The Securities and Exchange Commission of Pakistan (SECP) has declared that it has registered 386 new companies during the past month.
The SECP made the public announcement through a public release. The press release stated that during July 2016, 386 new companies registered themselves with the SECP. Of the 386 new companies, about 85% registered as private limited companies while public unlisted companies, non-profit companies, and foreign companies accounted for 3%. About 12% of these companies were single member companies.
The sector-wise distribution showed that greatest number of incorporated companies appeared to be from the Trading sector. The Services department went up second with 45 companies being registered. A total of 45 companies were from the construction sector, 37 were from the IT sector, while 23 were from tourism department. There were 14 engineering companies, 13 companies each from real estate development and automobile sector. The textile sector stood with 12, food and beverages with 11, and fuel, energy and pharmaceutical with 10 companies from each sector. About 5 foreign companies also registered themselves with the SECP.
The numbers of companies registering with SECP are on an increase mainly owing to increased foreign investments and increasing startup culture. A recent report indicated that about 24% increase was being seen in the number of companies registering with SECP in the fiscal year ending this July.