Copy of offer/ appointment letter, service contract, or transfer order of the expatriate. Step 2: Opening a temporary bank account for capital deposit. of Environment. What is the procedure for getting VISA recommendation from BIDA? To apply for permission, the following documents are required: The documents must be attested by the Bangladesh Embassy or High Commission of the country of origin. BIDA provide facilitation to introduce the investor with the agencies such as BEZA, BEPZA, BHTPA, BSCIC, or city development authorities including RAJUK in Dhaka, CDA in Chittagong, KDA in Khulna, RDA in Rajashahi, etc., for getting information of land. Project income is 100% exempted from income tax for the first five years from the As we can see from the To register with the RJSC, the following information or documents will be required: Copyright 2023 - Old Bailey Chambers. plant.Other tax exemptions - On interest payable on foreign loans (under certain conditions). All BITs signed by the Bangladesh government offer protection against expropriation and typically include non-discrimination, prompt, adequate and effective compensation. Copies of all academic qualification and professional experience certificates of the managing director of the company. The foreign investor may only want to invest in a particular project, and not be a stakeholder of other existing or prospective projects, their assets or liabilities. A permanent Law Reform Commission has already been set up to ensure greater transparency and predictability in the way rules and regulations are made and implemented. Eligible to claim advance income tax rebate on export earnings, and exempt taxes on a "Nourish Investments for a Developed Future" - warm greetings on BIDA's 6th Founding Anniversary. Step 2: Opening a Temporary Bank Account for Remitting Paid-up Capital. However, branch offices are generally not permitted to carry out manufacturing activities. Repayment of approved foreign loans. A forwarding letter to Registration & Incentive Section of BIDA signed by the chairperson/ Name, designation, present and permanent address, signature, and photo (on non-judicial stamp of value BDT 300.00 of owners/ directors, duly notarized by the competent authority and be attested by the lien bank). Then there are hidden costs in matters related to procedure, policy, law and infrastructure that seriously weigh upon the cost of doing business. Permission letter of branch/ liaison/ representative office or BIDA registration certificate What types of incentives are available for industries registered with BIDA? If implemented successfully, the country will not only become a lucrative investment destination but it will also help to raise our ease of doing business ranking, an important indicator for FDI decisions of foreign investors. Investment registration certificate with BIDA. The memorandum and articles of association of the JVC are drafted in line with the JVA. If required, where does detail information is available to invest in Bangladesh? The proposed rate of interest must be competitive, with prevailing lending rates in the international markets in the concerned currencies for the relevant tenure. We have made remarkable progress in expanding primary education, especially in raising enrolment of students and reducing gender disparity. List of local and imported machineries in official letterhead of the company signed by authorized person of the company (serial number, name of machineries, H.S. Labor disputes are regulated in a strict manner. Bangladesh has concluded Bilateral Investment Treaties (BITs) with 29 countries (Austria, Belgium-Luxembourg Economic Union, Cambodia, China, Denmark, France, Germany, India, Indonesia, Islamic Republic of Iran, Italy, Japan, Republic of Korea, Malaysia, Netherland, Democratic Peoples Republic of Korea, Pakistan, Philippines, Poland, Romania, Singapore, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States of America, Uzbekistan, Vietnam). The application has to made in the prescribed form certified by an auditor. Bangladesh foreign direct investment for 2020 was $1.53B, a 20.06% decline from 2019. The country has a genuinely democratic system of government and enjoys political stability seen as a sine qua non for ensuring a favorable climate for investment and sustained development. BIDA launched online OSS portal in February, 2019 (accessible through https:// bidaquickserv.org, or www.bida.gov.bd), which delivers IT-enabled services to every investor. Following acts and regulations regulate the tax regime: Repatriation of invested capital, profit, and dividend. A. When the company of the investor registered with the Registrar of Joint Stock Companies and Firms (RJSC&F), a new bank account can be opened to transfer the capital from the temporary account. Investors can open temporary accounts through online arrangement for FDI in Bangladesh as per Circular no 11 of Foreign Exchange Policy Department of Bangladesh Bank issued on May 17, 2021. Individuals can be entitled to investment tax rebates if they make eligible investments. According to the central bank data, equity investment rose 4.8% to $842.29 million, while reinvestment increased by 6.73% to $1,566.12 million last year. Import duty exemption - 1% on capital machinery/ spares for export-oriented industries and allowed to import spare parts free of duty for up to 10% of the machinery value every two years. The global flow of FDI has decreased due to the disruptions of the pandemic. New investment projects (industrial undertakings) established between 1 Jul. Employers are allowed to make workers redundant without prior approval of a third party and upon a notification to the labor inspector and a trade union in the company. What documents and steps are required for registering commercial office with BIDA? but with prior approval of BIDA. Abdul Momen during a meeting in Dhaka, Bangladesh, on August 7, 2022. Borrowing companies may pay interest maximum at the rate of 3.0% per annum. The government has implemented a number of policy reforms designed to create a more open and competitive climate for private investment, both foreign and local. Registration of commercial office (branch, representative/ liaison office) requires the following documents: Investors can amend information mentioned in the registration letter (such as machinery to be used, board of director/ shareholder, office/ factory address, company name, or their amalgamation). maintain liaison/coordination between principal and local agents, distributors/exporters institutions through correspondences, personal contracts andother electronic media. Yes, companies must be registered with BIDA or competent authority to avail long term foreign loan. Eligible to open back-to-back letter of credit (L/C), and receive loans up to 90% of the Insights about A trade license from Dhaka South City Corporation is currently serviced through Facilitate investors for smooth operation of business. Best Bangladeshi games to keep an eye on, Tourist bus for Padma Bridge starts today, Netaji Subhas Chandra Bose: A relatives perspective on an enigmatic hero, Implementing the CHT Accord for a non-communal Bangladesh. Wholly owned subsidiaries. WebInvestors can open temporary accounts through online arrangement for FDI in Bangladesh as per Circular no 11 of Foreign Exchange Policy Department of Bangladesh Bank issued on May 17, 2021. Foreign owned industrial enterprises (engaged in manufacturing activities) are allowed to avail short-term foreign loans to fund working capital from overseas parent/ affiliate companies for maximum three years from the date of inception of manufacturing operation on conditions: Prior approval by Bangladesh Bank is not required neither for receipt nor to repay the loan. 3% on capital machinery/ spares for other industries. The total FDI outflow from Bangladesh decreased significantly by 87.99% in 2017. The newly formed company shall obtain a trade licence, and income tax and VAT registrations. Bonded warehouse (BWH) and duty drawback (tariff refund) systems. Private borrowings from foreign sources. . 3. What is the procedure for the registered investors in taking foreign loans from its parent company? value against irrevocable or confirmed L/C sales contract. How much corporate income tax exemption is offered to a physical infrastructure undertaking? The employer can have agreement with insurance companies approved by the government to introduce insurance policy. As per the Customs Act, 1969, the National Board of Revenue (NBR)/ the Customs Bond 50% of the approved claim can be remitted in the first year, followed by 30% in the second, and the rest of 20% in the third year. the proposed office; Organizational structure of the proposed office mentioning the requirement of local and Agriculture, food processing and agricultural tool, 2) Ready-made garment, 3) ICT/ software, 4) Pharmaceuticals, 5) Leather and leather product, 6) Light engineering, 7) Jute and jute product. The exemptions are subject to changes as per circulars from National Board of Revenue. Copyright 2012-2019. The lack of demand for such debt instruments has, therefore, discouraged companies from floating the option. The United States ratified it on March 31, 2006. With the passage of time Bangladesh reform its regulatory structure in regard to the FDI to open up a new avenue and to dislodge the compliances related to the FDI. Are BIDA-registered investors eligible for the facilities that are provided by BIDA? It has been consistently pursuing an open-door investment policy and playing a catalytic rather than a regulatory role. Financial analysis covering internal rate of return (IRR), break-even point, debt-equity ratio of the project, debt-service coverage ratio, for both base and sensitive cases. Is it necessary to amend work permit for any changes in the employment agreement? However, intra-company loans fell 74.26% to $155.17 million, the Bangladesh Bank data said. Board resolution for employment of foreign national(s) mentioning expatriates name, nationality, and passport number. Rental deed or landownership document as proof of address of the business. Ad-hoc IRC (at the initial/ second/ third occasions): Normally it takes 10 days, if all information and documents are accurately submitted. The newly established companies are eligible for incentives offered by the Government of Bangladesh. Remittance of royalty, franchise, technical license/ know-how/ assistance fees. The rate of FDI inflow in Bangladesh is only around 1 percent of GDP, one of the lowest in Asia. How the investors can access to the short-term foreign loans? However, a special provision for the third gender community is introduced and a proposal to fix the tax-free ceiling of this community at Taka 350,000/. A foreign investor generally evaluates a country based on its ease of doing business ranking and overall economic climate. Aside from preferential market (duty-free) access to many developed economies such as Everything but Arms program with EU, the generalized system of preference (GSP) with Japan and USA (but USA suspended GSP since June 2013), Bangladesh is a party to a few regional trade and economic cooperation agreements. Some of the major privileges are: Private sector power generation company (other than coal-based and starting after Bangladesh Bank for remitting profits. Accelerated depreciation allowance (for machinery/ plants), Other tax exemptions [(Detail information is available in the Hand Book (. This includes loans for working capital and various funded credit facilities including cash credit, secured overdraft, various types of term loans and demand loans, loans against the central banks Export Development Fund, lease finance and hire purchase. Foreign investors can incorporate a fully owned company, subsidiary or have a jointly owned company in Bangladesh. from time to time to support the above legislations. Yes. Does BIDA help with matchmaking between investors? Is there any opportunity to obtain loans or funding through BIDA? Once the company is incorporated, the foreign investor must then file annual returns and also regular returns in the event of any relevant change to the company structure with the RJSC. Foreign nationals can also take benefits of double taxation avoidance treaties. services to be located at Economic Zones (EZs). Its current development strategy is based on the premise that the creation and distribution of wealth occur through the acceleration of growth driven by competitive market forces, with the government facilitating growth and making a clean break from the practices of a controlled economy where private investment is constrained. What documents have to be submitted with application of ad-hoc and regular IRC? Any companies in Bangladesh are mandated to register and obtain Taxpayer Identification Number (TIN) from the National Board of Revenue (NBR) for the purpose of income tax reporting/ filing. Eligible to receive export retention quota (ERQ) which can be utilized for marketing, Eligible exporters (manufacturers exporting over 80% of their production, located within and outside EPZs) can claim drawback by filing their cases to the Duty Exemption and Drawback Office under NBR. A new VAT and Supplementary Duty Act was approved by the parliament in 2012 and came into effect in Jul. In India, robust investment in ICT and construction bolstered FDI inflows. How can investors obtain ad-hoc IRC from BIDA? Alternatively, exporters may receive cashback (of 10-15% of FOB value) as a method of The transaction is consummated and share transfer is effected at closing, in light of the SPA. in the Bangladesh context, the recent surge in FDI in the energy and telecom sectors appears to have heavy import content with little impact on foreign exchange reserve accumulation. The capital market is also open for portfolio investment. The Labor Rules also includes progressive provisions that require companies to offer participation in profits to their employees. Although VAT is imposed on goods/ services at each stage of import, manufacturing, delivery or trading, Bangladesh makes an extensive use of truncated base tax assessment, where the businesses with annual sales over BDT 8 million shall pay a turnover tax of 15% in lieu of VAT. The BANGLADESH INVESTMENT DEVELOPMENT AUTHORITY (BIDA) has been assisting in the implementation of new projects as well as providing services. collection of CIB report. On the legal and administrative front, the government has initiated measures to give greater autonomy and independence to the judiciary a pre-requisite, as viewed by investors, for the restoration of confidence in the judicial system. June 1, 2023 The below is attributable to Spokesperson Matthew Miller: Secretary of State Antony J. Blinken met today with French Foreign Minister Catherine Colonna, German Foreign Minister Annalena Baerbock, and UK Foreign Secretary James Cleverly on the sidelines of the meeting of NATO Foreign Ministers in Oslo. However, the winding down process of a branch office is far less complicated than a company. But the effort of this structural progress has back warded by sudden and unexpected political influence and changes. Photocopy of the expatriates full passport. Facilitation of utility service connection. Overseas remittance of royalty, franchise, technical license/ know-how/ assistance fees. Foreign investment is allowed in almost all sectors, excluding a few reserved industries. Are there any differences between registrations of local and foreign investors? Following types of software development and information technology enabled services companies are eligible for corporate income tax exemption: 1) Software development, 2) Software or application customization, 3) NTTN, 4) Digital animation dev., 5) Website development, 6) Website service, 7) Web listing, 8) Website hosting, 9) IT process outsourcing, 10) Digital graphics design, 11) Digital data entry Tel: +88 017 1124 4627, +88 017 1692 4202 The Board has launched an investment promotion drive at home and abroad to attract investors. Foreign investors and employees must hold PI (private investor) or E2/ E3 (employment) registration from BIDA. South Asia Brief News and analysis from India and its neighboring countries in South Asia, a region home to one-fourth of the worlds population. Encashment certificate of inward remittance of minimum USD 50,000 as initial establishment cost for branch or liaison/ representative office, and locally incorporated company (if any). Syndication loans and other structured finance are also available in Bangladesh. Controlled industry 1) Deep sea fishing, 2) Bank/ finance, 3) Insurance, 4) Generation, supply and distribution of power, 5) Exploration, extraction and supply of natural gas/ oil, 6) Exploration, extraction and supply of coal, 7) Exploration, extraction and supply of other mineral resources, 8) Large- scale infrastructure (e.g. Act, 1969, Stamp Act, 1899 The Board is headed by the prime minister and includes ministers and secretaries from the concerned ministries, as well as representatives from the private sector. An investor may conduct business in Bangladesh by establishing a branch office of its foreign company. CDA/ RAJUK. Statement of the manpower showing the list of local and expatriate employees with Director, Registration and Incentive-Foreign Commercial, BIDA Email: dir.rifc@bida.gov.bd. The situation becomes worse one in the September attack on the US. Customs clearance certificate for imported machinery and equipment. The government has progressively lowered general Corporate Income Tax (CIT) rate (currently, Capital gains arising from transfer of share capital, royalty, franchise, technical license/ know-how/ assistance fees paid by the project company are 100% exempted from income tax for the next ten years from the date of commercial operation. On receipt of the investment fund, the concerned bank issues an encashment certificate, following which the company set-up process is completed. All rights reserved. BIDA also provides policy advocacy for national investment development. Labour-intensive/technology-intensive/capital-intensive industries. company will be established. A share purchase agreement (SPA) may be executed to address all aspects of the acquisition. Description of machineries to be used in the factory, Fire license and environment clearance certificate, and. experience certificate of the expatriate. A branch office is an extension of the foreign company, whereas a locally registered company is a separate entity from the foreign company. Step 1: Apply to obtain name clearance from the RJSC. Foreign investors are allowed to invest or own shares or incorporate companies in most sectors. 30 each year. flyover, elevated expressway, monorail, economic zone, inland container depot/container freight station), Crude oil refinery (recycling/refining of lube oil used as fuel), Medium and large industry using natural gas/condescend and other minerals as raw material, Telecommunication service (mobile/cellular and land phone), Industries using heavy minerals accumulated from sea beach. Certificate of Incorporation of the foreign company. As per the report, the country's competitiveness declined in 10 out of 12 pillars, where significant deterioration in ranks was observed in macroeconomic stability, labour market, ICT adoption and infrastructure. Encashment certificate of inward remittance of minimum USD 50,000 as initial establishment cost for branch/ liaison/ representative office and locally incorporated/ joint venture and 100% foreign owned companies (if any). No prior approval from regulators is required for foreign investors to incorporate subsidiary companies in Bangladesh. The purpose of opening the bank account would be to remit the paid-up capital. Trade license is manually/digitally issued by the relevant local government offices such The terms of such loans will be determined on the basis of bank-client relationship. Audited accounts of the last financial year of the foreign company. 15% VAT is applicable on the amount of fee. 2021. No. Besides, the most important tasks are to revive the rural economy so that the migration of rural people will come down because a country like Bangladesh has poor resources to meet the bargaining demand of the citizens already settled in the urban areas. Copy of Incorporation Certificate of the The introduction of VAT has helped the rationalization of the import tariff and domestic tax structures. Repayment of principal and interest upon maturity shall be repatriated by converting local currency to the currency of loan-sourced country at the prevailing exchange rate. Debt-based financing. LOCALLY REGISTERED COMPANY. He studied economics and business administration at the Illinois State University, USA. WebBangladesh foreign direct investment for 2021 was $1.39B, a 8.97% decline from 2020. Certificate of origin/ Membership certificate = Dhaka Chamber of Commerce & Industry. According to UNCTAD, the immediate challenge is to minimize the number of lost years in terms of progress toward SDG goals. https://www.bb.org.bd/mediaroom/circulars/fepd/apr112021fepdl07e.pdf. A. Meraj Uddin Sarker Deputy General Manager This took FDI in the country to $2.56 billion in 2020 from $2.87 billion in 2019. Please visit the following link: If further details are required, please feel free to contact. repayment period with detailed schedule, grace period, calculated effective rate of interest. Board resolution approving the establishment of the branch office or liaison office, Proposed organogram of the office detailing the posts occupied by local and foreign personnel, Certified copies of all constitutional documents, Address of the principal place of business, Address of the principal place of business in Bangladesh. It offers a range of investment incentives under its industrial policy and export-oriented growth strategy with few formal distinctions between foreign and domestic private investors. Step 3: Registration with the Registrar of Joint Stock Companies and Firms (RJSC&F). The fee of BDT 1000.00 is charged for every amendment. Recommendation by concerned trade body (if applicable). The National Board of Revenue (NBR) is the tax authority in the country. Your email address will not be published. Arrangement has been introduced to obtain incorporation certificate from BIDAs OSS Foreign investor can open a temporary bank account (Non-resident Taka Account: NRTA) without prior permission of Bangladesh Bank to receive the capital remittance from abroad for encashment certificate. foreign manpower. l Open BO through custodian A Foreign Investor is l Open Trading Account with preferred broker What types of investment project are eligible for tax exemption facilities? Tax exemption and duty-free importation of capital machinery and spare parts of 100% for export-oriented industries, Capital, profit, and dividend repatriation facilities, Exemption on income tax for up to three years for expatriate employees, Term loans and working capital loans from local banks allowed, Re-investment of repairable dividends treated as new investment, Double-taxation avoidance, as per bilateral agreements already concluded, Tax exemption on the interest payable on foreign loans and on royalties and technical know-how fees, Multiple-entry visas for foreign investors, Investors can take advantage of the generalized system of preference, which allows duty-free access to American, European, and Japanese markets, The taka is convertible for the current account, Extremely competitive labor costs, perhaps the lowest in Asia, An easily trainable workforce of more than 30 million, A large domestic market, with disposable income growing especially among the middle class, A strategic location as the bridge between the South and East-Asian high-growth regions, as well as links with other markets e.g. A foreign investor intending to do business in Bangladesh has 3 options, and may establish its presence through: 1. (a) Transfer of technology to individual firms and technological spill-over to the wider economy, (b) Increased productive efficiency due to competition from multinational subsidiaries. As compared with USD 2.9 billion FDI inflow in Bangladesh in 2019, FDI inflows amounted to USD 141.2 billion in China, USD 50.6 billion in India, USD 23.9 billion in Indonesia and USD 16.1 billion in Vietnam. Therefore, a critical analysis of macroeconomic constituents influences that determine the inflow of this Investment-Blood is undoubtedly rational. Lockdown measures, successive waves of Covid-19 infection, supply chain disruption, falling corporate earnings, economic uncertainties, and delayed investment plans were key reasons for the contraction. 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