3000 INACTIVE COMPANIES REMOVED BY SECP
The security and exchange commission of Pakistan (SECP) removed more than 3000 inactive companies from its book from December 2018 to December 2021 to simplify the operating of registered companies, as stated by the regulator on 23rd March 2022.
SECP said there are numerous companies registered for the past 3 years. There were 95,621 registered companies in Pakistan by December 2018, which reached 158,537 at the end of December 2021, indicating a growth of 67 percent,” the regulator said.
The commission said this is the first time SECP removed such a huge number of companies from its register. While answering a query raised by the Ministry of Finance, the SECP stated the number of incorporations magnified significantly within the last three years.
“This is the first time the SECP removed such a variety of number of inactive businesses”
The number of registered companies is on the rise following the ease of doing business introduced by the SECP. This additionally provides flexibility to the regulator to strike-off inactive companies from its books, the commission maintained.
The SECP said the government’s pro-real estate policies gave impetus for newer businesses to start out and expand. The policies double geared towards rising simple doing business and capitalist confidence additionally well-tried helpful for the company trade, it added.
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