One application that all you need to invest in Bangladesh: BIDA

Bangladesh Investment Development Authority (BIDA) says that they are making the investment procedure so simple that an investor will need to fill up only one form to start a business in the country.

“One form, available on the web, that all you need to fill up to open a business in Bangladesh,” executive chairman of BIDA Kazi M Aminul Islam said.

“A one-stop-service law will soon be enacted to facilitate both foreign and local investors bypassing bureaucratic red tapes and hassles in different ministries,” he said after granting a business licence to a Japanese firm on Wednesday.

Addressing the media, Aminul said consultancy firm ‘Japan Development Institute’ was given permission completing all procedural formalities almost immediately after they filed the application.

The Japanese firm has 40 years of experience working in lower and lower-middle come countries, he added.

“We have done our homework to build BIDA an organisation of international repute. All the rules and regulation are in place,” he said referring the launching of the new body in September last year and the first board meeting in November.

“BIDA is recruiting its staff as per the organogram,” he said describing the tangible progress his organisation has made so far.

“Investors face two types of problems – first, they find it difficult to understand legal complexities. We will provide that services at one-stop service.”

“Secondly, they need to go through a business framework, and we are simplifying those rules under ease in doing business in Bangladesh,” the former World Bank official said.

“The one-stop-service bill will soon be going to parliament, but until the law is enacted we are providing the similar services under executive order,” he added.

He said he hoped an Internet-based one-stop service would be in place within six months.

“The investors will not have to come to us. They can get approval after filling up the application form online. The related departments will be brought under the computerized system.”

He said that “it used to take a long time to complete the procedure what DIDA did in a few minutes in one day.”

Dr Shoichi Kobayashi, executive director of the Japan Development Institute said that his company provides employment generation consultancy.

He said, “Bangladesh has around 100 economic zones and export processing zones where over 10 million people are working.”

He praised both BIDA and Economic Zone Authority for the supporting role in doing business in Bangladesh. Both the bodies are working under the Prime Minister’s office.