Hi-tech park firms exempt from approval for certain overseas fee payments

Companies operating within hi-tech parks will no longer need Bangladesh Bank's approval to send certain fees abroad, including payments for intellectual property, technical know-how, or technical assistance.

The central bank announced the change in a notification on Thursday.

Currently, firms must seek the financial market regulator's approval before remitting such fees. Under the new rule, companies will be able to send payments within a set threshold without needing sign-off from either the central bank or hi-tech park authorities.

The notification specifies that this facility applies to companies with no foreign currency earnings.

For newly established firms, the central bank has set the ceiling at 6 percent of their annual machinery import expenses. Established or operational companies, meanwhile, can remit up to 6 percent of total sales revenue reported in their most recent tax return.

Any payments exceeding these limits will still require prior approval.