Local companies operating star-rated hotels in Bangladesh often seek approval from the BB for foreign remittances related to services that fall outside the guidelines provided by the BIDA. To support the hotel and tourism industry, the BB has decided to simplify the process for the approval of such remittances, which are essential to hotel operations. […]

The key points of these guidelines issued by the Bangladesh Bank (“BB”) are as follows: A. Establishment and reporting Before commencing operations, joint venture companies (“JVCAs”) with non-resident partners must obtain approval from the Bangladesh Investment Development Authority (“BIDA”). Additionally, they must inform the BB’s Foreign Exchange Investment Department (“FEID”) within 30 days of obtaining […]

Dubbed 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, […]