The Securities and Exchange Commission of Pakistan (SECP) had registered 1,070 new companies during the month of September as compared the corresponding month of last year, showing an increase of 50 percent, raising the number of registered companies to 90,722.
More then 74 percent companies were registered within four hours, said a press released issued by the SECP here Thursday.
The massive increase in incorporation was the result of the SECP’s various reforms measures including introduction of simplified combined process for name reservation and incorporation, reduction of fee, assistance of incorporation by facilitation wings of Company Registration Offices.
Around 73 percent companies were registered as private limited companies, while around 25 percent were registered as single-member companies. Two percent were registered as public unlisted, non-profit associations, foreign companies and limited liability partnership (LLP).
The trading sector took the lead with the incorporation of 189 companies, construction with 142, services with 137, I. T. with 107, tourism with 83, food and beverages with 45, real estate development with 34, corporate agricultural farming with 29, textile with 28, engineering with 26, education with 20, transport with 18, marketing and advertisement with 16.
During the period under review in healthcare and pharmaceutical with 14 each, cables and electric goods with 13, auto allied, and paper products with 12 each, logging, and mining and quarrying with 11 each and 109 companies were registered in other sectors.
Moreover, 1 foreign company was also registered by CRO Islamabad.
The SECP’s has introduced reforms to increase corporatization and register companies within four hours.
Foreign investment has been reported in 34 new companies.
These companies have foreign investors from, Australia, Belarus, China, Denmark, Germany, Iran, Korea South, Malaysia, the Netherlands, Russia, Thailand and the UK.
The highest numbers of companies including 374 were registered in Islamabad, followed by 296 and 195 companies registered in Lahore and Karachi respectively.
The CROs in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta, and Sukkur registered, 83, 43, 28, 27, 20 and 4 companies respectively.