Besides the poor economical conditions and the recent pandemic, Security and Exchange Commission of Pakistan (SECP) reported 2,365 new companies registered in September 2020.
This boom in the registration of new companies is 69% more than the last year’s September.
The data from SECP highlighted that 68% of companies were registered as private limited companies, 29% as self-owned companies, and 3% as unlisted public companies and non-profit ogranizations.
SECP further says that the majority of the registrations were done online. Nearly 40% (946) of the companies were registered in just a single day.
This development comes as Pakistan witnessed a GDP growth rate of 1% for the current fiscal year against the contraction of 0.4% in the last fiscal year.
The country’s economy has already started showing signs of recovery with key indicators hinting at a potential turnaround in the levels of activity.
A further breakdown of SECP’s data showed that 414 companies belong to the trading sector, 294 to the construction sector, 289 to the IT sector, 226 in services, 139 in the real estate, 87 companies in food and beverages, 73 incorporate agricultural farming, 70 in eCommerce, and 69 companies belonged to the tourism sector.
The publication further added the highest numbers of companies (812) were registered in Islamabad, followed by 764 and 348 companies in Lahore and Karachi, respectively. The authorities in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta and Sukkur registered 183, 97, 64, 62, 33 and 2 companies, respectively.