BoI relaxes rules for foreign investment

http://www.thedailystar.net/newDesign/news-details.php?nid=175244

BoI relaxes rules for foreign investment

Gazi Towhid Ahmed

The investment board has relaxed rules to give work permits to foreigners in a bid to attract more foreign investment into public and private sectors.

According to the revised guidelines that came into effect recently, the tenure of a work permit for a foreign worker is now two years instead of one.

The Board of Investment (BoI) has also simplified the rules for foreign companies and organisations to open new branches and representative offices here.

The new rules made it mandatory for every foreigner to take a work permit from the BoI before making new investment in Bangladesh.

The foreign investors will also take tax identification number (TIN) and submit income tax clearance certificate to the BoI.

The investment board will also make recommendations to Bangladesh missions abroad on the potential recruits or investors.

The BoI has also decided to create a ‘data bank’ to collect details of the foreign investors. However, members of the United Nations and foreign ambassadors will not need any work permit.

The foreign investors can contact the BoI by email and apply online for work permits.

According to the revised guidelines, foreign institutions should give priority to the citizens of Bangladesh during recruitments.

If the Bangladeshis are not found eligible, they can recruit foreigners.

Before hiring from abroad, the foreign companies should advertise in newspapers and online job sites for the post for the citizens of Bangladesh.

Foreign doctors and nurses will need to get registration from Bangladesh Medical and Dental Council and the Bangladesh Nursing Council to work in private hospitals in the country.

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