Amid Crisis: Registration of 2,409 Companies in 1 Month in 2023
In January 2023, a wave in new company registrations, with 2,409 new companies counted to the current 185,173 with the Securities and Exchange Commission of Pakistan (SECP).
In January 2023, the registration of 174 companies in a single day set a new record. The companies’ registration occurred with a capital of Rs 2.7 billion for recently registered companies.
Of the newly registered companies, 57% were private limited companies, 39% were single-member companies, and 3% as uncatalogued public companies, not-for-profit associations, trade organizations, and limited liability partnerships—almost 101 online registered companies from overseas investors.
The real estate and construction industry was the leading sector for new companies, with 407 companies, 334 for Information Technology, 321 for trading, 250 for services, and 99 for tourism.
Other enterprises include e-commerce, pharmaceuticals, food and beverage, education, textile, marketing & advertisement, engineering, healthcare, and chemical production.
Involvement of foreign investment was in 62 new enterprises, with investors from countries including Egypt, Afghanistan, Canada, Chile, China, Germany, Iran, Iraq, Jordan, Kenya, the Netherlands, South Korea, Nigeria, Norway, Oman, Singapore, Switzerland, Tanzania, the UK, and the US.
China, the most significant contributor to foreign investors, includes 32 companies, followed by Chile and Canada, with 3 companies each.
The SECP’s integration with (FBR) and other provincial agencies causes the registration of 2,255 companies with the FBR for the creation of a National Tax Number (NTN), 41 companies with the Provincial Employees Social Security Institution (PESSI/SESSI), 40 companies with the Employees’ Old-Age Benefits Institution (EOBI), and 30 companies with the excise and revenue department.