ISLAMABAD: The Pakistan Single Window (PSW) has introduced a new feature in the system to allow the underwriting of companies having only foreign nationals as directors.
The new feature allows local and foreign companies that do not have a Pakistani national as a director or authorized representative registered with the Federal Board of Revenue (FBR) or the Securities and Exchange Commission of Pakistan (SECP) to subscribe to the PSW system and carry out cross-border commercial transactions.
The new feature also allows Pakistani nationals who are key executives of these companies to perform biometric verification for PSW subscription as long as they are registered in the FBR/SECP database. In the event that neither the administrator nor the authorized representative is a Pakistani national, the subscription will be made on the basis of an electronic verification of the banking information.
The PSW subscription module was officially launched in November 2021 by Finance Minister Shaukat Tarin. The PSW subscription module has been fully integrated with government databases for the execution of electronic KYC protocols and offers a completely paperless solution for online subscription and registration of people, products and entities in order to comply with customs requirements and other regulations.
PSW is an initiative of the Federal Government of Pakistan aimed at transforming the business and industrial ecosystem and is expected to be officially inaugurated in March 2022.