Foreign investors contemplating to invest in Bangladesh have been granted permission to open temporary Non-Resident Taka Account and foreign currency accounts through online arrangement under a one-stop service facility.
The central bank’s foreign exchange policy department issued a circular in this regard on Monday stating that the scope was introduced under its circular issued on March 11, 2021.
The temporary Non-Resident Taka Account and temporary foreign currency accounts may be opened in the name of proposed companies/enterprises of foreign investorscontemplating to invest in Bangladesh as per guidelines of Foreign Exchange Transactions-2018, the circular added.
According to a Banking Regulation and Policy Department (BRPD) circular, online bank accounts can be opened through a combination of websites, apps or one-stop service providers to facilitate business and expedite eco-friendly banking.
Bangladesh Investment Development Authority, Bangladesh Economic Zone Authority, Bangladesh Export Processing Zone Authority and Bangladesh Hi-Tech Park and other organisations were mentioned as government agencies providing one-stop services in the circular.
In this regard, designated banks shall observe Simplified Due Diligence in opening these temporary accounts and the regular Customer Due Diligence procedures before transferring balances held in these temporary accounts to regularaccounts immediately after incorporation of the companies/enterprisesalong with other relevant instructions.
