SECP sets new record by registering 926 companies in one month
Securities and Exchange Commission (SECP) of Pakistan has set a record by enrolling 926 organizations in one month.
The stats by SECP reveals that in the current fiscal year the authority has registered 7,688 new companies, which is 35 percent more when compared to the preceding fiscal year. The reason why many local and foreign companies are registering themselves is due to the reforms which SECP has done in the registration process.
Steps taken by SECP to improve registration process
- SECP has introduced a new User Registration System under eServices which reduced the incorporation cost from Rs. 1,500 per user to Rs. 100 per user. E-Services is a web portal developed by SECP to facilitate incorporation of companies and filing of forms and documents in electronic form to the Registrars.
- Elimination of purchase of third-party digital signatures.
- The introduction of simple and hassle-free CNIC-based user ID and PIN system for incorporation and post incorporation activities.
The SECP in a press release said that the companies which have registered themselves are 86 percent private limited companies, while other 14 percent were foreign and single-member companies.
The service sector in this regard came first with the amalgamation of 136 companies, trading and construction with 243 and 428 companies were registered in other sectors such as health care, auto allied and corporate agriculture farming.
Apart from the local companies being registered by SECP, 13 foreign companies have also been registered.
Moreover, there is also increase in foreign investment in the country, investors from different countries such as Turkey and China are investing more in the country.
SECP last year has also launched a bilingual website, which offers content in English and in Urdu. The website was launched to provide help to the masses to understand rules and regulation of SECP in much easier way.