SECP Tightens Regulations for Foreign Companies in Pakistan

Regulations for the registration of foreign businesses operating in Pakistan have been further tightened by the Securities and Exchange Commission of Pakistan (SECP).

To introduce draft modifications to the Companies (Incorporation) Regulations, 2017, the SECP released S.R.O. 468 (I)/2023 on Tuesday.

The SECP has created draft modifications to the Foreign Companies Regulations, 2018 for the certification of papers that must be filed by foreign companies through another S.R.O. 472 (I)/2023.

The Registrar shall require additional information, including but not limited to, the profile of the foreign company or foreign body corporate, detail of its directors, their nationality and country of origin, copy of its charter, statute or memorandum and articles, etc., in accordance with the revised regulations for foreign companies, in the event that the subscriber is a foreign company or foreign body corporate.

As long as the copy of any statute, memorandum, articles, or other documents outlining the constitution of a foreign corporation or foreign body corporate that must be submitted with the registrar is duly:

the public official of the nation where the foreign corporation or foreign body corporate is incorporated, into whose custody the original is committed, certifies it to be a true copy;
By a Notary public based in the nation where the foreign corporation or foreign body corporate is incorporated, certified as a true copy.

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a declaration from a competent officer of the foreign company or foreign body corporate in the nation where the company is incorporated attesting that it is a true copy.
Apostilled by the designated competent authority of the foreign public document’s state of origin, which has ratified the 1961 Hague Convention abolishing the need for legalization of foreign public documents (Apostille Convention), and which is also acknowledged by the Government of Pakistan as a state that may accept apostilled documents.

Furthermore, a Pakistan diplomatic consular or consulate officer shall authenticate the signature and seal of the official referred to in clause (i) or the certificate of the Notary Public referred to in clause (ii) above, and the certificate of the officer of the foreign company or foreign body corporate referred to in clause (iii) above shall be signed in front of a Pakistan diplomatic consular or consulate officer, according to SECP.

The SECP’s S.R.O. 472 (I)/2023 mandates that foreign corporations file filings with documentation that has been certified.

In this regard, a copy of any charter, statute, memorandum, article, or other document that makes up or defines the constitution of a foreign company must be duly filed with the registrar in accordance with clause (a) of sub-section (1) of sections 435 and 436 and any other document that must be filed in accordance with Part XII of the Act and these regulations.

The original is committed to the custody of a public officer in the nation where the company is incorporated, who certifies the copy as being a true copy;

Apostilled by the designated competent authority of the state of origin of the foreign public document, who have acceded to the Hague Convention abolishing the requirement of Legalization for foreign public documents (AP) or Certified to be a true copy by a Notary public of the country where the company is incorporated; or Certified to be a true copy by an affidavit of an authorized officer of the company duly authorized in the country where the company is incorporated.

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