The SECP registered 334 companies in November, taking the total corporate portfolio to 63,226 companies. Authorised and paid-up capital of the companies registered in November was Rs1.75 billion and Rs526 million respectively.
According to the breakdown of new incorporations, 311 were private companies, 16 were single-member companies, 4 non-profit associations, 2 foreign companies (one each from Saudi Arabia and US) and 1 public unlisted company.
“The corporate growth is a positive sign and reflects expansion of documented, formal and structured corporate sector, which results in more business opportunities and development of the economy,” the SECP commented in a press release.
It said the increase in registration of companies over recent months had been the result of its registration facilitation mechanism.
Figures show that 315, 274, 244 and 320 companies were enrolled during July, August, September and October respectively.
Nationals of Bangladesh, the Netherlands, Turkey, Canada and the UK have made investment in four new companies registered in November. The companies are from the education, power generation, software development and services sectors.
Published in The Express Tribune, December 7th, 2012.
letter-spacing:-.1pt'>The ministry spent this money on roadshows conducted in Calgary, Houston, Aberdeen and London. It spent $74,000 to publicise the events in newspapers, magazines and websites in these areas. A consultant was paid $50,000 for conference management, logistics and marketing while $15,000 was paid on account of travel and accommodation.
When approached, former additional secretary petroleum Ijaz Chaudhry, who had initiated the probe, said the complainant was fake as he did not reside at the address given in the application. As a result of his absence, “the inquiry did not move ahead.”
In a recent communications to the petroleum ministry, the consul general of Pakistan Consulate in Houston pointed out that the 2009 roadshow was held on a very short notice and was attended mostly by participants from Pakistan with no experience of oil exploration and production.
According to sources, the ministry has contacted oil and gas firms this time too in an attempt to collect contributions for the roadshows, which will be held from December 10 to 14 in Houston and London. However, they said, the companies were reluctant keeping in view the past experience when
no response came from foreign firms.
Published in The Express Tribune, December 7th, 2012.
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Who cares about registration when they don't pay tax?