Over 1,000 new companies registered in Pakistan in the month of July
The SECP registered 1,076 new companies in July. As compared to the corresponding month of the last financial year, it represents a growth of 30 percent, raising the number of registered companies to 88,701.
The massive increase is the result of the SECP’s various reforms measures, i.e. introduction of simplified combined process for name reservation and incorporation, reduction of fee, assistance provided for incorporation by facilitation wings of CROs etc.
Around 73 percent of companies were registered as private limited companies, while around 24 percent were registered as single-member companies. Three 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 197 companies, construction with 135, services with 126, I.T. with 111, tourism with 46, real estate development with 35, education, marketing and development with 33 each, engineering with 32, corporate agricultural farming with 31, food and beverages with 25, broadcasting and telecasting, textile and transport with 18 each, fuel and energy and healthcare with 17 each, pharmaceutical with 15, cable and electric goods and paper and board with 11 each, and 147 companies were registered in other sectors. Moreover, 8 foreign companies were also registered by CROs in Karachi, Islamabad and Lahore.
Foreign investment has been reported in 47 new companies. These companies have foreign investors from Australia, China, Germany, South Korea, the Netherlands, Norway, Singapore, Spain, Thailand, Turkey and the UK. The highest numbers of companies, i.e. 432 were registered in Islamabad, followed by 285 and 175 companies registered in Lahore and Karachi respectively. The CROs in Peshawar, Gilgit-Baltistan, Multan, Faisalabad, Quetta, and Sukkur registered, 68, 49, 33, 21, 8 and 5 companies respectively.
With the change in Government, it is being speculated that Pakistan will see a noticeable increase in the number of companies which will in turn boost economy.