Islamabad, July 27, 2024 – The Securities and Exchange Commission of Pakistan (SECP) registered 27,542 new companies during the fiscal year 2023-24, bringing the total number of SECP-registered companies to 222,697, according to an official statement.
Of the newly registered companies, the SECP said 58% are private limited companies and 39% are single-member companies. The SECP highlighted that after the digitization of the company registration process, an impressive 99.8% of companies were registered online, streamlining the process and making it more accessible.
The information technology sector saw the highest number of new registrations, with 4,129 companies. The trading sector followed closely with 3,666 companies, while the real estate development and construction sector registered 3,302 companies, making it the third most popular sector.
In addition, the services sector saw 2,992 new registrations, tourism 1,346, education 1,177, and food and beverages 1,103. E-commerce continued to grow with 942 new companies, corporate farming registered 780, marketing saw 620 new entries, and textiles had 589 new companies.
The mining sector registered 574 new companies, power generation 560, engineering 547, and transport 523. In pharmaceuticals, 497 companies were registered, chemicals saw 457 new registrations, healthcare 434, and the energy sector had 376 new companies.
Foreign investment in Pakistan also showed encouraging signs. Foreign investors entered into partnerships in 68 companies, with significant interest from countries such as China, Afghanistan, the USA, the UK, Germany, the UAE, Australia, and Turkey. Moreover, 31 foreign companies established offices in Pakistan to conduct business, reflecting a growing confidence in the country’s economic environment.
The SECP’s efforts to digitize and streamline the company registration process have evidently paid off, as demonstrated by the high percentage of online registrations. This ease of doing business is likely to continue attracting both local and international investors, further bolstering Pakistan’s economic landscape.
The substantial growth in new company registrations across various sectors indicates a robust entrepreneurial spirit and a dynamic business environment in Pakistan. As the country continues to modernize its regulatory framework and improve its business processes, it is poised for sustained economic growth and increased foreign investment.