SECP registers 2,220 new companies in July, up 25% YoY

August 11, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has registered an impressive 2,220 new companies during the month of July 2023, marking a substantial growth of 25% compared to the previous year.

These new additions injected a remarkable total capitalization of Rs3.3 billion into the country.

With this surge, the total of number registered companies in the nation soared to an impressive 197,828.

About 57% of Pakistan's companies are private limited companies, 41% are single-member companies, and 2% are not-for-profit associations, trade organizations, and LLPs. 99.7% are registered online, and three foreign companies have established business in Pakistan. 86 foreign applicants have registered from overseas.

The information technology sector took the lead with the incorporation of 316 companies, trading with 309, services with 260,  real estate development & construction with 252, food  & beverages with 96, tourism with 91, education with 90, corporate agricultural farming with 70, e-commerce with 64, textile with 57, marketing & advertisement with 48, transport with 45, engineering with 42, healthcare with 41, pharmaceutical 36, mining & quarrying with 35, power generation with 30, lodging with 28, communications with 26, chemical with 24, cosmetics & toiletries 21,  auto & allied and broadcasting & telecasting with 20 each, paper & board with 19,  cables & electrical goods with 12, and 168 companies were registered in other sectors.

SECP integration with FBR and provincial departments led to 2123 NTN registrations, 69 EOBI, 40 PESSI/SESSI, and 51 excise and taxation departments, registering 2123 companies.

Foreign investment has been reported in 42 new companies, having foreign investors from Afghanistan, Canada, China, Djibouti, Germany, Hong Kong, Iran, Italy, Kuwait, Norway, Saudi Arabia, Singapore, Spain, Sweden, Turkey, UAE, UK, US, and Vietnam.

A major chunk of investment was received from China with 16 companies, Singapore and UAE with 3 each, Afghanistan, Iran, the US, and Vietnam with 02 each, and 12 companies from other countries.

SECP's WhatsApp facility handles name availability and incorporation queries, with 1,305 responses and a 96% satisfaction rate in the month.

Copyright Mettis Link News