SECP registers 1,597 new businesses, doubles its figures for May

• Companies' registration more than doubles in May, according toSecurities and Exchange Commission of Pakistan.
• As many as 143,416 companies are registered with the SECP. In May, around 99% companies registered online.
• The trend of growth is attributed to digitalisation/automation, introduction of simplified combined processes for name reservation and incorporation, and facilitation extended by the SECP’s newly established business centre, says SECP statement.

ISLAMABAD: Registration of companies with the Securities and Exchange Commission of Pakistan (SECP) more than doubled in May compared to the same month last year.

As many as 1,597 new companies registered in May, the SECP said Friday.

“This is for the second consistent month that over 100% growth in incorporation of new companies is being witnessed. The trend of growth is attributed to digitalisation/automation, introduction of simplified combined processes for name reservation and incorporation, and facilitation extended by the SECP’s newly established business centre,” the SECP said in a statement.

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As many as 143,416 companies are registered with the SECP. In May, around 99% companies registered online, 36% completed the incorporation process the same day, while 175 foreign users were also registered from overseas.

The SECP said that in May, 68% percent companies had been private limited, 28% single member and the remaining 4% include public unlisted companies, not for profit associations, trade organizations and limited liability partnerships.

The construction and real estate sector took the lead with incorporation of 252 companies.

Here's a list of the number of companies that registered according to 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.