Regulatory Alerts2024-11-20
Added
FEID Circular No. 02: Guidelines for Operations of Business in Bangladesh by Joint Ventures/Consortiums/Associations (JVCA) having foreign partner(s)
Bangladesh Bank mandates that Joint Ventures, Consortiums, and Associations with foreign partners obtain permission from the Bangladesh Investment Development Authority and notify the Foreign Exchange Investment Department within 30 days of establishment. The guidelines require entities to maintain specific bank accounts, prepare separate audited financial statements in accordance with Bangladesh Financial Reporting Standards, and adhere to strict reporting protocols for all inward and outward remittances. Outward remittances for profit repatriation, residual amounts, or borrowing from head offices require prior approval from Bangladesh Bank, supported by detailed documentation listed in Annexures A and B.
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