registration of foreign companies

The Pakistani government is seeking to create better measures to cast out chaotic elements that pose as foreign companies or their agents in the country. To achieve this goal, Pakistan is introducing strict rules for the registration of foreign companies in the country.

Under the draft, Foreign Companies Regulations, 2017 any foreign company that wants to enter the country would need an approval from the Board of Investment (BOI).

Securities and Exchange Commission (SECP) would also seek security clearance in case the executives or any principal officer is Afghan or Indian national or of Afghan or Indian Origin.

Ministry of Interior with the help of intelligence agencies of Pakistan will conduct a thorough background before granting permission during the process of registration of foreign companies in the country.

If a foreign company want to do conduct their business electronically in Pakistan, they would need to file the complete web address with the registrar in addition to the different operations that are specified within thirty days of commencement of operations in the country.

The company would also need to take preventive measures against cyber attacks that can cause the denial of service or defacement of the website.

If there will be any restriction of access due to the maintenance of the website, the company would need to notify the people through advertisement published in the national newspaper three days before the scheduled operations/update.

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