The Securities and Exchange Commission of Pakistan (SECP) has approved approximately 41,000 new company names during 2021-2022 under the digital reforms initiative.
This represents a significant increase in the formation of new businesses in Pakistan and underscores the SECP’s commitment to facilitating ease of doing business in the country.
According to a tweet of the SECP on Thursday, to increase corporatization and promote ease of doing business (EoDB), SECP approved around 41,000 company names during FY2021-22 and registered 26,483 companies.
Approximately 99.9 percent of applications have been filed and disposed of digitally as a result of digital reforms introduced by the SECP.
In addition, the sectoral distribution of new companies registered during 2021-22 revealed that 4,791 companies have been registered within the category of real estate development and construction sector.
Within the category of IT, 3,760 companies have been registered. A total of 3,534 companies have been registered with the category of trading companies.
Within the services sector, a total of 2,408 companies have been registered during this period. Around 1,038 e-commerce companies have been registered, data added. A total of 962 companies have been registered in the area of education.