|Elimination of requirement of fresh NOC from Ministry of Interior (MoI) in case a foreign individual is reappointed as Director in the same company or any other company and fixation of timelines for NOC for new Foreign Directors in local company|
|Reform Description||Before: For reappointment or appointment of a foreign director in another company, fresh NOC from MoI was required which took a lot of time.
After: The requirement of fresh NOC from MoI for incumbent Foreign Director of a company has been eliminated.
|Beneficiaries||All Companies having Foreign Directors|
|Jurisdiction/ Location||Federal (All Pakistan)|
|Department||Ministry of Interior,
Security and Exchange Commission of Pakistan
|Date of Implementation||02-11-2021|
|Timeline||Last 03 Months|
|Details||Difficulty||As per SOPs of Ministry of Interior, foreign director of a company registered with SECP was required to obtain NOC from MoI afresh in case of his/her reappointment as foreign director in the same company or appointment as foreign director in any other company.|
|Analysis||It was realized that the requirement of getting fresh NOC of MoI for reappointment or new appointment as a member/director of a company is an added burden which may be removed to create ease for foreign nationals working in Pakistan.|
|Solution||Ministry of Interior has eliminated the requirement of fresh NOC for foreign individuals reappointed as director in the same company or appointed in any other company.|
|Evidence||Letter by BOI to SECP as Evidence|
Was this information helpful?
Let us know if you liked the content.