The SECP registered 854 companies in February 2017. The corporate growth that witnessed a good momentum during 2016 is continuing during 2017. The number of companies registered with SECP during February 2017 has exhibited a remarkable growth of 71 percent over the corresponding month of the last year. Over a larger horizon, the number of companies incorporated during first 8 months of financial year 2016-17 has witnessed an impressive growth of 34 percent over the preceding year, thanks largely to the wide-ranging reform measures undertaken by SECP.
A multi-pronged strategy has been adopted to further encourage corporatisation in the country, comprising legislative reforms, increasing adoption of information and communication technologies, simplification of administrative procedures, and investor awareness and facilitation measures. 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 achieving its objectives of formalisation of the business sector and documentation of economy, which have strong implications for fiscal policy Around 85 percent companies have been registered as private limited companies, while around 12 percent companies were registered as single member companies. Three percent of the companies were registered as public unlisted, association's not-for-profit, trade organisations and foreign companies.
During the month, the highest numbers of companies, ie 303, were registered at the Company Registration Office (CRO), Islamabad, followed by 256and 180 companies registered at CRO Lahore and Karachi respectively. The CROs in Peshawar, Multan, Faisalabad, Quetta, Sukkur and Gilgit registered 35, 36, 23, 10 and 3 and 8companies respectively. -PR