SECP registers 1,187 new companies in August

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has registered 1,187 new companies in August 2019. 94% companies were registered online through e-Services.

According to a press release issued by SECP, with recent registrations, the number of total registered companies with SECP has reached 104,030.

The trend of increased registration has resulted from the series of reforms undertaken by SECP, the commission’s spokesperson told media. New companies can now register their companies through e-commerce within four hours. The procedures have been simplified and made hassle-free.

SECP has recently introduced a single application form that combines the process of name reservation and incorporation to prevent prolixity. Additionally, the company registration and incorporation fee has been considerably reduced and can now be paid through mobile and internet banking. To guide and facilitate start-ups, facilitation desks have been established at company registration offices of Islamabad, Karachi and Lahore.

Also, SECP’s e-Services has been integrated with the Federal Board of Revenue (FBR), Employees Old Age Benefits Institution (EOBI) and business registration portals of Punjab & Sindh.

Breakdown of Registered Companies in August (Major Players)

• 71% private limited companies
• 26% single member companies
• 3% public unlisted companies, NGOs, Trade Organizations, foreign companies and LLP