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SECP’s easy procedures led to 19pc surge in new incorporation

SECP’s easy procedures led to 19pc surge in new incorporation

ISLAMABAD: The recent measures by the Securities and Exchange Commission of Pakistan (SECP) to make the process of companies incorporation easy and hassle free, led to 19 % increase in the registration of new companies in October 2019.

As per details, in October, the SECP has registered 1,659 new companies, raising the number of total registered companies to 107,062.

During October 71% companies were registered as private limited companies, 26 percent were registered as single member companies and three percent were registered as public unlisted companies, not for profit associations, foreign companies and Limited Liability Partnership (LLP).

Amongst new incorporations, 96 % companies were registered online and 43 % of the companies were registered in same day. During the month 98 foreign users completed registration from overseas.

The trading sector took the lead with incorporation of 288, I.T. with 203, services with 192, construction with 167, tourism with 94, real estate development with 75, education with 62, food and beverages with 51, engineering with 49, marketing & development with 41, corporate agricultural farming with 40, transport with 33, textile with 31, pharmaceutical with 30, mining and quarrying with 28, communication with 27, chemical, fuel & energy, and logging with 24 each, healthcare with 23, auto and allied with 20, power generation with 14, cables and electric goods with 13, paper and board with 12, cosmetics and toiletries with 11 and 83 companies were registered in other sectors.

Foreign investment has been reported in 42 new companies. These companies have foreign investors from, Australia, Canada, China, Denmark, Germany, Iran, Kenya, Lebanon, Malaysia, Norway, Oman, Qatar Singapore, the UAE, UK and the US.

The highest numbers of companies, i.e. 618 were registered in Islamabad, followed by 441 and 289 companies registered in Lahore and Karachi respectively. The CROs in Peshawar, Multan, Gilgit-Baltistan, Faisalabad, Quetta, and Sukkur registered, 122, 65, 64, 37, 20 and 3 companies respectively.