The Securities and Exchange Commission of Pakistan (SECP) registered 2,380 new companies in November 2022, indicating an increase of 10 percent as compared to the corresponding period last year.
The total capitalization (paid-up capital) of the newly incorporated companies is Rs 1.9 billion. The total number of registered companies now stands at 182,598. The real estate development and construction sector were followed by the information technology sector with 347 companies and trading with 300 companies. Almost all these companies were registered online.
Among the newly incorporated companies, about 59 percent were registered as private limited companies, 39 percent as single member companies, and two percent were public unlisted companies, not-The for-profit associations, trade organizations, and limited liability partnerships (LLP).
About 99.9 percent of companies were registered online. In November, the SECP also registered three investment companies/microfinance companies with paid-up capital of Rs255 million.
During the same period, the real estate development and construction sector topped with the formation of 407 new companies. The information technology sector took the second slot with the number of 347 and the trading sector with 300 companies formation. Considering food and beverages, 87 new companies were registered, 258 new companies offering services, and 82 education institutes were registered.
The regulators registered 14 broadcasting and telecasting companies, 13 auto and allied and paper and board each, 12 cables and electrical goods, nine arts and culture, and 102 companies in other sectors.
Coming to the tourism sector, the number was 81 followed by corporate agricultural farming at 76, commerce at 70, marketing and advertisement at 63, engineering at 62, textile at 57, pharmaceutical at 50, healthcare at 43, mining and quarrying at 38, a chemical with 37, fuel and energy with 13, transport with 31, power generation with 30, communications with 27, cosmetics and toiletries and lodging with 18 each.
These states from the official press release issued revealed that Pakistan is moving towards development. With so many companies registered with SECP, the overall efficiency of the corporate sector will be improved for the benefit of investors, companies, and the economy.
Foreign investment has been reported in 85 new companies from Afghanistan, Austria, Australia, Canada, China, Germany, Hongkong, Jordan, Korea South, Mauritius, Nigeria, Norway, Oman, Singapore, South Africa, Spain, Tunisia, Turkey, UAE, UK, and the US.
As a result of SECP’s eServices integration with FBR and various provincial departments, 2,211 companies were registered with FBR for the generation of NTN, 57 companies with EOBI, 32 companies with PESSI/SESSI, and 43 companies with the excise and taxation department.