Pakistan Single Window (PSW) has introduced a new feature to enable the subscription of companies having only foreign nationals as directors.
The new functionality allows both local and foreign-owned companies that do not have a Pakistani national as “Director” or “Authorized Representative” registered with FBR or SECP to subscribe to the PSW system and conduct cross-border trade transactions.
The new feature also allows the Pakistani nationals being Principal Officers of such companies to complete biometric verification for PSW subscription as long as they are registered in the FBR/SECP database. In case neither Director nor Authorized Representative is a Pakistani national, the subscription will be completed based on an electronic verification of the banking information.
The PSW subscription module was formally launched in November 2021 by the Finance Minister, Mr. Shaukat Tarin. The PSW subscription module is fully integrated with the government databases for performing electronic Know-Your-Customer (KYC) protocols. It offers a completely paperless solution for online subscription and registration of individuals, products, and entities for compliance with customs and other regulatory requirements.
“We continue to upgrade our services and enhance the scope of different products to meet user requirements,” stated the CEO of PSW, Mr. Aftab Haider, while speaking on the rollout of the new update. “The system is being developed to ensure ease of doing business in Pakistan, and we look forward to continuous feedback from the business community for the system’s improvement,” he added.
Pakistan Single Window (PSW) is an initiative of Pakistan’s federal government to transform the trade and industry ecosystem, and it is expected to be formally inaugurated in March 2022.
Source: Pro Pakistani