ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) has prescribed a Standard Format of Board Resolution for the opening of corporate bank accounts by companies.
According to a press release issued by the SECP on Monday, it has issued the circular under the Companies Act 2017 after consultations with the Pakistan Banks’ Association (PBA) and other stakeholders.
Previously, the absence of a prescribed format had resulted in inconsistent documentation, frequent compliance queries and processing delays—particularly for start-ups and companies with foreign directors, thereby resulting in delayed FDI.
The introduction of the standardised resolution will mitigate these challenges by ensuring uniformity, facilitating expeditious onboarding of corporate clients by financial institutions through reduced compliance-related queries, enhanced transparency and security via QR code-enabled digital verification to safeguard against forgery or unauthorised alterations.
Now with this standard resolution format in place, traditional issues like diverse documentation requirements and remote verification issues will be addressed. Furthermore, it will reinforce regulatory oversight through a secure and reliable documentation framework, while delivering significant time and cost efficiencies for both companies and financial institutions.
The standard Board resolution to be submitted electronically shall be digitally signed and authenticated by an authorised officer, thereby enabling a shift towards a paperless environment. To strengthen transparency and secure verification, the use of QR codes is encouraged for instant verification of key details, including company name, date of resolution, names of directors present and authorised signatories.
Financial institutions are encouraged to accept QR-enabled board resolutions in the prescribed format, subject to their internal due diligence. This measure will minimise verification delays and improve the compliance verification process.
This initiative reflects SECP’s commitment to streamlining corporate practices, advancing digital transformation and strengthening Pakistan’s ease of doing business framework. The Standard Board Resolution format is available for download on SECP’s official website.
