SECP registers 16,929 new companies in FY20, posts 17pc growth

ISLAMABAD: The Security and Exchange Commission of Pakistan (SECP) registered 16,929 new companies in FY20, as compared to the previous corresponding financial year, indicating a growth of 17 per cent, an annual report by the said.

According to the details, approximately 71pc companies were registered as private
limited companies, 26pc were registered as single-member companies, while 3pc were registered as public unlisted, association’s not-for-profit, trade organizations, foreign companies and limited liability partnership. The total number of registered companies in the country now stands at 120,395.

Out of these, 98pc companies were registered online and around 44pc companies registered on the same day.

In the period under review, the trading sector took a lead with the incorporation of 2,863 companies, followed by information technology (IT) with 2,027, services with 1,929, construction with 1,752, tourism with 829, real estate development with 773, and food and beverages with 637 companies.

Similarly, the education sector registered 609 new businesses, corporate agricultural farming followed with 496, engineering with 437, marketing and development with 398, textile with 370, pharmaceutical with 349, mining and quarrying 294, healthcare with 284, transport with 282, chemicals with 264, auto and allied with 195 companies.

Likewise, the fuel and energy sector registered 189 new companies, logging followed with 186, e-commerce with 181, communication with 165, cosmetics and toiletries with 157, broadcasting and telecasting with 152, power generation with 142, cable and electric goods with 140, paper and board with 134, steel and allied 74, arts and culture with 53 companies.

Furthermore, foreign investment was reported in 550 new companies, while 27 foreign companies established places of business in Pakistan during the last fiscal year.

During the period under review, SECP issued 46 licenses to not-for-profit associations under section 42 of the Companies Act, 2017.

Besides, licenses of 45 not-for-profit associations were renewed, while licenses of 30 non-profit associations were revoked due to non-compliance.

As of June 30, 2020, the number of companies licensed under section 42 of the Companies Act totalled 933.