Includes license requirements for key professional services that are open to U.S. service providers.
The services sector in Pakistan has seen significant growth in the past several years due to the government’s economic policies, consumer awareness, and developing technological infrastructure. During FY 2018-19, the local services sector recorded a growth rate of 4.71 percent compared to 5.98 percent last year. According to the Ministry of Finance, Government of Pakistan, the local services sector with a share of 60.23 percent, is the largest contributor to the national GDP. The Government of Pakistan has introduced several policies to steer growth in local banking and financial services, healthcare services, education services, aviation services, telecommunication services, and other professional services. However, foreign professional services companies are required to meet the following requirements for operating in this market:
- Foreign engineering consulting companies are not allowed to operate in Pakistan without registration with Pakistan Engineering Council (PEC).
- Foreign banks and financial institutions must file an application with the State Bank of Pakistan (SBP) and the Economic Coordination Committee to commence operations in Pakistan. In addition, these institutions must strictly comply with SBP regulations, including minimum capital reserves, remittance of funds, and corporate/consumer financing products.
- For telecommunication services, all foreign companies must get requisite licensing approvals and clearances from the Pakistan Telecommunication Authority (PTA) before commencing their operations.