Company registration agency, PACRA, exceeds target to register over 11,000 businesses

More than 11 thousands new businesses have been registered in the first quarter of 2023, exceeding its target of 8,081.

This is according to the Patents and Companies Registration Agency (PACRA) in a statement issued in Lusaka on Friday.

Communications and Marketing Officer, Mubanga Chitabo, indicated the Agency exceeded its quarterly registration target of 8,081 by registering 11,333 businesses in the first quarter of 2023.

This, she explained, reflected a 40.2 percent increase as compared to 9,026 businesses registered during the first quarter of 2022.

Chitabo mentioned that the 11,333 registrations in 2023 included 6,994 business names, 4,321 limited companies and 18 foreign companies.

“During the period under review, the Agency continued to record an increased number of business registrations in the agriculture, forestry and fishing sector. Nevertheless, the wholesale and retail trade as well as the construction sectors have continued to top the trends,” she said.

Chitabo also said that over 18,000 businesses were compliant with their obligations with PACRA in the period under review.

She stated that of these, 11, 291 were local companies while 7,590 were business names.

“This trajectory is expected to increase as the financial years of different entities begin to fall due,” she said.

On the Collateral Registry, Chitabo said the agency registered 295 financing statements during the year under review.

She indicated that the bulk of these statements were registered by microfinance institutions, banks and money lenders.

Meanwhile, Chitabo said in the first quarter of 2023, patent applications and grants rose by 25 percent and 300 percent respectively compared to the same period last year.

She however pointed out that the bulky of both patent applications and grants came from foreign applicants.

The agency, she said, had continued to record minimal patent applications from local applicants.

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