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Overview

To support IT sector entities licensed by the Special Technology Zones Authority (STZA), Allied Bank introduces the Special Technology Zones Account. This dedicated banking solution is designed to meet the financial needs of STZA-licensed entities, offering a unique and suitable product under a structured framework.

Note: The account can be opened by visiting any Allied Bank branch.

Account Type

  • Current Account

  • Issuance of Cheque Book
  • Debit Card is not allowed
  • E- statement

Debit Allowed

Credit Allowed
  • The funds available in such foreign currency accounts may be used by the account holders for making all types of business-related legitimate payments abroad without any limitation and without any approval from SBP
  • Cash withdrawal in shape of FCY is not allowed
  • Cash Withdrawal in shape of PKR is allowed
  • In case any local payment is required to be made from Special Foreign Currency Accounts by such entities, the same shall be allowed after converting the funds, available in such accounts, into PKR through inter-bank market.
  • Account can be fed with any proceeds in favor of the entity/account holder, originating from abroad in form of Foreign Remittance.
  • No cash deposit is allowed.
  • The foreign remittance credited in account can be foreign borrowing, proceeds from exports of goods & services, foreign equity, earnings/profits of overseas offices/subsidiaries/Associates established through funds from these accounts, without the requirement of conversion into PKR.

 

Note:

In case sufficient funds are not available in Special Foreign Currency Accounts of such entities/account holders, with any Bank in Pakistan, for making any legitimate payment abroad in foreign exchange, these entities/account holders are allowed to make entire payment of the underlying transaction by purchasing foreign exchange from interbank market, subject to compliance with applicable Foreign Exchange Manual. However, Entity/accountholders shall submit an undertaking to Bank to the above effect. (Format “Annexure A” link attached below).

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  • Entities licensed by the Special Technology Zones Authority (STZA) under the Special Technology Zones Authority Ordinance, 2020.

To open a Special Technology Zones Account, the following documents are mandatory:

  1. Registration Certificate / License issued by the Special Technology Zones Authority

  2. Memorandum of Association (MOA)

  3. Articles of Association (AOA)

  4. Certificate of Incorporation

  5. Incorporation Form II (for newly incorporated companies only)

  6. Latest Form-A (Annual Return of Company having Share Capital) / Form-B (Annual Return of Company not having Share Capital) – as applicable (for already incorporated companies only)

  7. Form 29 – Particulars of Directors and Officers including CEO, Secretary, CFO, Auditors, Legal Advisor, or any changes (for already incorporated companies only)

  8. Form-C – Annual Return if no change in particulars since the last return (where applicable for already incorporated companies only)

  9. SECP-registered Declaration for Commencement of Business under the Companies Act 2017 (for Public Limited Companies only)

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