The Securities and Exchange Commission of Pakistan (SECP) has registered 1,392 new companies during the month of September 2019, raising the total number of incorporated companies to 105,407.
According to a press release issued by the SECP on Friday, 96 percent of companies registered online through SECP’s E-Service and 50 percent of companies incorporated the same day through digital solutions deployed in September 2019.
Most importantly, 85 foreign applicants completed registration of companies from overseas using E-Service, it added
The September incorporation comprises 69 percent private limited, 27 percent single member companies. The remaining 4 percent 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, the Netherlands, Nigeria, Poland Singapore, South Africa, Switzerland, Turkey, the UAE, UK the US and Yemen.
In new registrations, trading sector took 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.
About 37 in corporate in agricultural farming, 32 in marketing, 24 in transport, 21 in healthcare, and pharmaceutical each, 20 in communication and 17 companies registered in logging.
Moreover, 16 companies were each from chemical, auto and allied, cosmetics and toiletries, and steel and allied sector and 15 each, power generation with 13, broadcasting and telecasting with 12 and 92 companies were registered in other sectors.
During the month, the highest numbers of companies including 503 were registered in Company Registration Office 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.
The increasing trend in online registration of companies demonstrates success of reforms and digitalization recently undertaken by SECP.