ISLAMABAD: Digitalisation has led to extraordinary growth of 186 per cent in incorporation of new companies in April 2021.
The SECP, in April has registered a total 2,185 new companies, raising the total number of registered companies to 141,805. In April, around 99pc companies were registered online, 29pc of applicants completed the incorporation process the same day while 220 foreign users were also registered from overseas.
SECP Chairman Aamir Khan attributed the trend of growth to digitalisation and automation, introduction of simplified combined process for name reservation and incorporation, very low level of fees, and assistance provided for incorporation by the newly established business centre.
The April incorporation included 67pc private limited companies, 29pc single member companies and the remaining 4pc were public unlisted companies, not for profit associations, trade organisations, foreign companies and limited liability partnerships (LLPs). The IT sector, for the first time, took lead with the registration of 194 new companies in a month. The IT sector was followed by the trading sector with registration of 180 new companies, construction with 117, import and export with 115, and consultancy services with 110.
Foreign investment has been reported in 47 new companies. These companies have foreign investors from USA, China, Saudi Arabia, Germany, UAE, Greece, Turkey, Norway, Canada, Netherlands, Syria, UK, Hong Kong and Australia.
The highest numbers of companies, i.e. 736 were registered in Islamabad, followed by 667, 378 and 151 companies registered in Lahore, Karachi and Peshawar, respectively. The CROs in Multan, Faisalabad, Gilgit-Baltistan, Quetta and Sukkur registered 131, 48, 48, 23 and 3 companies respectively.