ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) has rolled out a standardized board resolution format for companies looking to open corporate bank accounts, a move designed to streamline verification processes and support Pakistan’s push toward a digital economy.
The new framework, introduced under the Companies Act, 2017, is part of SECP’s broader “From Paper to Platform” agenda—a series of reforms aimed at reducing red tape and boosting transparency in corporate governance.
Tackling Documentation Delays
Until now, companies—especially startups and businesses with foreign directors—faced frequent hurdles when opening bank accounts due to inconsistent documentation requirements. The lack of a uniform resolution format often triggered compliance questions, slowed account approvals, and even deterred foreign direct investment (FDI).
To address these challenges, SECP worked closely with the Pakistan Banks’ Association and other stakeholders to develop a single, widely accepted template.
QR-Enabled Security and Faster Onboarding
The new format introduces QR code–based verification, allowing banks to instantly confirm details such as company name, resolution date, and authorized signatories. Companies will submit these resolutions electronically, digitally signed by authorized officers, eliminating the risk of forgery or unauthorized edits.
Financial institutions are encouraged to adopt this system while maintaining their own due diligence protocols. The measure is expected to cut verification delays, reduce compliance costs, and simplify corporate onboarding for banks.
Digitalization at the Core
This initiative is part of SECP’s ongoing efforts to promote a paperless, tech-driven regulatory environment. By standardizing critical corporate documentation, the regulator hopes to improve Pakistan’s ranking in global ease-of-doing-business metrics while enhancing security and oversight.
The official template is now available for download on SECP’s website.
