SECP grants relief to corporate sector

2463 new companies got registration in October 2023

Engineering Post Report

Despite the prevailing economic and financial situation in the country due to varying factors,  it is good to note that new companies are being launched in  different sectors quite regularly.

During October 2023, as many as 2463 new companies applied and got registered with the Securities and Exchange Commission (SECP)  enhancing the total number of companies registered  with the SECP  to an impressive figure of 205456 with a cumulative  capitalization of Rs 4.24 billion for the newly incorporated entities..

According to the information available from SECP sources, the Information   Technology (IT) sector topped the list of newly registered companies boasting  326 new companies.  It was closely  followed by trading with 322 companies,  services 298 companies, real estate  development  and construction sector 290 new entities, education 107 companies, tourism 100 companies, food and beverages  90, e-commerce and mining and quarrying  sectors 67 each. Other sectors which have also also contributed to this encouraging surge  though  in somewhat low numbers included  corporate agricultural farming, marketing and  advertising, textile, pharmaceutical, transport,  engineering, chemical , power generation, healthcare, cosmetics and toiletries, broadcasting and telecasting,  lodging, communications, cables and electrical goods and paper and board.

Investment by the foreign countries’ investors and businessmen have also a notable role in this surge with 75 new companies  attracting investments from various countries. China led the list  with  40 companies, followed by Afghanistan  5, Great Britain  4, Germany and the UAE 3 each,  and the Netherlands, Norway and the US two companies each, . 

It may also be  mentioned here  that 14  companies  attracted investment   from other countries including Algeria, Australia, Denmark, El Salvador, France,  Indonesia,  South Korea, Libya, Malaysia, Nigeria, Spain, Syria, Thailand and Turkey.

The SECP sources maintained that this surge in registration of new companies in different  sectors  highlighted the resilience and growth  potential of Pakistan’s business landscape, reflecting positively on the   country’s economic trajectory upward.