Pakistan has seen a remarkable rise in new company registrations this year, with 27,542 new firms established, predominantly in the IT sector. According to the Securities and Exchange Commission of Pakistan (SECP), the total number of registered companies has now reached 222,697 for the fiscal year 2023-24. Among the new registrations, 58% are private limited companies, and 39% are single-member firms, with an impressive 99.8% of these companies being registered online. The IT sector led the charge with 4,129 new companies, followed by trading with 3,666, and real estate development and construction with 3,302.

Other notable sectors include services (2,992), tourism (1,346), education (1,177), and food and beverages (1,103). The e-commerce sector registered 942 companies, corporate farming 780, marketing 620, and textiles 589. Additionally, mining saw 574 new firms, power generation 560, engineering 547, and transport 523. The pharmaceutical sector added 497 companies, chemicals 457, healthcare 434, and energy 376. SECP also reported foreign investments, with 68 foreign investors entering partnerships in local companies and 31 foreign firms setting up offices in Pakistan. Investors from China, Afghanistan, the USA, the UK, Germany, the UAE, Australia, and Turkey were among those involved.

Credit: Independent News Pakistan