Usman Rasheed & Co. Chartered Accountants provides comprehensive assistance for foreign investors and businesses to navigate banking and foreign exchange regulations in Pakistan. Our services include business bank account setup, foreign currency management, profit repatriation, and compliance with the State Bank of Pakistan (SBP) guidelines.

Guide to Opening a Business Bank Account in Pakistan

✅ 1. Choosing the Right Bank

Selecting a State Bank of Pakistan (SBP)-licensed bank that offers corporate banking services and foreign exchange facilities is essential. We facilitate account openings with leading banks in Pakistan

✅ 2. Requirements for Opening a Business Bank Account

The following documents are typically required to open a business bank account:

📌 Company Registration Documents (from the Securities and Exchange Commission of Pakistan – SECP)

📌 National Tax Number (NTN) (Issued by the Federal Board of Revenue – FBR)

📌 Board Resolution authorizing the account opening

📌 Bank Account Opening Form (provided by the bank)

📌 Copies of Directors’ Passports (for foreign nationals)

📌 Proof of Business Address (e.g., lease agreement or utility bill)

📌 Memorandum & Articles of Association (For private limited companies)

✅ 3. Account Opening Process

The steps to open a business bank account include:

📌 Selecting the Right Bank: Based on business needs and services offered.

📌 Gathering and Reviewing Documents: Ensuring paperwork is complete and compliant.

📌 Submitting Application: Providing necessary documentation to the chosen bank.

📌 Verification & Approval: The bank reviews credentials and may conduct interviews.

📌 Account Activation: Once approved, account details (IBAN & SWIFT Code) are issued.

Usman Rasheed & Co. Chartered Accountants ensures a smooth process by assisting businesses in meeting all banking compliance requirements.

Foreign Exchange Regulations & Repatriation of Profits

✅ 1. Foreign Exchange Regulations in Pakistan

Compliance with SBP’s foreign exchange regulations is crucial for businesses. We guide clients on:

📌 Holding Foreign Currency Accounts: Multi-currency banking options for businesses.

📌 Currency Exchange Transactions: Transactions through authorized dealers.

📌 Large Cash Transactions: Disclosures required for high-value transfers.

📌 Regulatory Approvals: SBP approval needed for significant outward remittances.

✅ 2. Repatriation of Profits & Dividends

Foreign investors can repatriate profits and dividends abroad in compliance with SBP and FBR regulations.

Process for Repatriation:

📌 Regulatory Compliance Assessment: Verification of financial records and compliance.

📌 Tax Clearance Certificate: Clearance obtained from the Federal Board of Revenue (FBR).

📌 Bank Authorization & SBP Compliance: Submission of remittance requests.

📌 Fund Transfer Execution: International fund transfers initiated upon approval.

📌 Tax Implications on Repatriated Profits

• Dividend Taxation (15%-25% withholding tax based on treaties)
• Capital Gains Tax (Applicable on asset and share disposals)
• Double Taxation Treaties (DTTs) for optimized tax structuring

With expert advisory from Usman Rasheed & Co. Chartered Accountants, businesses can efficiently manage profit repatriation while ensuring full compliance with regulatory requirements.

Secure Online Payment Processing & Remittances

✅  International Payment Gateways in Pakistan

Secure payment solutions available for cross-border transactions include:

•  Payoneer (PKR & USD withdrawals)
• SWIFT Transfers (B2B transactions)
• Stripe (Limited availability in Pakistan)
• Bank Wire Transfers (Corporate transactions)
• Western Union & MoneyGram (Remittance solutions)

✅  How to Process Secure Online Payments

To facilitate secure transactions:

📌 Register with Authorized Payment Gateways: Options include Payoneer, SWIFT, and corporate banking solutions.

📌 Enable Multi-Currency Transactions: Ensure access to USD, EUR, and GBP payments.

📌 Monitor Transaction Limits: Compliance with foreign remittance regulations.

📌 AML & KYC Compliance: Adherence to SBP’s anti-money laundering (AML) policies.

📞 Need Banking & Foreign Exchange Assistance? Usman Rasheed & Co. Chartered Accountants offers expert solutions for setting up business bank accounts, handling foreign exchange, and managing profit repatriation in compliance with SBP and FBR regulations.