According to the apex corporate regulator, the Security and Exchange Commission of Pakistan (SECP) has registered 2,107 new companies in October 2020, which is an increase of 26 percent compared to last year.
As per SECP data, almost 99 percent of the companies were registered online and 34 percent of the new claimant cleared the registration on the same day. In addition to this, 97 foreign users registered companies from abroad in the same period.
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Approximately 69 percent of the companies were registered by the SECP as private limited companies, while about 28 percent were recorded as sole proprietorships and 3 percent were public private, not for profit association, foreign companies and limited liability partnerships.
While revealing the SECP data for October, it is been observed that the trade sector saw the major bracket of the newly registered companies as 341 new competition signed up, in the meantime, the construction industry registered 245 new entrants and in the IT sector, 231 companies enrolled.
Among 2,107, the majority of the entities preferred to register with the federal government, as it is noticed that 714 firms registered in Islamabad, while Lahore and Karachi enrolled 611 and 318 companies respectively. The CROs of other regions such as Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta and Sukkur also signed up 171, 125, 67, 53, 37 and 11 companies.
A per the Security and Exchange Commission statement, foreign investment is also detected in 35 new entities from Belgium, UK, US, Turkey, China, Singapore, Mexico, South Korea, Germany, Algeria, Sri Lanka, Denmark and UAE.
In September, the Securities and Exchange Commission of Pakistan (SECP) registered 2,365 new companies, indicating an increase of 69 percent over the same month a year earlier.
