During the 1940s in Bombay, Rizvi initially owned a company called Shaukat Art Productions. In 1948, after the independence of Pakistan, Noor Jehan and Rizvi shifted to Lahore, Pakistan. On the vandalised remains of what had been the Shorey Studios, they rebuilt a new studio called Shahnoor Studios. It was built from scratch and was finally completed and opened in 1950. The first film to be made there was the Punjabi venture, Chanwey (1951). Noor Jehan and Rizvi directed the film together, since Rizvi did not speak Punjabi. The film became a huge success and brought Noor Jehan fame and fortune in Pakistan.
The studio's early years brought great success as all of Rizvi's films were shot in this studio. However, with the divorce of Rizvi and Noor Jehan in 1955, Noor Jehan had to write off her share of Shahnoor Studios to S.H. Rizvi to get the custody of her daughter, Zile Huma and she would not shoot films in this studio again. Syed Shaukat's career after the divorce wasn't as great, because in marrying Noor Jehan, he was a success because of her. He was only able to make three films after his divorce. The studio is currently managed by Rizvi's three sons, Shahenshah Rizvi, Ali Mujtaba Rizvi, and Asghar Hussain Rizvi.