Attention of the Authorized Dealers (ADs) is invited to the instructions contained in Para 7(vi) Chapter 20 of the Foreign Exchange Manual-2016 in terms of which resident entities are required to intimate ADs regarding export of securities (Issued/Transferred) to non-residents, for registration with State Bank of Pakistan (SBP) on repatriable basis.   

2.          In order to enhance due diligence with respect to export of securities to non-resident investors, ADs are advised to submit the following documents/information with regard to non-resident investors (where applicable) in addition to the existing requirements:

a Formal Share Purchase Agreement or equivalent between the Investor & Investee.
b. Business profile containing ownership, organization/group, locations, markets and products.
c. Promoters’/ Directors’ names, addresses, national ID/passport numbers & country of domicile.   
d. Certificate of Incorporation or equivalent issued/acknowledged by the relevant Authority. 
e. Memorandum & Articles of Association or equivalent registered with the relevant Authority.
f. Annual Audited Financial Statements with Auditors’ report & notes thereon for the last year.
g. Pattern of Shareholders (name, national identity number & shares held) or equivalent.
h. Related Party details including beneficial ownership with aforementioned documents, if any.

3.         Furthermore, ADs shall maintain centralized record/data of all such cases as well as securities of non-residents already registered on the aforementioned parameters along with the details of Investment/Dividend repatriated and update the same for On-site inspection /Off-site monitoring by SBP.

4.         ADs are advised to bring the above instructions to the notice of all their constituents.