Reforms for Ease of Doing Business Led to 39% Growth in February – SECP
The Securities and Exchange Commission of Pakistan (SECP) has announced that the reforms for ease of doing business led to 39% corporate growth in February. SECP registered 2,257 new companies in the last month. Among them, 99% are incorporated online.
Reforms for Ease of Doing Business Led to 39% Growth in February – SECP
SECP said in a tweet:
Reforms for ease of doing business led to 39% corporate growth in February. SECP registered 2,257 new companies in Feb. 99% of these were incorporated online; 30% applicants were issued registration certificates same day, while 175 foreign users were registered from overseas.
See Also: SECP Issued New Guidelines for Anti Money Laundering and Counter Financial Terrorism
According to a press release revealed by SECP, 175 foreign users were also registered from overseas. The total number of registered companies has risen to 137,054.
Reforms for ease of doing business led to 39% corporate growth in February. SECP registered 2,257 new companies in Feb. 99% of these were incorporated online; 30% applicants were issued registration certificates same day, while 175 foreign users were registered from overseas. pic.twitter.com/C1as2IJPxF
— SEC Pakistan (@SECPakistan) March 9, 2021
In Islamabad, 765 companies were registered, followed by 634 in Lahore and 361 companies in Karachi. The companies have investors from across the globe, including the UK, UAE, United States, Canada, China, Germany, Hong Kong, Korea South, Kuwait, Saudi Arabia, and Turkey.
Among them, the trading sector took the lead with 354 incorporations. Moreover, the IT sector got 272 registrations while the construction sector has 220 new registrations.
According to the SECP, the growth is the result of the following measures
- Introducing a simplified process for name reservation and incorporation
- Reduction of fee
- The facility of online payments
- Issuance of digital registration certificates
- Incorporation assistance by the newly established Business Centre.
Check Also: SECP Grants Approval to Pakistan’s First Tech-based Crowdfunding Platform
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