What regulatory approvals are needed for a private equity investment in Pakistan and how long do they take?

There are three types of requirements for private equity investment in Pakistan:

1. SECP Regulations:
- Private Fund Regulation, 2015: requirements and procedures
- Investor eligibility
- Registration procedures in the shape of a Non-Banking Financial Company (NBFC)
- Option of a local partner (added or not)
- Governance and all types of reporting procedures
- Sector-wise restrictions
- Fees

2. Foreign Exchange (State Bank of Pakistan) Requirements:
- Foreign Exchange Law applies
- Open a Special Convertible Rupee Account
- No minimum or maximum investment requirements
- No restriction for investors to return the investment including dividends and profits

3. FBR Requirements:
- Mandatory registration of the company with all corporate and taxation compliances
- Withholding taxes procedures and taxation on profits and gains