26,502 Companies Registered In FY 2021-22, Observes 4pc Growth Rate; SECP Report

26,502 companies registered in FY 2021-22, observes 4pc growth rate; SECP report

ISLAMABAD, Dec 1 (UrduPoint / Pakistan Point News - 1st Dec, 2022 ) :During the current financial year 2021-22, 26, as many as 502 new companies were registered as compared to the previous year, where a growth rate of 4 percent has been observed, said a Security and Exchange Commission of Pakistan (SECP) Annual Report released here Thursday.

According to the Report, due to this growth, the total number of registered companies now reached to 172,234. In terms of efficiency, 99.4 percent companies were registered online during the current year and around 23 percent companies were registered within the same day.

The outcome is the result of the strategic use of automation and process optimization to benefit end users and shorten the overall time required to launch a business in Pakistan, it said.

Report said that out of the companies registered during the financial year 2021-22, approximately 64 percent companies were registered as private limited companies, 33 percent as single-member companies and the remaining were registered either as public unlisted, not-for-profit associations, trade organizations, foreign companies or limited liability partnerships.

The sector wise breakdown of registered companies during the current year shows that the construction and real estate sector took the lead with incorporation of 4,791 companies.

This was followed by IT with 3,760 companies, trading with 3,534 companies, services with 2,408 companies, and Ecommerce with 1,038 companies, report said.

Education related companies registered were 962, food and beverages companies were 937, tourism companies were 790, textile companies were 701, and marketing and advertisement companies were 671. The remaining companies were registered in other sectors.

The foreign investment was reported in 681 new companies. Most foreign investment is from China (288 companies), followed by USA (44 companies), UK (42 companies), Afghanistan (40 companies), Germany (27 companies), Canada (15 companies), South Korea (14 companies), Turkey (14 companies), Saudi Arabia (13 companies), Palestine (11 companies), Netherlands (10 companies), Australia (8 companies), Norway (8 companies), and Singapore (8 companies). Few foreign investors are from Italy, Japan, Jordan, Lebanon, Philippines, Russia, Sri Lanka, UAE, Denmark, South Africa, Dominican Republic, Egypt, Hong Kong, Oman, Switzerland, Thailand, Bangladesh, France, Iraq, Ireland, Kenya, Malaysia, Sweden, Belgium, Qatar, Spain, Ukraine, AJK, Austria, Myanmar, Cyprus, Indonesia, Iran, Kazakhstan, North Korea, Kuwait, Kyrgyzstan, Malta, New Zealand, Niger, Nigeria, Paraguay, Poland, Romania, Senegal, Syria, Taiwan, Vietnam, Yemen, and Zambia. Moreover, 22 foreign companies from China, USA, Portugal, Turkey, UAE, Turkey, South Korea, UAE, Switzerland, Spain and Germany have established places of business in Pakistan during the financial year.