Karachi, August 25, 2025 – The Securities and Exchange Commission of Pakistan (SECP) has introduced a standardized format for board resolutions required for opening corporate bank accounts, a move aimed at promoting uniformity and reducing compliance delays across financial institutions.
This initiative stems from the SECP’s broader agenda of digital transformation, highlighted at its 7th Registrar Conference under the theme “From Paper to Platform.” The circular, issued under the Companies Act, 2017, was finalized after extensive consultations with the Pakistan Banks’ Association (PBA) and other industry stakeholders.
Previously, the lack of a uniform format created documentation inconsistencies, compliance-related queries, and significant processing delays—particularly for start-ups and companies with foreign directors. These challenges often slowed foreign direct investment (FDI) inflows and increased operational inefficiencies for banks and corporate entities alike.
With the introduction of this standardized resolution, companies can now submit digitally signed and authenticated documents, improving verification and reducing manual intervention. A QR code-enabled system will further enhance transparency and security by allowing instant verification of key details such as company name, resolution date, and authorized signatories.
The SECP stated that this step will deliver significant time and cost savings for both companies and financial institutions, while also reinforcing regulatory oversight. Financial institutions are encouraged to adopt QR-enabled resolutions for faster compliance checks and seamless onboarding of corporate clients.
This development reflects the SECP’s commitment to streamlining corporate governance, strengthening Pakistan’s ease of doing business, and fostering a secure, paperless regulatory environment that aligns with global best practices.