SECP’s new incorporations rise

ISLAMABAD: The recent measures taken by the Securities and Exchange Commission of Pakistan (SECP) to make the process of incorporation easy and hassle-free led to 19 percent increase in the registration of new companies in October, a statement said on Wednesday.

In October, the SECP registered 1,659 new companies, raising the number of total registered companies to 107,062. During October, 71 percent companies were registered as private limited, 26 percent were registered as single member and three percent were registered as public unlisted companies, not-for-profit associations, foreign companies and Limited Liability Partnership (LLP).

Among the new incorporations, 96 percent companies were registered online and 43 percent of the companies were registered in the same day. During the month, 98 foreign users completed registration from overseas.

The trading sector took the lead with incorporation of 288, IT 203, services 192, construction 167, tourism 94, real estate development 75, education 62, food and beverages 51, engineering 49, marketing and development 41, corporate agricultural farming 40, transport 33, textile 31, pharmaceutical 30, mining and quarrying 28, communication 27, chemical, fuel and energy, and logging 24 each, healthcare 23, auto and allied 20, power generation 14, cables and electric goods 13, paper and board 12, cosmetics and toiletries 11 and 83 companies were registered in other sectors.