The government is set to introduce various initiatives to simplify business operations and attract investment, as announced by Finance Minister Amir Khosru Mahmud Chowdhury during the budget speech in the Jatiya Sangsad. These measures aim to reduce time, cost, uncertainty, and bureaucratic complexity in business and investment-related services.
Key initiatives include processing business registration, approvals, and other government service applications within a maximum of one week. If the relevant government agency does not provide an opinion or permit within the stipulated time, the application will be automatically considered approved.
The government will also introduce a fully online system for company name clearance, registration application, fee payment, and certificate issuance, completing the process within 48 hours. Small and new businesses will have an online-based preliminary approval system to allow entrepreneurs to start operations quickly and complete remaining registrations within 6 to 12 months.
Work permits for foreign experts and skilled personnel will be issued within a maximum of 7 days, and visas for investors and project-related individuals within 10 days. A five-year 'multiple entry' visa for qualified investors will be introduced. The application and verification process for security clearances for foreign workers will be made online and time-bound.
'Plug and play' integrated industrial facilities will be established in selected industrial and economic zones, providing land, infrastructure, utilities, and preliminary approvals in advance. Bilateral investment agreements will be expanded, and double taxation avoidance agreements will be updated to enhance investor protection and international confidence.
The budget speech also announced reforms and regulatory programs to modernize tax, VAT, customs duties, bonds, and banking systems. These include abolishing the single authority of tax officials, reducing tax and VAT appeal fees, and allowing the use of private laboratories alongside government laboratories for customs product testing.
The annual bond audit requirement for 100% export-oriented garment factories will be removed. Both individual and corporate taxpayers will be required to file income tax returns online starting next fiscal year, with incentives for early filing. VAT returns will also be mandatory online, with simplified forms for small VAT payers.
A maximum 30-day timeframe will be set for processing profit and capital repatriation applications for foreign investors. Unlisted companies will not require valuation reports for transactions up to Tk 1 crore, and repatriation of up to Tk 100 crore will not require prior approval from the Bangladesh Bank.
Other initiatives include launching digital instant microloans ('e-loans'), increasing loan limits for eco-friendly vehicles, reducing share settlement times in the capital market, and establishing the country's first commodity exchange. The IPO process will be made fully online and technology-driven.
Finance Minister Amir Khosru Mahmud Chowdhury announced the formation of a high-level task force to ensure the timely and effective implementation of these regulatory activities.
