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All recommended CDC safety precautions including hygienic standards and social distancing will be expected. Over the last three decades, Capital Investment Companies has built a loyal following through our independence and self-determination. Through our Ensemble Platform, we offer a team of professionals with comprehensive services, working together as one, for you The core principle that guides our firm. We pledge to provide you with an investment experience based on honesty, transparency and high ethical standards.
Integrity is of such importance that without it, the remaining core values are meaningless. We have established a culture that promotes freedom to provide the best possible investment solution for our clients. That means that any Pakistani citizen who is also currently a resident of Pakistan cannot legally be a shareholder in a foreign company though, of course, this is a law that is widely flouted in practice.
That means that if you want to follow the law, you cannot become a shareholder in a foreign company. How does this affect Pakistani startups? Because foreign investors do not trust Pakistani courts and face a whole host of other regulatory headaches besides and would much rather invest in a Pakistani startups by investing in a foreign holding company that then owns a Pakistani subsidiary.
Bykea Inc, the US company, would then be the parent company of Bykea Pakistan Pvt Ltd, for example, and that Pakistani private limited company would then engage in all operations in Pakistan, including earning revenues, paying employees, and paying taxes.
Bykea, Inc. But in order for the startup founder to remain invested in the company, the Pakistani founder would need to be a shareholder of the US company, Bykea, Inc. The individual Pakistani founder is outright banned from making that transaction. Now the founder can get around that rule by first incorporating a Pakistani private limited company — for example, Bykea Holdings Pvt Ltd — that then becomes a shareholder in Bykea, Inc.
But in order for Bykea Holdings to do that, they would first need approval from the State Bank of Pakistan yes, even when not sending any money abroad , a process that can take months, or even longer. Before we get into why this matters, first a note on why convertible debt from foreign investors is even a consideration for startups. Here is what happens in the case of successful startups: they raise an initial round of funding and then go out and build their operations and start selling their product or service to their targeted customer base.
If it goes well, they will then find themselves needing a lot more cash to finance their operations. For instance, if the company starts receiving a lot of orders, it will need to buy raw materials, hire more staff, and perhaps even rent out more space to fulfill those orders. All of that requires cash. In situations such as this, it is perfectly normal for startups to go back to their existing investors and ask them for more money, but in the form of debt.
In order to borrow from foreign investors, once again, the law as it stands currently bans individuals from such borrowing, and only allows Pakistani companies to do so under very limited circumstances. For instance, the company needs prior approval from the State Bank — a process that, once again, can take many months. That would defeat the whole purpose of raising convertible debt for a startup, since the point is to get money fast from existing investors.
The second, even more cumbersome hurdle, is the fact that not all companies are even eligible to get permission in the first place. Getting a credit rating involves a long track record, which — by definition — startups do not have. If the company had a long enough track record to have a credit rating, they could probably borrow from a bank rather than having to go to venture capital investors. This sounds like a particularly technical point, but it is important. For the first month, let us assume the company converts all dollars immediately, and gets an exchange rate of Rs to the US dollar.
That works out fine for them. Then the next month, the value of the rupee goes down by 0. But because it would receive the entire amount entirely in rupees, it will forgo those exchange rate gains. This is perhaps the single biggest problem: there is not an automatic approval to repatriate after-tax profits earned in Pakistan, particularly if the investors have chosen a tax-friendly jurisdiction as the domicile of the foreign holding company.
The problem here is obvious: if foreign investors cannot have a guarantee that they will be able to access their money once the company they have invested in is profitable, why would they invest in it to begin with? Given these four major problems, the lawyers decided to propose a set of changes to the FE Manual, which would allow startups to overcome these hurdles. Those changes are outlined below. Instead of waiting for the approval and to go through the detailed process of seeking permission, Barrister Uzair says the law should be amended to only necessitate notifying the State Bank, not seeking its approval.
If a foreign holding company is made easier to incorporate, then the problem of raising convertible debt goes away, since the foreign holding company can issue that debt rather than having to go through the process within Pakistan and seeking SBP permission. He does argue, however, that current law is too restrictive and should be changed.
This one is a no-brainer: regardless of whether the money is in the State Bank of Pakistan as dollar reserves or whether it is a dollar deposit at a private bank within Pakistan, it is dollars available to the Pakistani economy that do not require converting the Pakistani rupee, and thus affecting the exchange rate. Why does it matter to the State Bank or anyone in the government if the startup is allowed to convert the money slowly into rupees from its local US dollar account or if it converts them immediately from a foreign inflow?
The money is in Pakistan. Let the company use it the way it needs to. It might even help stabilise the exchange rate in the long run. This is the big one: the government already allows repatriation of profits for established Pakistani subsidiaries set up by large multinational companies, but it does not always extend that courtesy easily to Pakistani startups that have foreign investors.
And yet, foreign investors have created immense value in Pakistan. Once they have paid all their taxes, why should they not be allowed to take their after-tax profits abroad? What should matter is that money came into the company and thereby into Pakistan. It was used in production of goods or services, and possibly to create employment.
Now the profits from it belong to the investor anyways. The details on legal wordings and specific laws far exceed the scope of this story. However, the gist of the laws that are likely to affect the startup climate and therefore are an offshoot of some of the amendments that SECP brought forth affecting startups are explained in the discussion above. Until the publishing of this story, however, Barrister Uzair seemed hopeful that as difficult as it may be, the FBR will eventually realize that some of their laws have run their course and are better disposed off.
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