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Wednesday July 17, 2024

SECP registers 30pc more firms in Nov

By Our Correspondent
December 19, 2019

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has registered 1,387 new companies in November 2019, bringing the tally of total registered companies to 108,433, a statement said on Wednesday.

The commission statement said incorporation of companies during the month under review was 30 percent more over the same of last year. “The substantial increase is a result of SECP’s recent reforms to simplify the registration processes and reduce incorporation and regulatory forms tariffs,” the regulator said.

It said among new incorporations, around 72 percent companies were registered as private limited companies, while around 25 percent were registered as single member companies.

Three percent were registered as public unlisted companies, not for profit associations, foreign companies and Limited Liability Partnership (LLP) whereas 96 pc companies were registered online, the commission added. During the month 130 foreign users completed registration process from overseas.

The trading sector took the lead with the incorporation of 237, services with 165, I.T 159, construction 151, tourism 77, real estate development 66, education 65, food and beverages 51, corporate agricultural farming 39, engineering and pharmaceutical 35 each, marketing and development 33, textile 27, transport 25, chemical 24, auto and allied 21, healthcare 19, mining and quarrying 16, electric goods and logging with 12 each, broadcasting and telecasting and fuel and energy with 11 each, and 96 companies were registered in other sectors.

The SECP said foreign investment had been reported in 61 new companies. These companies have foreign investors from, Bahrain, China, Czech Republic, Egypt, Germany, Korea South, Malaysia, Philippines, Russia, Saudi Arabia, Spain, Sweden, Switzerland, Taiwan, Tajikistan, the UK and the US, it added.