SECP enrolls over 20,300 firms in 2020

Published January 17, 2021
In the outgoing year, the SECP registered 20,324 new companies, compared to 16,456 in 2019. — Reuters/File photo
In the outgoing year, the SECP registered 20,324 new companies, compared to 16,456 in 2019. — Reuters/File photo

ISLAMABAD: The Covid-19 pandemic has severely affected businesses across the globe, but Pakistan has witnessed 24 per cent corporate growth in 2020.

In the outgoing year, the SECP registered 20,324 new companies, compared to 16,456 in 2019.

The data compiled by the SECP showed that the simplification of the registration process was one of the key factors that stimulated growth in registration of companies.

The SECP reduced the number of procedures for business start-up, reduction in overall turnaround time for regulatory approvals and introduced cost-cutting measures of starting a business, especially for small and medium enterprises.

Officials said that during Covid-19 and lockdown periods, organisations speedily enabled online facilities to maintain the workflows and resulted in an increased trend of using online services, and 98.66pc companies registered online in 2020.

The adverse impact of Covid-19 was quite evident in registration of foreign companies. In 2020 only 24 foreign companies got registration whereas the number was 38 in 2019.

The foreign companies were from the US, UK, France, Germany, China, Japan, Australia, Middle East countries and Far Eastern Countries.

The government relief package of Rs30 billion for the construction sector also had positive impact as there was 32pc growth in registration of new companies in the construction and real estate sector to 3,383 in 2020.

The Covid-19 badly affected the tourism sector as just 677 companies were registered compared to 1,027 in 2019.

Published in Dawn, January 17th, 2021

Opinion

Are we failures?
27 Feb 2021

Are we failures?

Third World leaders emulated their erstwhile oppressors...
Rage of Caliban
27 Feb 2021

Rage of Caliban

Lawyers have shown that the fraternity abides by tribalistic values...
Combating pollution
26 Feb 2021

Combating pollution

Air quality is at hazardous levels, and a more robust policy response is needed.

Editorial

LoC ceasefire
Updated 27 Feb 2021

LoC ceasefire

THE Pakistan-India relationship is known for its complexity and bitterness, but there are times when surprises of a...
27 Feb 2021

Null and void

HAD people not lost their lives, the ham-fisted attempt at rigging the Daska by-election on Feb 19 could have been...
27 Feb 2021

Minister’s non-appearance

FEDERAL Water Resources Minister Faisal Vawda’s continued absence from the Election Commission’s hearing on the...
Terrorist’s escape
Updated 26 Feb 2021

Terrorist’s escape

It is not clear how many military personnel were involved in this incident and what the investigation into their actions revealed.
26 Feb 2021

Penalising filers

THE FBR has decided to penalise taxpayers filing their returns late. Apparently, these filers will be required to ...
26 Feb 2021

Corporal punishment

FOR a child born in our society, the cycle of violence begins early. The first taste of violence often comes at the...