Pakistan employment visas
Foreign professionals need to have a valid visa, in order to be eligible for work in the country. Applications can be sent to the various Pakistan missions abroad, which will then be referred to the Ministry of Interior. Healy Consultants will guide our Clients through the application process. Our fee for this service is US$3,950. Different applicable visa are as follows:
- Individuals wishing to be self-employed will apply for a work visa after their Pakistani company has been incorporated. This visa will be issued for a period of 1 year, which will be extended for a yearly basis;
- This application will be applied through the Board of Investment for verification of company incorporation and will then, be referred to the Ministry of Interior. The average time for processing this application will be 4 months;
- Documents to be submitted will include i) a valid passport ii) completed visa application form iii) completed personal details form iv) proof of company incorporation v) business activities of the company vi) original photographs and vii) payment slip for confirming the application fee has been paid.
- Foreign nationals wishing to be employed in Pakistan will apply for a work visa. This visa will also be issued for a period of 1 year and will be extended for a yearly basis;
- Documents to be submitted will include i) a valid passport ii) completed visa application form iii) completed personal details form iv) sponsorship letter from the company v) original photographs vi) profile of the company vii) employment contract viii) resume of the employer on the company’s letterhead and ix) payment slip for confirming the application fee has been paid;
- Like the entrepreneur work visa, this visa will also be referred to the Board of Investment by the embassies which will then will forwarded to the Ministry of Interior. The average time for processing this application will also be 4 months.
- A short-term visa can be granted for i) tourism and ii) business purposes. While a tourist visa can be granted for a period of up to 6 months, a business visa will be granted for 3 months;
- A tourist visa can be granted for a period of 3 months and can be extended for another 3 months upon request;
- Business men/women from the attached 66 countries can get visa on arrival for 3 months by producing one of the following documents: i) a recommendation from the chamber of commerce and industry in the applicant’s country ii) invitation letter from a Pakistani entity and iii) recommendation letter from the commercial attaché in the Pakistani mission in the applicant’s country. Entrepreneurs from other countries can apply for a 1 month visa at the Pakistani mission abroad with one of the aforementioned documents.
Pakistan corporate bank account
- The Pakistan banking industry consist of around 31 banks, including commercial banks, foreign banks, Islamic banks, development finance institutions (DFI’s), and micro-finance banks;
- There are six largest banks in the Pakistan economy and hold a major stake of the banking assets: i) Habib Bank Limited (HBL), ii) National Bank Limited (NBL), iii) United Bank Limited (UBL), iv) MCB Bank Limited, v) Allied Bank Limited (ABL) and vi) Bank Alfalah Limited;
- When operating in Pakistan, our client can choose to open their accounts in international banks such as HSBC Pakistan, SCB Pakistan, Citibank Pakistan or local banks such as Muslim commercial bank, National Bank of Pakistan, Bank Alfalah.
Healy Consultants services
- We provide our clients with such services as i) opening the company bank account and ii) obtaining access to internet banking facilities. According to our experience, it is a challenging task to obtain bank account approval through the newly formed company, when shareholders, director and bank signatories are overseas. Healy Consultants will prepare all necessary documents for the bank to optimize the probability of corporate bank account approval. Our fee for this service will be US$4950. Please note these fees do not include the initial deposit required by the bank;
- Healy Consultants will negotiate with the banks to exempt our Clients from travelling for the interview. However, there is still 20% chance that the bank may require our Clients to travel for a one hour interview. In this case there will be a fee discount of US$950;
- The banks enjoy the ultimate power of approval over corporate bank account application. Consequently, guaranteed success is outside of control. What is inside our control is the preparation and submission of a high-quality bank application that maximizes the likelihood of approval. To date, we enjoy a 100% approval record because of our global banking relationship and determination;
- Following account opening approval, the bank will directly and independently email our Client the corporate bank account number;
- On an average, it can take up to 6 weeks for the bank to approve our Client’s corporate bank account application.
Foreign exchange control
- In Pakistan, the forex regulations are determined by the State Bank of Pakistan;
- Currently, Pakistan banks are required to keep detailed records of remittances from companies exceeding US$25,000. Hence, remittances can only be made against a valid contract or agreement which has to be registered with the State Bank of Pakistan within 30 days;
- Pakistan has a floating exchange rate, although the Pakistani rupee is freely convertible on the current account. During the past four years, the rupee has not significantly depreciated, rather remained stable.