Section 454 — Free Zone Company

(1) A company incorporated for the
purpose of carrying on business in the export processing zone or an area notified
by the Federal Government as free zone, shall be eligible to such exemptions from
the requirements of this Act as may be notified in terms of section 459.

(2) The Commission may, for the protection of foreign investors and to
secure foreign investment, restrict the disclosure of information maintained by the
registrar regarding promoters, shareholders and directors of the company
incorporated under sub -section (1), who are foreign nationals unless such
disclosure of information is authorized by the company in writing:

Provided that the restriction of non-disclosure contained in this section shall
not apply to the revenue authorities collecting tax, duties and levies or requirement
or obligation under international law, treaty or commitment of the Government.
(3) A company formed for the purposes stated in sub -section (1) ma y
be dispensed with the words “Private Limited” or “Limited” as the case may be,
and called as the “Free Zone Company” having the parenthesis and alphabets
"FZC" at the end of its name.
(4) A Free Zone Company shall pay the annual renewal fee as specified
in the Seventh Schedule.