game-changer)

HNPI declares CPEC a Game Changer

Prof Dp

By: Omer Zaheer Meer

China Pakistan Economic Corridor (CPEC) is one of the most discussed topics in Pakistan of late. Several aspects of the proposed “super project” have been examined. It is rightly placed as a game changer for not just Pakistan or the region but one with the potential to change the global economic, military and strategic landscape. Before moving ahead on the topic let’s recall that CPEC is a series of projects worth $ 45.6 billion, aimed to connect Gwadar port in Pakistan strategically located on Arabian Sea just outside the Strait of Hormuz, with Northwestern China (Xinjiang) via Khunjrab (last town on the Pakistani side) along-with several development and uplift projects for transportation, energy and technical infrastructure in Pakistan. An extensive development and uplift of road and rail links is envisaged with energy pipelines decorating the “new silk road”.

In simple terms the plan is to provide the world with a new silk road for global trade, places so strategically that it makes it the most cost-effective and quickest route. The port fees, access charges and transportation revenues alone would be worth billions of $ for Pakistan. If proper policies are implemented, the industrial and business developments particularly along the routes can turn Pakistan into a global economic powerhouse.

It was against this backdrop that this writer was honored to be invited by the Mr. Absar Abdul Ali, director of the prestigious Hameed Nizami Press Institute (HNPI) as a keynote speaker to participate on a seminar on the subject. Mian Iftikhar, the head of the Engineers study forum worked extensively with his team to invite a bouquet of experts from various fields. The result was a brilliant seminar which thoroughly covered almost all the aspects relating to CPEC. Though all the speakers were learned and did justice to their subject, Engineer Iftikhar ul Haq and Mrs. Naheed Ghazanfar from UET covered areas largely neglected re CPEC. The latter explained the technical details of the construction and potential of tens of thousands of jobs resulting from the construction projects alone. Her experience of having already worked with Chinese on critical projects came in handy there. In addition to the above the following points were also discussed at the said event.

A common perception has developed amongst the masses of late that CPEC is all about the road network being built to link Gwadar with China. This is not true as one can see from the list of the projects envisioned under CPEC and shared on these pages before by this writer. While undoubtedly the road and rail links are of fundamental and strategic importance with long-term revenue generation potential and the ones which can be the catalyst for a geo-political shift in the region, they are not this project is all about. Infact most of the projects are related to technical and energy infrastructure projects. To put it in perspective, more than 70% of the proposed $ 45.6 billion investment is expected to be spent on these projects.

In addition to the benefits to Pakistan, the strategic benefits and significance of CPEC to China were also extensively discussed which includes the following:

Firstly China is heavily dependent upon the oil from Gulf. CPEC will reduce the transportation distance from 16,000 km to just 5,000 km for its oil imports of which 8-% is transported via ships while 60% comes directly from gulf, resulting in substantial economic savings, more business all around the year and neutralizing the threat of blockade by political rivals.

Secondly CPEC will also give China unparalleled access to the untapped and raw energy rich markets of Central Asia and Afghanistan, These regions are collectively seen as the next big thing in energy and natural resources terms. China envisions utilizing this for securing its energy needs for the next century as well as placing itself as the world leader re energy security by having similar influence and control on the future energy sources as the one currently held by America over the gulf.

Thirdly CPEC will also allow economic benefits to flow to lesser developed and troubled regions of western China including Muslim-majority Xinjiang. Also the enhanced security ties with Pakistan and economic developments, China hopes to eliminate the unrest in Xinjiang.

Last but not the least CPEC will provide China an additional key port, an opening to the world from its western side and the capability to blockade the oil supplies to any future adversaries by having a key naval port at Gwadar. The current attempts to encircle and contain China would therefore become redundant.

Moreover while it must be appreciated that the controversy over the three land routes planned to link Gwadar to Xinjiang is old and settled now with the Government promising to complete the western route passing largely through the underdeveloped Balochistan and KPK first, it is also a lesson for the decision makers. There are outside efforts led by India to disrupt the CPEC, evident by the now well publicized news of a RAW division established with starting allocation of $ 3 billion for the sole purpose of disrupting CPEC. Chahbahar port of Iran and Dubai port of UAE are at risk to become redundant with huge economic costs to them once CPEC is fully operational.

This unfortunately aligns Iranian and Emirati interests with Indian. Moreover quite obviously, the strategic great game with aims of containing China translates into USA having its interests in seeing through it that CPEC does not become successful. With the vested interests of all these regional and global players at stake, it is advised that all local stakeholders be taken into confidence and CPEC branded as a national project instead of belonging to any one party. We must remember that no outside efforts to disrupt can be successful without genuine internal dissatisfaction.

The author is Director of the think-tank “Millat Thinkers’ Forum”. He is a leading economist, CFA Charterholder, experienced fellow Chartered Certified Accountant and anti-money laundering expert with international exposure who can be reached on Twitter and www.myMFB.com @OmerZaheerMeer or omerzaheermeer@hotmail.co.uk