The Securities and Exchange Commission of Pakistan (SECP) has registered 1,392 new companies in September 2019, raising the total number of incorporated companies to 105,407.
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During September 2019, 96% of the companies were registered online through SECP’s eService and 50% of the companies were incorporated on the same day. It is to be noted that 85 of foreign applicants completed the registration from overseas using the eService.
The digital solutions deployed by the Securities and Exchange Commission of Pakistan (SECP) has made company registration and post-incorporation compliance simpler, faster and cost-effective.
September’s incorporation comprises of 69% private limited and 27% single-member companies. The remaining 4% companies include public unlisted companies, trade organizations, foreign companies, Limited Liability Partnership (LLP) and not for profit associations.
During the month, 51 new companies have been incorporated with foreign shareholders, mainly from China, Denmark, Germany, Hong Kong, Japan, Korea South, Malaysia, Netherlands, Nigeria, Poland Singapore, South Africa, Switzerland, Turkey, UAE, UK, US and Yemen.
In new registrations, the trading sector took the lead with 239 companies, construction and services with 173 each, information technology with 148, tourism with 79 and real estate development with 54 companies.
Similarly, 52 companies were registered in food and beverages, 48 in education, 38 each in engineering and textile, 37 in corporate agricultural farming, 32 in marketing, 24 in transport, 21 in healthcare, and pharmaceutical each, 20 in communication, 17 companies registered in logging.
Moreover, 16 companies each from chemical, auto and allied, cosmetics and toiletries, and steel and allied sector were registered.
During September, the highest number of companies i.e. 503 were registered in CRO Islamabad. The CROs in Lahore, Karachi, Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta, and Sukkur registered 413, 247, 78, 69, 40, 28, 12 and 2 companies respectively.
Increase in Online Registration
The increasing trend of online registration of companies demonstrates success of reforms and digitalization recently undertaken by SECP. It is to emphasize that through SECP’s eService, registration of a company is now a simple one-step procedure that can be completed within four working hours. The steps of company name reservation, incorporation application, appointment of Chief Executive Officer are now merged.
By providing additional information in online company incorporation form, a company can also get registration with FBR, EOBI and provincial social security, labor department and excise & taxations departments of Punjab and Sindh.