SECP registers 1597 new businesses, more than doubling its May totals

SECP registers 1,597 new businesses, more than doubling its May total

Web Desk

05th Jun, 2021. 02:41 pm
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For the second month in a row, the Securities and Exchange Commission of Pakistan (SECP) saw an increase of over 100 per cent in the number of new firms as it registered 1597 new businesses.

According to the SECP, 1597 new businesses were formed in May 2021, representing a 107 per cent increase over the previous year’s similar period. In April, the SECP registered a total of 2,185 new companies, an increase of 186 per cent over the same period the previous year, i.e. April 2020.

Around 99 per cent of corporations registered online in May, with 36 per cent completing the incorporation process the same day, and 175 foreign users registering from other countries.

As per the SECP, 68 per cent of companies were private limited companies in the month of May, 28 per cent were single-member firms, and the remaining 4% were public unlisted companies, not-for-profit groups, trade organizations, and limited liability partnerships.

Foreign investment has been reported in 48 new companies from Azerbaijan, China, Denmark, Germany, Korea South, Kuwait, Malta, the Netherlands, Norway, Russia, Singapore, Turkey, the United Arab Emirates, the United Kingdom, and the United States, according to the SECP.

Here’s a list of the number of companies that registered according to the sector:

Trading: 247
Information and technology: 216
Services: 149
E-commerce: 64

Food and beverages: 59
Education: 51
Corporate agricultural farming: 50
Market and development: 39
Textile: 37
Tourism: 34

Chemical: 33
Healthcare: 31
Engineering: 29
Auto and allied: 27
Logging: 25
Pharmaceutical: 24

Mining and quarrying: 21
Broadcasting and telecasting, and fuel and energy: 19 each
Cables and electric goods, paper and board, and transport: 16 each
Cosmetics and toiletries: 14
Power generation 12
Communication: 11

The remaining 67 companies were registered in other sectors.

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