According to an official announcement issued today, the Securities and Exchange Commission of Pakistan (SECP) registered a total of 2,847 new companies in the month of August 2023.
SECP’s registration count to 200,629 firms
This spike in new company formations has increased the SECP’s total registration count to 200,629 firms.
The registration data for August 2023 show a significant 20.6% increase over the same time the previous year.
An astonishing 99.7% of all new registrations were completed online, highlighting the growing use of digital processes for business formation.
The total capitalization of these newly formed companies was Rs. 3.5 billion, indicating strong economic activity and investment in the country.
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, is one of the key factors contributing to this increase in company registrations.
As a consequence, FBR registered 2,776 firms for the issuing of National Tax Numbers (NTN), while 83 enterprises joined EOBI, 46 with PESSI/SESSI, and 49 with the excise and taxes department.
The information technology industry led the way with 415 new enterprises, followed by trading (392), real estate development and construction (357), services (324), and tourism (125). This diversification across sectors demonstrates Pakistan’s thriving and active corporate ecosystem.
Notably, international investors demonstrated a strong interest in Pakistan’s business environment, with investments in 69 new enterprises registered.
69 new enterprises registered
China, the United States, Afghanistan, the United Arab Emirates, Australia, Egypt, Indonesia, Malaysia, Norway, Russia, Saudi Arabia, Turkey, and the United Kingdom were among the countries making large investments in Pakistani companies.
China led the foreign investment influx, investing in 33 enterprises, reflecting the two countries’ close economic connections.
In addition, the SECP has been actively improving its customer support, with its WhatsApp service addressing 1,305 queries about name availability and incorporation in August.
The service achieved an amazing 96% overall satisfaction rating, demonstrating the SECP’s dedication to offering efficient and user-friendly services to businesses and investors.
This increase in company registrations and foreign investments reflects confidence in Pakistan’s business environment and bodes well for the country’s economic growth and development.
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