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Security Clearance / NOC

In pursuance of  Notification

 

1.            Board of Investment (BOI) in consultation with Securities and Exchange Commission of Pakistan (SECP) has devised the under mentioned procedure for processing the cases of foreign and local companies dealt with by the SECP which are required to obtain Security Clearance for which they are referred by SECP to BOI:-

 

i.    Definition of Foreign Companies requiring security clearance: For this purpose foreign companies requiring security clearance, are defined as all entities covered under Section 450 of the Companies Ordinance 1984

ii.    Situation/changes of Foreign Companies requiring security clearance: All Foreign Companies are required to obtain sec Notification.pdf urity clearance upon registration or in case of any change which occurs in particulars of Principal Officer(s), Director(s), Chief Executive(s) or Authorized Person(s) having authority to accept services on behalf of a foreign company prior to affecting the change.

 

iii.    Definition of Local Companies and Situation/changes requiring security clearance: for this purpose Local Companies are defined under Section 2 (7) of the Companies Ordinance 1984. All Local Companies are required to obtain security clearance in the event of the following:-

 

a.    Upon registration in the event that there are Foreign Director(s), Foreign Chief Executive or a Foreign entity is a subscriber to the equity of the proposed Local Company.
b.    Upon appointment of a Foreign Director(s) or Foreign Chief Executive in an existing Local Company.
c.    Upon induction of a foreign national or foreign entity as a share holder in a Local Company.
d.    Upon change in the status of any of the above occurring subsequently where change in status involves the induction of another foreign person or entity as the case may be.

 

2.            The procedure to be followed by SECP/BOI for processing the cases regarding mandatory security clearance is given below:

 

i.    SECP will examine the documents received from the companies and send four legible sets of documents in order as per checklist placed at Annex-A.

ii.    On receipt, Board of Investment (BOI) will circulate these documents to the Agencies concerned.

iii.    Incomplete documents will not be entertained for further processing.

iv.    Security clearance will be obtained, in all such cases, within 4 weeks subject to availability of all information required to be obtained by the agencies in this regard.

v.    On receipt of the security clearance, Board of Investment (BOI), Islamabad will immediately issue NOC in favor of the company or otherwise to the SECP.



Category                                                                                                                                 Document to be Forwarded to BOI

Already registered foreign companies – Change of Principal Officer (in case, he is foreigner) and Change in particulars of directors/ Chief Executive or authorized person to accept services on behalf of a foreign company.

1)    Copy of Charter/ Stature/Memorandum (Annex-I)
2)    Copy of valid Passport of Principal Officer/ Directors/Chief Executive (Annex-II)
3)    Copies of Form-40/ Form-41/ Form-42 (Annex-III)
4)    Any other relevant documents (Annex-IV).

(i)    Registration of local companies with foreign directors or foreign entity is a subscriber of the proposed company;

 

 

 

 

 

 

(ii)    Already registered local companies – Appointment of foreign directors/ Chief Executive; and

 

 

 

 

 

(iii)    Already registered local companies – Foreign equity/foreign loans.  (Inductions of foreign national/ foreign entities as shareholders)

 

Note:   In case, if foreign company is subscriber of any local company or shares are transferred or allotted to foreign entity than all particulars of that foreign company and its directors are to be forwarded.

1)    Memorandum and Articles of Association (Annex-I);
2)    Copy of Forms 21 & 29 (Annex-II);
3)    Copies of bio-data of all foreigners (Annex-III);
4)    Copies of valid passports of all foreigners (Annex-IV); and
5)    Any other relevant documents (Annex-V).

 

 

 

1)    Memorandum and Articles of Association (Annex-I);
2)    Copy of Forms 21 & 29 (Annex-II);
3)    Copies of bio-data of all foreigners (Annex-III);
4)    Copies of valid passports of all foreigners (Annex-IV); and
5)    Any other relevant documents (Annex-V).

 

 


1)    Copy of Form A/Form 3 (Annex-I);
2)    Copy of Form 29 (in case of new director) (Annex-II);
3)    Copies of bio data of all foreigners (Annex-III);
4)    Copies of valid passports of all foreigners (Annex-IV);
5)    Relevant documents of the foreign entities (in case of foreign entity is made shareholders of a local registered company) (Annex-V); and
6)    Any other relevant documents (Annex-VI).