SECP registers six foreign companies in December 2016
ISLAMABAD: At least six foreign companies have been registered with Securities and Exchange Commission (SECP) during December 2016, said a statement issued by the regulator.
These companies have been registered by Company Registration Offices (CROs) of the commission at Karachi and Islamabad.
The SECP registered total 703 companies in December 2016. SECP during December 2016 has exhibited a remarkable growth of 30 percent in registration of new companies over the corresponding month of the last year. This shows that corporate growth momentum continues.
The number of companies incorporated in the last six months of 2016 witnessed an impressive growth of 23 percent as compared to corresponding period, primarily due to wide-ranging reform measures undertaken by the SECP.
The SECP said that foreign investment has been reported in 50 new companies. These companies have foreign investors from, Afghanistan, Australia, China, Egypt, Iran, Nigeria, Norway, Singapore, Switzerland, Ukraine, the UK and the US.
During the month, the highest numbers of companies, i.e. 240, were registered at the Islamabad CRO, followed by 207 and 160 companies registered at Lahore and Karachi CROs respectively. The CROs in Peshawar, Multan, Faisalabad, Quetta and Sukkur and Gilgit registered 38, 39, 10, 7 and 1 and 1 company respectively.
A multi-pronged strategy has been adopted to further encourage corporatization in the country, comprising restructuring of Company Registration Offices (CROs), legislative reforms, increasing adoption of information and communication technologies, simplification of administrative procedures, and investor awareness and facilitation measures.
In order to facilitate the entrepreneurs’ incorporation facilitation desks have been established at CROs in Islamabad, Karachi and Lahore. To ensure that company is registered the same day if the application is received in first half of the day. These measures are aimed at reducing business start-up time and cost as well as number of regulatory procedures so as to encourage investors adopt the corporate form of business organization. The measures would also assist the government in documentation of economy.
Around 85 percent companies have been registered as private limited companies, while around 13 percent companies were registered as single member companies. Two percent of companies were registered as public unlisted, non-profit associations and foreign companies. The services sector took the lead with the incorporation of 140 companies, followed by trading with 95, construction with 69, information technology with 56, tourism with 33, engineering with 24, food and beverages with 21, auto and allied with 19, fuel and energy with 18, corporate agricultural farming , education, and real estate development with 17 each, transport with 16, communications, healthcare and power generation with 14 each, textile and pharmaceutical with 10 each, 99 companies were registered in other sectors.