SECP registers 4,461 companies during 2008

ISLAMABAD, (APP): The Securities and Exchange Commission of Pakistan (SECP) has registered 4,461 companies during 2008, as compared to 4,837 companies registered during last year.

The total registration of 4,461 companies during the year, comprising 4,153 private companies, 175 single member companies, 67 public companies, 39 associations not for profit licenced under section 42 of the Companies Ordinance 1984, (“Ordinance”), 25 foreign companies, and one company limited by guarantee, under section 43. The total corporate portfolio as on Dec. 31, 2008 reached 52,612 registered entities, says a statement issued here Saturday.

Total authorized capital and paid up capital of the companies registered during the year, amounted to Rs 167.25 billion and Rs. 23.76 billion, respectively.

The highest number of company incorporation was witnessed in the services sector comprising of 665 companies, followed by 489 in trading sector, 261 in construction sector, 204 in Information Technology, 195 in communication sector, 135 in food and beverages, 119 in textile and 106 in engineering sector.

Despite the economic and financial recession globally as well as in the country, the trend of new registration of companies has remained consistent with last year.

This trend has been made possible due to the facilitation and market development reforms undertaken by the SECP, in it registration regime.

An important milestone has also recently been achieved in 2008, by launching its eServices, which facilitates the availability of name, incorporation of companies and filing of statutory returns, through online systems.

The SECP will continue to encourage the corporatization of businesses to contribute towards the progressive development of the economy and healthy growth of corporate sector.