Regulatory Alerts2020-09-28
Added · Updated
Amendments to the Foreign Companies Regulations, 2018
The Securities and Exchange Commission of Pakistan amends the Foreign Companies Regulations, 2018, to define an ultimate beneficial owner as a natural person holding at least 25% of shares, voting rights, or effective control. Foreign companies must now obtain, maintain, and update detailed records of these owners, including personal identification, nationality, and chain-of-ownership details for indirect holdings. Additionally, Form-II is updated to require a declaration confirming the availability of this information and a table listing particulars of nominee directors.
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