How IT Agencies Can Legally Hold 50% Dollar Retention (FCVA) in Pakistan Banks
A step-by-step banking guide for software house owners, SaaS founders, and IT freelancers on opening Exporters' Special Foreign Currency Accounts (FCVA) under State Bank of Pakistan rules to retain 50% export revenue in USD.
- •50% USD Retention: 50% of foreign IT export wire transfers land directly in your USD FCVA account.
- •USD International Debit Card: Issued directly against your FCVA USD balance for global online purchasing.
- •No SBP Prior Approval: Pay AWS, Google Ads, Facebook Ads, OpenAI, and overseas SaaS vendors without filing clearance.
- •PSEB Mandate: Requires an active PSEB registration certificate and e-PRC export proceeds tagging.
Table of Contents
1. What Is an SBP Exporters' Special FCVA Account?
To support the rapidly growing IT export sector, the State Bank of Pakistan created Exporters' Special Foreign Currency Accounts (FCVA).
FCVA accounts solve foreign exchange restrictions by allowing IT companies to retain 50% of foreign currency export earnings in USD, EUR, or GBP without automatic conversion into PKR.
2. Understanding the 50% Dollar Retention Limit
When a $10,000 USD foreign wire transfer lands in your company bank account, $5,000 USD (50%) is automatically converted into PKR at prevailing interbank rates, while the remaining $5,000 USD (50%) is credited to your FCVA USD retention balance.
PAKISTAN FCVA BANKING ADVISORY
Open Your SBP 50% FCVA Account with ADVAQ
ADVAQ prepares FCVA documentation, secures PSEB accreditation, handles bank compliance meetings, and obtains USD corporate debit cards for your business.
3. What Expenses Can Be Paid from FCVA USD Funds?
FCVA USD funds can be spent freely on: AWS / Google Cloud hosting, Facebook & Google digital ad campaigns, foreign freelancer payments (Upwork/Fiverr), software licenses (OpenAI, Figma, GitHub), and international business travel.
4. Step-by-Step FCVA Account Opening Process at Commercial Banks
- Obtain active PSEB Registration Certificate.
- Submit SECP corporate documents / CNIC copies to commercial bank.
- Sign SBP FCVA Undertaking Form.
- Receive USD FCVA account number and international USD corporate debit card.
Frequently Asked Questions
PAKISTAN FCVA DOLLAR BANKING SOLUTIONS
Secure Your 50% FCVA Dollar Account
PSEB registration, commercial bank FCVA documentation, SBP compliance filing, and USD debit card issuance.