Bangladesh Investment Development Authority (BIDA)
Established under Bangladesh Investment Development Authority (BIDA) Act 2016, the Bangladesh Investment Development Authority (BIDA) is the principal private investment promotion and facilitation agency of Bangladesh. The act was created on September 01, 2016. The act mandated BIDA for providing diversified promotional and facilitating services with a view to accelerating the industrial development of the country. In addition, the government also entrusted BIDA with some more functions in its service list. Combining all, BIDA’s present functions can be categorized as follows:
- Pre-investment information and counseling service.
- Investor welcome service (faster immigration).
- Registration/approval of foreign, joint-venture and local projects.
- Registration/approval of branch/liaison/representative offices.
- Approving work permit for the foreign nationals.
- Facilitating utility connections (electricity, gas, water & sewerage, telecom etc.).
- Assistance in obtaining industrial plots.
- Approving remittance of royalty, technical know-how and technical assistance fees.
- Facilitating import of capital machinery & raw materials.
- Approving foreign loan suppliers’ credit, PAYE scheme etc.