Pakistan’s business sector has been defying all odds by making progress and receiving recognition across the globe. It has been recently reported that the Security and Exchange Commission of Pakistan (SECP) registered as many as 884 firms during the month of April. This marks a surge of 40% when compared to the similar time frame of the last year.
During the last ten months, SECP registered 6,763 firms. When compared to the preceding year, this marks an increase of 34%. Many analysts attribute the increase in the number of registrations of firms to the reform measures introduced by SECP, especially the removal of purchase of third party digital signatures and introduction of a simple CNIC based user ID and PIN system for incorporation and post incorporation activities.
It is important to note that approximately 77% of the firms were registered through eServices (online mode) and 60% of the firms were incorporated through consultants; whereas entrepreneurs incorporated 40% of the companies with assistance from incorporation and facilitation wings of CROs (Contract Research Organization).
Moreover, around 85% of the firms were registered as private limited companies and almost 13% of the companies were registered as single member firms. Furthermore, 2% of the firms were registered as public unlisted, trade organizations, non-profit associations and foreign firms.
Foreign investment has been reported in 57 new firms. Reports indicate that these firms have foreign investors from Australia, China, Germany, Italy, Japan, Jordan, South Korea, Kuwait, Netherlands, Norway, Qatar, Saudi Arabia, South Africa, the UK and the USA.
It is pretty obvious that the business sector is making huge strides as more foreign companies are taking interest to set up their operations in Pakistan. If you like what you read, subscribe to our social media channel to get all the insights about Pakistan’s business sector.