Cos having only foreigners as directors: PSW introduces new feature in subscription system

ISLAMABAD: Pakistan Single Window introduced a new feature in the system to enable the subscription of companies having only foreign nationals as directors.

According to the details released by the PSW on Wednesday, the new functionality allows both local and foreign owned companies that do not have a Pakistani national as director or authorized representative registered with the FBR or the 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 the PSW subscription as long as they are registered in the FBR/SECP database.

In case neither director nor authorized representative is Pakistani national, the subscription will be completed on the basis of electronic verification of banking information.

The PSW subscription module was formally launched by Finance Minister Shaukat Tarin. The PSW subscription module is fully integrated with the government databases for performing electronic KYC protocols and 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 Aftab Haider, the CEO of PSW, while speaking on the roll out 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.

PSW is an initiative of the federal government with a focus of transforming the trade and industry ecosystem and is expected to be formally inaugurated in March 2022.

Copyright Business Recorder, 2022