Update on Investment Licensing in Bangladesh: New BIDA Practices
October 11, 2021Dubbed by some “an economic miracle”, even the global pandemic has not been able to stamp out Bangladesh’s upward development trajectory. It eked out its larger neighbor India in terms of GDP growth according to World Bank reporting, at least in 2021, and its projected GDP growth for 2022 is higher than that of Pakistan, Sri Lanka or Nepal. To sum it up, Bangladesh is poised to make one of Asia’s strongest comebacks in the post-COVID era.
Highlights of this note
- Registration with BIDA (and why your application might
not move forward) - Inward capital remittance
- How problematic is the land during a BIDA application?
- Practical solutions are sometimes needed during the BIDA process
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- Circular No. 01 dated 18 January 2023 issued by the SME and Special Programs Department of Bangladesh Bank on “The Disbursement of Working Capital Loans under the BDT25,000 Crores Refinancing Scheme for Cottage, Micro, Small & Medium Enterprises (“CMSMEs”)”
- January 25, 2023 - Circular No. 02 dated 8 January 2023 issued by the Foreign Exchange Investment Department of Bangladesh Bank on “The Simplification of Documentary Formalities for Opening Non-Resident Investors’ Taka Accounts (“NITAs”)”
- January 25, 2023 - Parliamentary amendment on The Bangladesh Evidence (Amendment) Act 2022, Dated 20 November 2022.
- November 23, 2022 - Bangladesh Bank (FE) Circular no 31, on Encashment certificate against inward remittances on account of Information Technology Enabled Services (ITES) exports, dated 16 November 2022.
- November 19, 2022 - SRO No. 295-Law/2022, on “The EPZ Labor Rule 2022”, dated 4 October 2022
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