Dhaka, Bangladesh (BBN)– The central bank of Bangladesh Bank (BB) has relaxed the related procedure for opening business by foreign investors and non-residence Bangladeshis to expedite foreign investment, which would eventually offer an extra cushion to the national economy.
The Bangladesh Bank (BB) issued a circular on Wednesday and asked all authorized dealer (AD) banks that they should approve in a day the applications for businesses or appointing agents and advisers from the persons who are not Bangladeshi citizens or the business firms those are not registered in Bangladesh.
BB said the head of the AD banks would sign the applications and the related documents and send electronic copies of those to the respective departments of the central bank.
The central will then send an electronic message to the ADs, which will be considered as temporary permission for foreign business.
The circular also said that the central bank would provide the final approval after proper scrutiny.
The central bank, may also ask for clarification from the applicants if it finds that the applications are not properly documented, the circular said.
BBN/SSR/AD-20Mar13-9:23 pm (BST)
