The Pakistan Tax Bar Association (PTBA) has complained to the Interior Minister that the federal government is rejecting security clearance applications for foreign investors.
According to the Companies Regulations, 2024, all foreign subscribers and directors are required to obtain security clearance by submitting GR-Performa, an undertaking, and other documents through the Securities and Exchange Commission of Pakistan (SECP) to the Ministry of Interior.
PTBA said companies typically proceed with investments, establish premises, and set up factories after incorporation. However, companies are now getting rejection letters from the SECP. Security clearances for their foreign subscribers and directors have been denied.
PTBA warned that such actions send a negative message to foreign investors, obstruct operations, and contradict the government’s goal of attracting international investment.
PTBA called on the interior minister to intervene and resolve the matter on a priority basis.
Okay
security clearance refusal should be attached with reasons of refusal convincing the business comunity of the nation.
Otherwise like Rakodak and IPPs and cruncy Develuation all scurity clearance is for those (insider and out siders) who damage public and nations interests and are getting away with it.
Stoping security clearance for jeniuine honest business people is like working against nations interest.