SECP incorporates 2,539 new companies in May '23

June 10, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) registered 2,539 new companies in May 2023, bringing the total number of registered companies to 194,466, as reported by APP.

The total paid-up capital (capitalization) of the companies incorporated in February was Rs2.7 billion, according to a press release.

Approximately 57% of businesses were registered as private limited companies, 40% as single-member businesses, and 3% as limited liability partnerships, not-for-profit organizations, and unlisted public companies (LLP).

Nearly 99.7% of businesses registered online, and the new registrations include 65 foreign applicants.

The information technology sector took the lead with the incorporation of 407 companies, followed by trading with 339, the real estate development & construction sector with 331, and services with 287 companies.

Likewise, 112 companies were incorporated in the food and beverage sector; 102 in the tourism sector; 81 in the education sector; and 66 in the e-commerce sector.

Meanwhile, 814 companies were incorporated in other sectors.

As a result of the integration of SECP with FBR and various provincial departments, 2,439 companies were registered with FBR for registration of NTN, 63 companies with EOBI, 46 companies with PESSI/SESSI and 57 companies with the excise and taxation department.

Foreign investment has been reported in 81 new companies, having foreign investors from Afghanistan, Australia, China, Indonesia, Ireland, Italy, the Netherlands, Nigeria, Norway, Romania, Russia, Singapore, Spain, Thailand, Turkiye, UAE, UK and the US.

The major chunk of investment was received from China with 47 companies, the UK with 05 companies, the US with 04 companies,

Furthermore, Turkiye and Afghanistan with 3 companies each, Indonesia, Russia, UAE, and Thailand with 2 companies each, and 11 companies from other countries.

The SECP also has a dedicated WhatsApp facility for instant resolution of queries pertaining to name availability and the incorporation process.

During this month, around 1,290 queries were responded to with a 97% satisfaction rate.

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