SECP Records Phenomenal Growth with 2,477 New Company Registrations in September

Islamabad 9 Oct, 2023: In a remarkable development, the Securities and Exchange Commission of Pakistan (SECP) has achieved a significant milestone by facilitating the registration of 2,477 new companies in September 2023, contributing to the expansion of Pakistan's thriving business landscape. This surge in registrations brings the total number of registered companies in Pakistan to an impressive 202,892, highlighting the nation's burgeoning entrepreneurial ecosystem. These newly incorporated companies collectively injected a substantial Rs. 1.59 billion into the economy, underscoring Pakistan's economic vitality.

Imagine a bustling marketplace where new businesses are popping up like wildflowers. That's precisely the scenario in Pakistan, where the SECP has been working its magic. In September 2023, the SECP pulled off something spectacular: the registration of a whopping 2,477 new companies. Let's dive into the details and discover what this means for Pakistan's business landscape.

Taking a closer look at the composition of these freshly minted companies, private limited companies took the lead, making up 58% of the new additions. Single-member companies were a close second at 39%, while the remaining 3% included a diverse mix of public unlisted companies, not-for-profit associations, trade organizations, and limited liability partnerships (LLP). What's more, a foreign company decided to set up shop in Pakistan, and 92 international applicants harnessed the eService platform to establish their businesses within the country. An impressive 99.7% of these new companies opted for online registration, underscoring the modernization of the registration process.

Thanks to the SECP's integration with the Federal Board of Revenue (FBR) and various provincial departments, 2,389 of these new companies swiftly completed their registration with the National Tax Number (NTN). Additionally, 62 companies registered with the Employees' Old-Age Benefits Institution (EOBI), while 34 registered with the Punjab Employees' Social Security Institution (PESSI) and Sindh Employees' Social Security Institution (SESSI). A further 40 companies completed registration with the excise and taxation department. This comprehensive approach to business registration is a game-changer.

Exploring Thriving Sectors:

Breaking down the sectors these new businesses represent, the information technology industry emerged as the leader, with 347 new companies. It was closely followed by trading with 308, services with 282, and real estate development and construction with 278. The tourism sector celebrated the birth of 123 new businesses, while education saw 106 new entrants, and food and beverages welcomed 100. Notably, the vibrant e-commerce industry wasn't far behind, boasting 75 new incorporations. Mining and quarrying contributed 70, with textile, corporate agricultural farming, marketing, and advertising each registering 59 new companies. The pharmaceutical sector also played a significant role, welcoming 49 newcomers.

Global Confidence in Pakistan:

Foreign investment played a notable role in this surge, with 82 new companies receiving external funding. Investors from countries such as Afghanistan, Australia, Bahrain, China, Denmark, France, Indonesia, Japan, Kenya, South Korea, Kuwait, Malaysia, Mongolia, Nigeria, Norway, Portugal, Romania, Russia, Spain, the United Arab Emirates, the United Kingdom, the United States, and Vietnam have demonstrated their confidence in Pakistan's flourishing business environment. Chinese investors were particularly active, contributing to 47 of the newly established foreign-invested companies, followed by the UK with six, the USA with five, and South Korea with three. Other countries, including Japan, Nigeria, Portugal, and more, invested in a total of 15 new enterprises.

Pakistan's business landscape is buzzing with energy, innovation, and global participation. The SECP's latest achievement is a testament to the nation's thriving entrepreneurial spirit, and it paves the way for even more growth and prosperity on the horizon. Pakistan is, without a doubt, open for business!