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Issuance of cheque book
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Debit card is not allowed
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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. | The account can be credited with any proceeds in favor of the entity/account holder, originating from abroad in the form of foreign remittance. |
| Cash withdrawal in the form of FCY is not allowed. | No cash deposit is allowed. |
| Cash withdrawal in the form of PKR is allowed. | The foreign remittance credited to the account can include foreign borrowing, proceeds from exports of goods and services, foreign equity, or earnings/profits of overseas offices, subsidiaries, or associates established through funds from these accounts — without the requirement of conversion into PKR. |
| In case any local payment is required to be made from Special Foreign Currency Accounts by such entities, it shall be allowed after converting the funds available in such accounts into PKR through the interbank market. |
Note:
In case sufficient funds are not available in the 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 the entire payment of the underlying transaction by purchasing foreign exchange from the interbank market, subject to compliance with the applicable Foreign Exchange Manual. However, the entity/account holders shall submit an undertaking to the bank to this effect. (Format “Annexure A” link attached below).
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:
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Registration Certificate / License issued by the Special Technology Zones Authority
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Memorandum of Association (MOA)
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Articles of Association (AOA)
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Certificate of Incorporation
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Incorporation Form II (for newly incorporated companies only)
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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)
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Form 29 – Particulars of Directors and Officers including CEO, Secretary, CFO, Auditors, Legal Advisor, or any changes (for already incorporated companies only)
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Form-C – Annual Return if no change in particulars since the last return (where applicable, for already incorporated companies only)
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SECP-registered Declaration for Commencement of Business under the Companies Act 2017 (for Public Limited Companies only)