Regulatory Alerts2019-09-19
Added · Updated
Repatriation of residual balance or refund of borrowing from head office of branch office, liaison office or representative office or any other places of business operating in Bangladesh
Authorized Dealers are permitted to remit profits of branches of foreign firms and companies established in Bangladesh to their head offices abroad without prior approval from Bangladesh Bank, provided applications for post-facto checking are submitted within 30 days of remittance. The circular advises Authorized Dealers to submit applications for repatriating residual balances after closing offices or refunding borrowings from head offices, accompanied by specific supporting documents listed in Annexure-A to avoid delays. These documents include approval letters for closing offices, audited financial statements for the last three years, auditor's certificates, income tax clearance certificates, and confirmations regarding pending legal proceedings.
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