SECP Registers 2,847 New Companies in August 2023

SECP Registers 2,847 New Companies in August 2023

Islamabad, September 13, 2023 – The Securities and Exchange Commission of Pakistan (SECP) has announced that it registered a total of 2,847 new companies in the month of August 2023, according to an official statement released today.

This surge in new incorporations has propelled the SECP’s total registration count to 200,629 companies.

The figures for August 2023 show a notable 20.6% increase in registrations compared to the same period in the previous year. An impressive 99.7% of these new registrations were conducted online, underlining the increasing adoption of digital processes for business incorporation.

The cumulative capitalization of these newly registered companies amounted to an impressive Rs. 3.5 billion, indicative of significant economic activity and investment within the country.

One of the key factors contributing to this increase in company registrations is the seamless integration of SECP’s registration system with various government departments, including the Federal Board of Revenue (FBR), Employees’ Old-Age Benefits Institution (EOBI), Punjab Employees Social Security Institution (PESSI), and excise and taxation departments. As a result, 2,776 companies were registered with FBR for the issuance of National Tax Numbers (NTN), while 83 companies joined EOBI, 46 with PESSI/SESSI, and 49 with the excise and taxation department.

Sector-wise, the information technology sector led the way with 415 new companies, followed closely by trading with 392, real estate development & construction with 357, services with 324, and tourism with 125. This diversification across sectors reflects a healthy and vibrant business landscape in Pakistan.

Notably, foreign investors showed a keen interest in Pakistan’s business environment, with investments reported in 69 new companies. The countries making significant investments in Pakistani ventures included China, the United States, Afghanistan, the United Arab Emirates, Australia, Egypt, Indonesia, Malaysia, Norway, Russia, Saudi Arabia, Turkey, and the United Kingdom, among others. China led the foreign investment influx with investments in 33 companies, highlighting the strong economic ties between the two nations.

Furthermore, the SECP has been actively enhancing its customer service, with its WhatsApp service handling 1,305 queries related to name availability and incorporation during August. The service received an impressive overall satisfaction rate of 96%, reflecting the SECP’s commitment to providing efficient and user-friendly services to businesses and investors.

This surge in company registrations and foreign investments signals confidence in Pakistan’s business climate and augurs well for the country’s economic growth and development.

READ MORE: Pakistan Stock Market Remains Range-Bound Ahead of Monetary Policy Announcement

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