SECP registered 172,206 companies in FY22
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) registered 26,502 new companies in the 2021-22 financial year, which shows a 4% increase from the previous financial year.
The total number of companies registered with the SECP now stands at 172,206
The real estate development and construction sector leads in the number of new incorporations with 4,791 new companies registered, followed by information technology with 3,760 new companies and commerce with 3,534 new companies.
As a result of the end-to-end digitization of the company incorporation process, around 99.5% of companies were registered online while 1,640 foreign users were registered from abroad. The total capitalization (paid-up capital) of the newly incorporated companies for the current month stood at 42.4 billion rupees.
The SECP has made significant reforms to facilitate company registration by fully digitizing the registration process, as well as company registration certificates. With this automation, companies can now be registered online from any part of the world, without having to visit SECP offices. SECP’s electronic services have been integrated with provincial revenue services to facilitate the registration of corporations with provincial revenue services at the time of incorporation. Company tax numbers are also issued online.
In addition, an online portal has also been created for banks to help businesses open business accounts after registration. The SECP has also launched a WhatsApp helpline to provide immediate assistance to investors. All of these measures have led to notable improvements in the ease of doing business, one of the results of which is a steady increase in the number of new incorporations.
In fiscal year 2022, nearly 64% of businesses were registered as limited liability companies, while 33% were registered as sole proprietorships. Three percent were registered as unlisted public companies, non-profit associations, foreign companies and limited liability companies (LLPs).
Foreign investment was reported in 672 new companies from Afghanistan, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Belgium, Burma (Myanmar), Canada, China, Cyprus, from Denmark, Dominican Republic, Egypt, France, Germany, Hong Kong and Hungary. , Indonesia, Iran, Iraq, Ireland, Italy, Japan, Jordan, Kazakhstan, Kenya, South Korea, Kuwait, Kyrgyzstan, Lebanon, Malaysia, Malta, Netherlands, New Zealand, Nigeria, Norway, Oman, Paraguay, Peru , Philippines, Poland, Qatar, Romania, Russia, Saudi Arabia, Senegal, Singapore, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Syria, Taiwan, Thailand, Turkey, United Arab Emirates, United Kingdom Ukraine, United States States, Vietnam, Yemen and Zambia.
Following the integration of the SECP into the FBR and various provincial departments, 25,042 companies were registered with the FBR for the generation of NTN, 539 companies with the EOBI, 234 companies with the PESSI/SESSI and 343 businesses with the Excise and Taxation department.