8,286 new companies registered in Pakistan last year

By APD writer Muhammad Sohail

**ISLAMABAD, Jan. 3 (APD) ** -- At least 8,286 new companies were registered in Pakistan in 2017, showing a growth of 34 percent as compared to the registration in the year 2016, an official report said on Wednesday.

According to the annual report of the Securities and Exchange Commission of Pakistan (SECP), the country’s department to register and monitor companies, by registering 8,286 new companies the total number of registered companies in the country has surged to 80,700.

The trend in 2017 witnessed in the formation of companies was that approximately 86 percent companies were registered as private limited companies, 11 percent as single-member companies and, three percent were registered as public unlisted, association’s not-for-profit, trade organizations and foreign companies.

The services sector took a lead with the incorporation of 1,303 companies, followed by trading 1,100, construction 936, information technology 773, tourism 518, education 254, food and beverages 252, engineering 225, real estate development 224, fuel and energy 211, corporate agricultural farming 190, textile 173, pharmaceutical and transport 166 each, communication 158, auto and allied 137, power generation 123, healthcare 121, broadcasting and telecasting 103, paper and board 101, and 1,052 companies were registered in other sectors.

Foreign investment was reported in 562 new companies, which have foreign investors from China, Afghanistan, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Belgium, Canada, Cayman Islands, Cyprus, Denmark, Egypt, France, Germany, Iran, Iraq, Ireland, Italy, Japan, Jordan, Kazakhstan, South Korea, Kuwait, Kyrgyzstan, Lebanon, Libya, Malaysia, Netherlands, New Zealand, Nicaragua, Nigeria, Norway, Oman, Panama, the Philippines, Puerto Rico, Qatar, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sri Lanka, Sudan, Sweden, Switzerland, China’s Taiwan, Thailand, Turkey, Ukraine, the United Arab Emirates, Britain and the United States, the report added.

Moreover, 63 foreign companies from China, Finland, Germany, China’s Hong Kong, South Korea, Malaysia, Netherlands, Norway, Singapore, Spain, Sweden, Switzerland, Turkey, the United Arab Emirates, Britain and the United States have established places of business in Pakistan during the last fiscal year.

Meanwhile, the report said these companies are engaged in the fields of auto and allied, cable and electric goods, communication, construction, engineering, food and beverages, healthcare, services, power generation, trading, textile, transport, fuel and energy, information technology, insurance, steel and allied and other sectors.

Local watchers opined that the rise in number of registered companies was a sign of rising business friendly atmosphere and international community’s trust in Pakistan.

(ASIA PACIFIC DAILY)