Obtaining remittance approval involves validating the transfer of funds across borders. This process ensures compliance with financial regulations and confirms the legitimate nature of the transaction. Approvals are typically granted by relevant authorities or financial institutions, assuring the secure and legal transfer of money between individuals or entities in different countries. The legal basis for this process is governed by the BIDA Act, 2016, and the BIDA Guideline, 2023, which provide the regulatory framework for such transactions.
Issuing authority
AuthorityBangladesh Investment Development Authority (BIDA)
Address: E-6/B, Sher-e-Bangla Nagar, Agargaon, Dhaka 1207, Bangladesh
Email: service@bida.gov.bd
Required list of all documents
- BIDA Registration [Original copy]
- Technology Transfer Agreement [Original copy]
- Application Form [Signed by MD/ Managing Partner/ Proprietor]
- Resolution of the Board of Directors
- Annual report of the company/ Bill of Entry [Original copy]
- Income Tax Certificate and Return [Certified by Chartered Accounted]
- Memorandum & Articles of Association and Certificate of Incorporation of the Company If not submitted earlier]
- Invoice(s) [In support of fees to be remitted]
- Authenticated Banking documents showing Export Earning [If any]
- Patent Right/Trade Mark/ Brand name registration in BD [Attested by MD/ Managing Partner/ Proprietor]
- Work Completion Certificate [Original copy]
NB. All documents other than originals must be certified by the authorized signatory of the Company/Firm
Step by step all process
Step 1 Collection and Submission of Application: The Applicant collects the primary information, prepares an application letter using the letterhead of the Applicant Firm, and submits the application letter along with the supporting documents. BIDA then checks the submitted documents for verification.
Step 2 Approval Process in the Executive Council (EC): The file is prepared and submitted for consideration at the Executive Council (EC) Meeting. During this meeting, the file is reviewed, and approval is granted. The meeting minutes of the EC Meeting are subsequently prepared.
Step 3 Transaction Initiation and Documentation: Following EC approval, BIDA issues a deposit letter to the Client for the remittance. The Applicant then submits the receipt of the Pay Order to BIDA.
Step 4 Obtaining Remittance Approval: Finaly approval for the remittance is obtained from BIDA.
Fee schedule
Up to 10,00,000 BDT5,000
10,00,001-50,00,000 BDT 10,000
50,000,01 -1,00,00,000 BDT 50,000
1,00,00,001 -5,00,00,000 BDT 1,00,000
5,00,00,001-10,00,00,000 BDT 2,00,000
Above 10,00,00,000 BDT 5,00,000
Official time limit
7 days (Followed by EC meeting)
Actual time limit