Regulatory Alerts2016-02-14
Added · Updated
Foreign Exchange Regulations applicable for enterprise and developers operating in Economic Zones (EZs) in Bangladesh
The circular establishes foreign exchange regulations for entities in Economic Zones, categorizing Export Processing Area units as Type A (100% foreign owned), Type B (joint ventures), and Type C (100% Bangladeshi owned). It mandates that exports from these zones require declaration on EXP Forms stamped "EXPORT FROM EZ" with proceeds repatriated through foreign currency accounts, while imports follow standard IMP Form reporting procedures. The document authorizes Authorized Dealers to remit dividends and repatriate capital for non-resident shareholders of Type A and B units without prior Bangladesh Bank approval, subject to BEZA compliance, and permits foreign nationals working in zones to remit 75% of net salary and 100% of leave salary without prior approval. Additionally, it requires all foreign exchange transactions by EZ units to be reported via the online platform and monthly returns to Bangladesh Bank.
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