ISLAMABAD
The Securities and Exchange Commission of Pakistan (SECP) has registered the highest number of 926 new companies in the month of May 2017, witnessing an increase of 44 per cent as compared to same month of preceding year.
The SECP during the first eleven months of the fiscal year (2016-17) registered 7,688 new companies. As compared to the corresponding period last year, it represents a growth of 35 per cent. The massive increase in number of new companies is the direct result of various reform measures introduced by the SECP, including reduction of fee, introduction of swift incorporation process, assistance of incorporation by facilitation wings of CROs, elimination of purchase of third-party digital signatures and introduction of simple and hassle-free CNIC-based user ID and PIN systems for incorporation and post incorporation activities.
“Around 86 per cent companies were registered as private limited companies, while around 11 per cent companies were registered as single-member companies. Three per cent of the companies were registered as public unlisted, associations’ not-for-profit, trade organizations and foreign companies,” said SECP.
The SECP further said that the service sector has taken the lead with the incorporation of 136 companies, trading with 129, construction with 114, IT with 89, tourism with 57, engineering with 30, food and beverages, health care, and real estate development with 27 each, communication with 24, education and fuel and energy with 20 each, transport with 17, corporate agricultural farming with 16, lodging, pharmaceutical, power generation and textile with 15 each, cable and electric goods with 14, auto allied with 13, and 106 companies registered in other sectors. Moreover, 13 foreign companies were also registered by the CROs in Islamabad, Karachi and Faisalabad.
Foreign investment has been reported in 75 new companies. These companies have foreign investors from, Australia, Austria, Bangladesh, China, Canada, Cyprus, Denmark, Germany, South Korea, Kuwait, Netherlands, Norway, Oman, Singapore, Turkey, the UAE and the US.
