Regulatory Alerts2020-02-05
Added · Updated
FEID Circular No. 01: Repatriation of residual money payable to foreign shareholders in case of winding up of a company
Authorized Dealers must submit applications to the Foreign Exchange Investment Department at Bangladesh Bank to remit residual money to foreign shareholders during company winding up. For court-supervised winding up, applications require a court order and a liquidator's certificate confirming all local liabilities and tax claims are fully paid. For voluntary winding up, Authorized Dealers must provide documents listed in Annexure-A, including a liquidator's certificate confirming compliance with the Companies Act and the absence of pending legal proceedings. Authorized Dealers must verify that the target company has complied with the Guidelines for Foreign Exchange Transactions-2018 before forwarding permission requests.
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