Total 2,349 new firms registered in February, with an accumulated capitalization of Rs2.2 billion
The Securities and Exchange Commission of Pakistan (SECP) registered 334 new tech firms under the the information technology (IT) sector during February 2022.
In recent years, tech companies and startups registration has witnessed upward trend and attracted millions of dollars in terms of foreign investment in the country besides creating hundreds of employment opportunities for IT graduates.
According to the details shared by SECP, new companies registration rise to 2,349 in February, raising the total number of registered companies to 163,333.
The accumulated capitalisation (paid-up-capital) of newly incorporated companies is recorded at Rs2.2 billion and foreign investment has been reported in 50 new companies.
These companies have foreign investors from Afghanistan, Bahrain, Burma (Myanmar), China, Cyprus, France, Germany, Hong Kong, Japan, Korea South, Kyrgyzstan, Lebanon, the Netherlands, Niger, Norway, Saudi Arabia, Singapore, Sri Lanka, Turkey, the UK, the US and, Yemen.
To facilitate investors, the SECP has also set up a designated help desk to facilitate investors from China. The Chinese Help Desk, staffed with a team proficient in Mandarin, aims to provide requisite support to Chinese investors for the registration of their businesses in Pakistan.
Besides, Company Incorporation Guide in Urdu, Chinese, Turkish, Arabic, and Spanish languages are also available on SECP’s website.
In February, about 62 percent of companies were registered as private limited companies, while 35 percent were registered as single-member companies and the remaining three percent were registered as public unlisted companies, not-for-profit associations, trade organisations, foreign companies, and limited liability partnerships (LLP).
About 99.5 percent of companies were registered online and 236 foreign users were registered from overseas.
The real estate development and construction sector took the lead with the incorporation of 453, information technology with 334, trading with 287, services sector with 221, education with 106, commerce with 91, marketing and advertisement with 77, food and beverages, and textile with 73.
Similarly, the tourism sector registered 65 new companies in SECP, corporate agricultural farming 54, healthcare 49, engineering 47, transport 38, pharmaceutical 34, power generation 31, lodging 28, chemicals 27, communications 26, paper and board 25, mining and quarrying 24, cosmetics and toiletries 20, cables and electric goods 18, auto and allied 17, fuel and energy 16, broadcasting and telecasting 13, steel and allied 12 and 90 companies were registered in other sectors.
The SECP has recently integrated its eServices with the Federal Board of Revenue (FBR) and various provincial departments, as a result, 2,320 companies were registered with FBR, 54 companies with EOBI, 15 companies with PESSI/SESSI, and 30 companies with Excise and Taxation department, said the statement.