The Securities and Exchange Commission of Pakistan (SECP) have registered 1,597 new businesses, more than doubled in May compared to the last year’s June.
“This is for the second consistent month that over 100% growth in incorporation of new companies is being witnessed. The trend of growth is attributed to digitalization/automation, introduction of simplified combined processes for name reservation and incorporation, and facilitation extended by the SECP’s newly established business Centre,” the SECP said in a statement.
Around 143,416 companies are registered with the SECP, moreover, around 99% companies got registered online in May, meanwhile, 36% completed the amalgamation process the same day, while 175 foreign users were also registered from overseas.
The commission further said that in the same month, 68% percent companies registered as private limited, 28% single member and the remaining 4% include public unlisted companies, not for profit associations, trade organizations and limited liability partnerships.
Moreover, foreign investment has been reported in 48 new companies from Azerbaijan, China, Denmark, Germany, Korea South, Kuwait, Malta, the Netherlands, Norway, Russia, Singapore, Turkey, UAE, the UK and the US.
The construction and real estate sector took the lead with incorporation of 252 companies.
The number of companies that SECP registered in May according to sector:
· Trading: 247
· Information and technology: 216
· Services: 149
· E-commerce: 64
· Food and beverages: 59
· Education: 51
· Corporate agricultural farming: 50
· Market and development: 39
· Textile: 37
· Tourism: 34
· Chemical: 33
· Healthcare: 31
· Engineering: 29
· Auto and allied: 27
· Logging: 25
· Pharmaceutical: 24
· Mining and quarrying: 21
· Broadcasting and telecasting, and fuel and energy: 19 each
· Cables and electric goods, paper and board, and transport: 16 each
· Cosmetics and toiletries: 14
· Power generation 12
· Communication: 11