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How to Apply for an Import of Pesticide License in Bangladesh

How to Apply for an Import of Pesticide License in Bangladesh

A Comprehensive Guide: How to Apply for an Import of Pesticide License

Importing pesticides is a regulated activity that requires careful adherence to governmental guidelines and procedures to ensure the safety of the environment, human health, and agricultural practices. If you are considering importing pesticides for commercial or personal use, obtaining an import of pesticide license is a crucial step in the process.

This article will provide you with a step-by-step guide on how to apply for an import of pesticide license, covering all the necessary details to make the application process smooth and successful.

Understanding the Importance of an Import of Pesticide License

Importing pesticides involves dealing with substances that can have a significant impact on ecosystems, crops, and human health.

As a result, governments implement stringent regulations to ensure that the import and use of pesticides are carried out responsibly and safely. An import of pesticide license is a legal requirement that demonstrates your commitment to complying with these regulations, safeguarding the environment, and protecting consumers.

Step-by-Step Guide: How to Apply for an Import of Pesticide License

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How To Apply For An Import Of Pesticide License In Bangladesh 4

Step 1: Gather Required Documents

Before initiating the application process, ensure you have all the necessary documents ready. These documents are essential for verifying your eligibility and the safety of the pesticides you intend to import. The required documents include:

  1. Completed Application Form: Obtain the application form from the Ministry of Agriculture, Department of Agricultural Extension. Fill in all the necessary details accurately and legibly. Incomplete applications are likely to be rejected.
  2. Registration Number of Importing Pesticide: Before applying for an import of pesticide license, ensure that you are registered as an importer. This registration is a prerequisite for obtaining the license.
  3. Brand and Descriptive Names of Pesticide List: Provide a comprehensive list of the brand names and descriptive names of the pesticides you intend to import. This information helps authorities verify the substances you plan to bring into the country.
  4. Ingredients List: Furnish the names of all ingredients present in the pesticides you wish to import. This list is crucial for evaluating the safety and potential impact of the pesticides.
  5. Ingredient Quantity List Document: Detail the quantity of each ingredient contained in the pesticides. This data is essential for assessing the potential risk associated with the imported substances.
  6. Treasury Challan: Pay the prescribed fee as requested by the relevant authority. The treasury challan serves as proof of payment and is required to proceed with your application.

Step 2: Apply In-Person

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To initiate the application process, you need to visit the Ministry of Agriculture, Department of Agricultural Extension in person. This step ensures that your application is submitted accurately and allows you to seek clarifications or address any queries in real-time.

  1. Approach the concerned officer at the Ministry of Agriculture, Department of Agricultural Extension. They will provide you with the necessary application form and guide you through the process.
  2. Fill in all the required details in the application form. Ensure that the information provided is accurate and complete.
  3. Attach photocopies of all the required documents mentioned in the “Required Documents” section to your application form.
  4. Submit the completed application form and attached documents to the concerned officer. At this stage, ensure that you have included all the necessary documents to avoid delays in processing.

Step 3: Application Review and Processing

Once you have submitted your application, the concerned authority will review the submitted documents and application form. This review is conducted to ensure that all necessary information and documentation are provided correctly.

  1. The authority will assess the completeness of your application. If any documents are missing or incomplete, your application may be rejected or delayed. Therefore, double-check your application before submission.
  2. If your application is complete and in order, you will receive an acknowledgment receipt. Keep this receipt safe, as it serves as evidence that your application has been received.
  3. The application will then undergo further processing. Updates regarding the status of your application will be communicated to you via SMS on the mobile number you provided in the application form.

Step 4: Application Approval and License Issuance

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After the thorough processing of your application, including the evaluation of the pesticides you intend to import, you will be informed of the approval status.

  1. If your application is approved, you will receive a notification. The authority will contact you via phone to provide instructions on the next steps.
  2. Upon notification of approval, you will be required to visit the Ministry of Agriculture, Department of Agricultural Extension office once again.
  3. During your visit, you will be issued the import of pesticide license. This license authorizes you to import the specified pesticides in compliance with the regulations and guidelines set forth by the government.

Step 5: Completion of the Process

The entire process, from submitting the application to receiving the import of pesticide license, can typically be completed within 15 to 20 days, or as per the timeline advised by the respective department authority.

Obtaining an import of pesticide license is a crucial step in ensuring the responsible and safe import of pesticides. This process involves submitting a comprehensive application along with necessary documents and undergoing a thorough evaluation by the relevant authority.

By following the step-by-step guide provided in this article, you can navigate the application process smoothly and contribute to the sustainable and ethical use of pesticides in agriculture and other sectors. Always remember that adherence to regulations and guidelines not only benefits your business but also safeguards the environment and human health for generations to come.

Contact us to get an Import of Pesticide License in Bangladesh:

GLOBAL OFFICES:
DHAKA: House 410, ROAD 29, Mohakhali DOHS
DUBAI: Rolex Building, L-12 Sheikh Zayed Road
LONDON: 1156, St Giles Avenue, Dagenham

Email Addresses:
[email protected]
[email protected]
[email protected]

24/7 Contact Numbers, Even During Holidays:
+8801708000660
+8801847220062

+8801708080817

Difference between Promissory Note and Bill of Exchange

Difference between Promissory Note and Bill of Exchange

Promissory Note and Bill of Exchange

Bills of exchange and promissory notes are written pledges between two parties that confirm the completion of a financial transaction. Bills of exchange are more commonly employed in foreign trade than promissory notes are in domestic trade.

A negotiable instrument is a written commercial document that contains an order for money to be paid on demand or after a particular period of time. Bills of exchange, promissory notes, and cheques are the three sorts. In some cases, the bill of exchange is used in conjunction with a promissory note. The primary distinction between a Bill of Exchange and a Promissory Note is that the former bears a command to pay money, whilst the latter bears a promise to pay money.

Acceptance is a key distinction between the two business instruments; bills of exchange must be accepted in order to be effective. A promissory note, on the other hand, does not require any type of acceptance. So, when working with these two, one should be aware of their significance and characteristics.

What exactly is a Promissory Note?

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Difference Between Promissory Note And Bill Of Exchange 10

A promissory note is a form of negotiable instrument that contains a written promise to pay in full. These are duly signed and stamped by their drawers, stating that they will pay a particular sum of money to the holder on a specific day or on demand. Promissory notes, which are used by debtors to borrow from creditors, may not be accepted by a creditor after they have been drawn.

Hence, they have the following characteristics.

  • Written promises to repay a debt.
  • The drawer or promisor must sign.
  • The payment date is set in stone.
  • Both the promisor and the promisee agree on a sum of money to be paid.

For settlement, the legal currency of the relevant country is used.
It involves the two parties listed below:


Drawer/Maker:

The debtor who promises to pay a certain amount to its creditor.

Drawee:

A creditor who has been promised a certain amount of money on a specific day.


What exactly is a Bill of Exchange?


A bill of exchange, which is a written note legally bonded and duly stamped and signed by its drawer, is also a negotiable tool. It directs that a certain sum of money be paid to the holder of this instrument on demand or within a specified time limit. These are usually payments for products and services that must be accepted by a debtor in order to be valid. It has the features listed below.

  • It must be properly dated.
  • Contains a payment order.
  • The drawer/maker’s signature is required.
  • A drawee must accept the bill.
  • The payment order and amount should be specified.
  • It has to be delivered to the appropriate payee.

It involves the three parties listed below:

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Difference Between Promissory Note And Bill Of Exchange 11

Drawer:

The person who receives payment from the issuer of this instrument.

Drawee:

A person who must pay the applicable sum.

Payee: This is the person who gets payment and, in most cases, is the same as the drawer.
What is the difference between Promissory Notes and Bills of Exchange?
While promissory notes, bills of exchange, and cheques have some similarities, they are separate from one another. Despite the fact that they are financial instruments with a documented pledge to pay.

Comparison Chart

BASIS FOR COMPARISONBILL OF EXCHANGEPROMISSORY NOTE
MeaningBill of Exchange is an instrument in writing showing the indebtedness of a buyer towards the seller of goods.A promissory note is a written promise made by the debtor to pay a certain sum of money to the creditor at a future specified date.
Defined inSection 5 of Negotiable Instrument Act, 1881.Section 4 of Negotiable Instrument Act, 1881.
PartiesThree parties, i.e. drawer, drawee and payee.Two parties, i.e. drawer and payee.
Drawn byCreditorDebtor
Liability of MakerSecondary and conditionalPrimary and absolute
Can maker and payee be the same person?YesNo
CopiesBill can be drawn in copies.Promissory Note cannot be drawn in copies.
DishonorNotice is necessary to be given to all the parties involved.Notice is not necessary to be given to the maker.

There are significant distinctions between bills of exchange and promissory notes, as you are now aware. Here are some of the most noticeable differences:

  • A bill of exchange is a negotiable instrument produced when the debtor is directed to pay the creditor the outstanding amount within a particular time frame. A promissory note, on the other hand, is a written agreement between the drawer and the drawee in which the drawer pledges to pay a certain amount within a certain time frame.
  • A Bill of Exchange involves three parties: the drawer, the drawee, and the payee. A promissory note involves two parties: the drawer and the payee/drawee.
  • A bill of exchange must be accepted by the debtor in order to be considered valid. In the case of a promissory note, the drawee’s acceptance is not required.
  • If the Bill of Exchange is not followed, a notice is given to all parties involved. In the case of a promissory note, no notice of dishonor is issued to the “maker.”
  • In the event of a bill of exchange, no asset is kept as security. An asset can be used as collateral for a loan in specific cases, such as with promissory notes.

Bills of exchange and promissory notes are equally as important in business as cheques. These notions, which are critical for commercial transactions and financing, are, nevertheless, rarely emphasized. Bills of exchange are one of the most crucial negotiable documents when a debtor obtains products on credit.

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Difference Between Promissory Note And Bill Of Exchange 12

The creditor sends the debtor a bill of exchange, asking him to pay the amount within the time range indicated.
The promissory note is similar, but it is issued by the debtor and specifies that the required amount will be paid within a specified time frame. These ideas will help you understand business in a practical way, and you will be able to apply them in your own business or at work.

Bill of ExchangePromissory Note
Definition
A negotiable instrument issued to order the debtor to pay the creditor a certain sum of money within a specific date or on demand.A negotiable instrument issued by the debtor with a written promise to pay the creditor a certain amount within a specific date or on demand.
Section
Mentioned in Section 5 of the Negotiable Instruments Act, 1881Mentioned in Section 4 of the Negotiable Instruments Act, 1881
Issued By
CreditorDebtor
Parties Involved
Three parties involved i.e a drawer, the drawee and a payee.Two parties involved i.e a drawer/maker and the payee
Acceptance
Drawee needs to accept the bill of exchange before payment.No acceptance required from the drawee.
Liability
Liability of drawer is secondary and conditional.Liability of drawer is primary and absolute.
Dishonouring of instrument
Notice served to all the concerned parties involved in the transaction on dishonouring the instrument.No notice served to the drawer in case of dishonouring the instrument.
Copies
Bill of exchange can have copies.The promissory note allows no copies.
Is it Payable to drawer/maker
Yes, the same person can be drawer and payee.The same person cannot be drawer and payee.

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How to obtain mutation khatian in Bangladesh

How to obtain mutation khatian in Bangladesh

Mutation khatian in Bangladesh

In Bangladesh, mutation is a significant role in land ownership. When you acquire ownership of land or property, you must execute the mutation. It is a crucial piece of evidence supporting the land’s title.

If your name is not on the most recent Khatian or if you update the record through mutation, you will be unable to sell the land. In other words, if the seller’s name is not changed, you will be unable to purchase land.

If you have a property, you should be aware of mutation khatian.

In general, mutation refers to writing the new owner’s name in the Khatian who has acquired ownership through transfer or inheritance.

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How To Obtain Mutation Khatian In Bangladesh 18

In other words, it refers to the legal procedure of documenting the name of a new landowner by changing and updating the Khatian in order to pay land development tax.

Separation of holdings

If a Khatian contains the names of numerous owners, the process of separating the portions of an owner by generating a new Khatian is known as. Joma Kharij is addressed in Section 117 of the State Acquisition and Tenancy Act of 1950 (the “SAT Act”).

The Legal Basis for Mutation

Mutation is addressed in Section 143 of the State Acquisition and Tenancy Act 1950, as well as Rules 8, 9, and 23 of the Tenancy Rules 1954-1955. Aside from those, the government has issued other circulars in this regard.

When it is necessary to mutate

If a person acquires land through any legal means, the applicable Khatian must be updated. A mutation is then necessary.

One of the primary goals of the mutation is to notify the government about the most recent change in ownership and to allow the government to collect land tax from the new owner.

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Mutation is usually required for the following reasons:

  • If the landowner dies and his or her heirs wish to update the documents.
  • If land title is transferred via recorded deed.
  • If land ownership is dissolved due to alluvion or under SAT Act sections 90, 91, 92, and 93.
  • If a person obtains ownership of land through a civil court order.
  • For khas land settlement.
  • The mutation process

To modify a piece of land, the owner must submit an application to the AC (Land) in the prescribed form. There are several government fees to consider.

Tahmidur Rahman Remura Wahid is a prominent property law firm in Bangladesh that specializes in assisting clients with various legal aspects of property ownership and transfer. With a team of experienced lawyers and legal experts, the firm offers comprehensive services to clients seeking mutation khatian.

Our lawyers expertise in property laws, local regulations, and bureaucratic procedures makes them a reliable partner for individuals and businesses navigating the mutation process.

Step-by-Step Process of Obtaining Mutation Khatian

a. Documentation:

The process begins with the collection and verification of necessary documents, including land deeds, title documents, tax receipts, and identity proofs. The legal team at Tahmidur Rahman Remura Wahid assists clients in ensuring all required documents are in order.

b. Application Submission:

The completed application, along with the requisite documents, is submitted to the local Union Parishad or Municipal Office where the property is located. The application is accompanied by a prescribed fee.

c. Site Inspection:

Government officials conduct a site inspection to verify the details provided in the application. This step is crucial to ensure the accuracy of the property’s physical attributes and ownership information.

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How To Obtain Mutation Khatian In Bangladesh 20

d. Public Notice:

A public notice is issued to allow for any objections or claims regarding the mutation. This provides an opportunity for interested parties to raise concerns, if any.

e. Objection Resolution:

If objections arise, the legal team at Tahmidur Rahman Remura Wahid assists in resolving disputes and ensuring a fair resolution. This may involve legal negotiations and documentation.

f. Mutation Entry:

Upon resolution of objections, if any, the mutation entry is made in the land records, reflecting the change in ownership or property details. The updated khatian is issued to the property owner.

Benefits of Engaging Tahmidur Rahman Remura Wahid for obtaining mutation khatian in Bangladesh

Partnering with Tahmidur Rahman Remura Wahid offers several benefits throughout the mutation khatian process:

a. Legal Expertise: The firm’s legal experts have an in-depth understanding of property laws and regulations in Bangladesh. This expertise ensures a seamless and legally compliant mutation process.

b. Document Preparation: The firm assists clients in compiling and preparing all necessary documents, reducing the chances of errors or omissions that could lead to delays or rejections.

c. Objection Handling: In case of objections or disputes, the legal team employs effective negotiation and legal strategies to ensure a smooth resolution in favor of the client.

d. Time Efficiency: The experienced legal professionals expedite the mutation process, minimizing unnecessary delays and ensuring timely completion.

e. Peace of Mind: Engaging Tahmidur Rahman Remura Wahid offers clients peace of mind, knowing that their property matters are in the hands of capable legal experts.

The candidate must clearly state in the application form

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How To Obtain Mutation Khatian In Bangladesh 21

the applicant’s and transferor’s names and addresses; a detailed description of the land and its surrounding boundaries; the size, type, and identification of the land; information related to all prior Khatians; and the date of such registration.
Furthermore, the applicant should include a copy of

Title deed, through deed, copy of Khatian, proof of payment of land development tax, copy of the decree or judgment obtained from the competent court (if applicable), passport size photograph of the applicant, and other supporting documentation should be included with the application.
In the case of inheritance, the procedure is slightly different. It is necessary to have a succession certificate.

A mutation proceeding is not a judicial proceeding that determines title to immovable property. It can only be used as proof at best.

In any mutation case, there is a right to appeal the ruling.

Appeal

If a person is dissatisfied with the outcome of a mutation case, he or she may submit an appeal with the collector, and the appeal may be heard by the Commissioner of the Division.

There are also review and correction options.

Change with the appropriate government agency for leasehold property

If your property is rented from a government agency (for example, RAJUK or the National Housing Authority), you may need to update the record kept by that government organization.

If you acquired the lease straight from the government agency, no modification is required with the agency. If you gained the land by a method other than the lease, you must change your name in the agency’s records.

Land mutation and ownership

I have full mutation, thus I must be the owner of the land, right? This was a frequently asked question.

The answers are not so straightforward.

Let’s start with Khatian because we’re modifying it through mutation.

Khatian is not a title document in and of itself. It is proof of present possession. A Khatian does not create or abolish titles. It is simply a record of physical possession at the time of preparation.

Similarly, mutation does not give title. Simple mutation and rent payment do not confer any title on anyone[9].

Mutation, on the other hand, might be valuable evidence if backed by additional evidence. Rent paid after mutation will also serve as evidence.

Rent receipts, while not title documents, are crucial pieces of proof of possession and can be used as collateral evidence of possession because possession usually accompanies title.

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How To Obtain Mutation Khatian In Bangladesh 22

Municipal rent receipts are also proof of occupancy following title.

Thus, mutation serves as critical evidence in proving property title. Once you own any land, you should complete your mutation.

A land cannot be sold without mutation.

With effect from July 1, 2005, the government modified the Registration Act of 1908 and the Transfer of Property Act of 1882 in 2004.

As a result of the amendments to both Acts –

If the seller is not the owner of the property through inheritance, the name of the seller or his/her predecessor must be included in the latest Khatian; otherwise, the name of the seller or his/her predecessor must be included in the latest Khatian.
As a result, if the seller’s name is not stated or updated in the most recent Khatian, you should not purchase that land. Because you may be unable to register the deed of sale.

FAQAnswer
What is Mutation Khatian?Mutation Khatian, also known as Namjari, is a legal document that records changes in ownership of a piece of land in the government’s record. It replaces the existing owner’s name with the new owner’s name.
Why is Mutation Khatian important?Mutation Khatian is crucial for legal protection of property. Failure to execute mutation can lead to complications in property ownership, land tax payments, property sales, bank loans, and potential fraud or harassment.
How does Mutation Khatian prevent fraud?Executing Mutation Khatian ensures that the new owner’s name is recorded in the property record, preventing previous owners from making unfair claims to the property.
Is Mutation Khatian required for bank loans?Yes, Mutation Khatian is a mandatory document for applying for a bank loan or mortgage. Without it, obtaining a loan or building a house is not legally possible.
How do I execute Mutation Khatian?To execute Mutation Khatian, you need to collect an application form from the Assistant Commissioner (Land) office, provide details about the property, submit required documents (e.g., deed, khatian, receipts), and either apply online or through a lawyer/representative.
What documents are needed for Mutation Khatian?Required documents include the applicant’s full name and address, registered transfer documents, photocopies of deeds, Bia documents, Parcha or Khatian, payment receipts, distribution deed (if applicable), and photographs.
Can I apply for Mutation Khatian myself?Yes, you can collect the necessary documents and apply for Mutation Khatian on your own by paying the prescribed fee. Alternatively, you can hire a lawyer or representative to assist you.
How does TRW law firm help?Tahmidur Rahman Remura Wahid provides legal services for property-related matters, including Mutation Khatian. They can guide you through the process and address any concerns you have.
What happens if I don’t execute Mutation Khatian?Failure to execute Mutation Khatian can result in difficulties transferring ownership, paying taxes, selling property, or obtaining loans. It may also expose you to potential disputes and fraud.
Why should I seek professional assistance?Seeking legal expertise, such as from TRW Law firm , can ensure that the Mutation Khatian process is executed accurately and efficiently, minimising errors and complications.

Contact the best land lawyers and property law firm in Bangladesh:


GLOBAL OFFICES:
DHAKA: House 410, ROAD 29, Mohakhali DOHS
DUBAI: Rolex Building, L-12 Sheikh Zayed Road
LONDON: 1156, St Giles Avenue, Dagenham

Email Addresses:
[email protected]
[email protected]
[email protected]

24/7 Contact Numbers, Even During Holidays:
+8801708000660
+8801847220062

+8801708080817

Suit for Khatian correction in Bangladesh

Suit for Khatian correction in Bangladesh

Khatian correction Suit in Bangladesh

Land ownership and property rights hold immense significance in any society, providing stability and security to individuals and communities.

In Bangladesh, where land is a precious resource and a crucial element of livelihoods, the accuracy of land records is of paramount importance. A Khatian, a document that records land ownership details, serves as the cornerstone for property transactions and legal disputes.

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Suit For Khatian Correction In Bangladesh 28

However, discrepancies or errors in Khatians can lead to confusion, disputes, and injustices. To address these issues, the legal system in Bangladesh provides the avenue of a Khatian correction suit. In this article, we delve into the intricacies of Khatian correction suits, highlighting their significance, procedures, and challenges.

Understanding Khatian and Its Importance

In the context of land ownership, a Khatian is a vital document that establishes the legal identity of land parcels, their boundaries, and the respective owners. It serves as a comprehensive record of rights, tenures, and liabilities associated with land.

Accurate Khatians are essential for various purposes, including property transactions, inheritance, dispute resolution, and land development. When Khatians contain errors or inaccuracies, it can lead to misunderstandings, legal battles, and hinder socio-economic progress.

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Suit For Khatian Correction In Bangladesh 29
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Suit For Khatian Correction In Bangladesh 30

CONTENTS OF KHATIAN

Khatiyan determines a lot of critical factors. It does not determine the right to possession of the land, but it serves as supporting evidence for the Title Deed (another vital document for validating ownership). A Khatiyan, or Record of Rights, comprises the following information to that end:

  • Khatian number;
  • Mouza,Upazilla, District and J.L.No;
  • Name, father’s name and address of the owner or owners;
  • Plot (dhag) number;
  • Portion of the owner or owners;
  • Class and nature of the land;
  • Amount of land development tax payable;
  • Total amount of land (dhag wise) etc.

The Need for Khatian Correction Suits

Errors in Khatians can occur due to a variety of reasons, including typographical mistakes, inaccurate surveys, boundary disputes, and illegal land encroachments. These errors can result in wrongful dispossession of land, disputes among co-owners, and difficulties in obtaining loans or grants.

To address such issues and ensure equitable land ownership, the legal system in Bangladesh provides the option of filing a Khatian correction suit.

Initiating a Khatian Correction Suit

A Khatian correction suit is a legal remedy available to individuals or parties seeking to rectify errors or inaccuracies in land records. The process involves several stages:

  1. Gathering Evidence: The plaintiff (the party initiating the suit) needs to collect substantial evidence that demonstrates the errors in the Khatian. This may involve land survey reports, affidavits from witnesses, historical documents, and any other relevant records.
  2. Filing the Suit: The plaintiff files a suit in the appropriate court, usually the relevant Subordinate Judge Court or Assistant Judge Court, within the jurisdiction where the land is located. The suit should include details of the errors, the proposed corrections, and the grounds for correction.
  3. Summons and Notice: Once the suit is filed, the court issues summons to the defendant(s), notifying them about the lawsuit and its nature. The defendants are given the opportunity to respond and present their side of the case.
  4. Evidence and Arguments: Both parties present their evidence and arguments before the court. The plaintiff must establish the existence of errors in the Khatian, while the defendant may counter with evidence supporting the accuracy of the document.
  5. Court’s Decision: After evaluating the evidence and hearing the arguments, the court decides whether the corrections requested by the plaintiff are justified. If the court deems the corrections necessary, it will issue an order directing the relevant authorities to make the necessary amendments to the Khatian.

Challenges and Considerations

Navigating a Khatian correction suit can be a complex and time-consuming process, involving legal intricacies and potential challenges:

  1. Evidence Collection: Gathering compelling evidence to substantiate errors in the Khatian is essential. This often requires thorough research, land surveys, and witness testimonies, which can be resource-intensive.
  2. Legal Expertise: Engaging legal counsel with expertise in property law is advisable to navigate the legal complexities and procedural requirements of the correction suit.
  3. Delays and Backlogs: The judicial system in Bangladesh, like many other countries, may experience delays and backlogs. This can prolong the duration of the suit, causing frustration and additional costs.
  4. Cooperation of Authorities: The cooperation of relevant land authorities and government agencies is crucial for implementing the corrections ordered by the court. Delays or reluctance on their part can hinder the effectiveness of the correction process.
  5. Boundary Disputes: If the errors in the Khatian are related to boundary disputes, resolving these disputes may require negotiations and consensus-building among the parties involved.
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Khatian correction suits play a vital role in ensuring accurate land records, equitable land ownership, and the prevention of unjust dispossession. In a country like Bangladesh, where land-related conflicts can have far-reaching socio-economic implications, a robust and effective mechanism for correcting Khatian errors is essential. By understanding the process, challenges, and potential benefits of filing a Khatian correction suit, individuals and communities can take steps towards securing their land rights, resolving disputes, and contributing to a more just and prosperous society.

State Acquisition and Tenancy Act – SAT ACT

State Acquisition and Tenancy Act; which is specially created for resolving disputes originating from the final publication of the last revised record-of-rights prepared pursuant to Section 144 of the SAT Act.

On the basis of this research and a certain amount of experience with it, we have determined that a large number of cases have been lodged before it without the Tribunal’s knowledge.

The provisions of I 45A(1) make it plain that the Land Survey Tribunal is to be established to correct only the most recently revised record of rights, i.e. only the BS, BRS, or RS record. Therefore, such Tribunals will only have the authority to rectify the final BRS record; they will not be able to view information beyond the final record.

In this regard, Section 145A(4) of the SAT Act may be quoted: “The Land Survey Tribunal shall have no jurisdiction over any action other than those arising from the final publication of the last revised record of rights prepared pursuant to Section 144.”

This subsection (4) of section 145A states that the Tribunal shall only have jurisdiction over cases arising from the final publication of the “last revised record of rights,” i.e. the BS/ BRS/RS Khatian. Therefore, in the Land Survey Tribunal, only the most recent record-of-rights can be the subject of a lawsuit.

Entering in the recent record-of-rights:

Additionally, we are aware that the last (BRS) record cannot be rectified unless the SA record in the plaintiff’s or his predecessors’ names is corrected. Referencing “Without correcting the SA Khatian and RS Khatian as prepared for the case lands in accordance with law previously, the petitioner cannot get its name entered in the recent record-of-rights prepared during the Mohanagar Survey allegedly solely on the basis of CS Khatian” is permissible in this regard.

The petitioner had no standing to dispute the draft Mohanagar Survey Khatian prepared in the names of the respective writ petitioners, at least after the publication of the gazette notifications dated 24 March 1952 and 29 February 1956″, 15 BLC (AD) 115.

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Suit For Khatian Correction In Bangladesh 32

Reading this section 145A from this perspective, it is also presumed that the Land Survey Tribunal lacks the authority to correct the SA record; in other words, if a dispute in a lawsuit involves the incorrectness of the former SA record, the Land Survey Tribunal shall have jurisdiction to hear the lawsuit under section 110.

The term ‘arising out of’ as used in this subsection (4) does not include any action in which the plaint alleges that the last BS record was incorrectly published, thereby casting a cloud over the plaintiff’s title.

These terms should only refer to those that the Tribunal may grant pursuant to subsection (8) of section 145A of the SAT Act, i.e. only the correction of the record of rights.

Consequently, suits which, in their petition, seek a declaration that the most recent BS record is incorrect and also seek correction of the said BS record in a specified manner shall be deemed to arise from the most recent record of rights.

Though a suit in the Land Survey Tribunal is not a writ petition, as we have already observed, this is clearly a summary proceeding.

Land Survey Tribunal and summary proceedings

As a result, we presume that the above-mentioned writ principle that “when a dispute involves a complicated question of title and possession between the parties, then this dispute cannot be determined in Land Survey Tribunal in a summary proceeding; rather, the matter should be determined by a civil court in a properly formed suit for establishment of title of the parties” will provide support for our position.

We find support for the following viewpoint: – A right of easement to be confirmed in a proceeding under section 143A is completely outside the scope of investigation under this section, 31 DLR 421. The Court below should exercise caution in encouraging adjudication of disputed title and possession under the auspices of a procedure under Section 143A. A fully effective adjudication of title and possession must be left open for a properly organized suit, 31 DLR 42 J.

In this connection, Section 54 of the SAT Act makes it explicit that where the parties disagree over title to and possession of the suit lands, the Land Survey Tribunals have no authority to settle the disagreement. Only the Civil Court has the authority to proclaim title to and possession of the suit lands.

This point of view is supported by decisions published in 10 DLR 527, 53 DLN 506, and BSCD Vol. Vp. 269. The suit contemplated in Section 30 of the SAT Act is not a suit for the determination of a question of title and possession.

The bar of jurisdiction created by Section 30(2) of the SAT Act is unrelated to the question of title and possession to any land, which is expressly dealt for in Section 54 of the Act, 10 DLR 527.

FAQs about Khatian Correction Suits in Bangladesh
What is a Khatian?A Khatian is a document that records land ownership details, boundaries, and related information. It serves as a vital record for property transactions and legal purposes in Bangladesh.
Why might I need to file a Khatian correction suit?You might need to file a Khatian correction suit if there are errors, inaccuracies, or disputes related to land ownership or boundaries in the Khatian document.
Where do I file a Khatian correction suit?Khatian correction suits are usually filed in the relevant Subordinate Judge Court or Assistant Judge Court within the jurisdiction where the land is located.
What evidence do I need to gather for the suit?You need to gather evidence that substantiates the errors or inaccuracies in the Khatian. This may include land survey reports, affidavits, historical documents, and other relevant records.
Do I need a lawyer to file a Khatian correction suit?While not mandatory, it’s advisable to engage a lawyer with expertise in property law to navigate the legal complexities and ensure a strong case presentation.
What is the process of filing a Khatian correction suit?The process involves filing the suit, serving summons and notice to the defendant(s), presenting evidence and arguments, and awaiting the court’s decision on the corrections requested.
What if the defendants dispute the corrections?If the defendants dispute the corrections, they can present their evidence and arguments in court. The court will evaluate both sides before making a decision.
How long does the process typically take?The duration of a Khatian correction suit can vary. Delays in the judicial system, evidence collection, and other factors may impact the timeline.
What happens if the court approves the corrections?If the court approves the corrections, it will issue an order directing the relevant authorities to make the necessary amendments to the Khatian document.
Can a Khatian correction suit resolve boundary disputes?Yes, a Khatian correction suit can be used to address boundary disputes by presenting evidence and seeking a court-mandated resolution.
What challenges might I face during the process?Challenges include evidence collection, potential delays in the legal system, cooperation from authorities, and negotiating with other parties involved.
Can I appeal the court’s decision if I’m dissatisfied?Yes, you have the right to appeal a court decision if you are dissatisfied with the outcome of the Khatian correction suit.
How can I ensure accurate land records in the future?Regularly monitoring and verifying your Khatian, updating information as needed, and maintaining accurate land records can help prevent future disputes.

Contact the best land lawyers and property law firm in Bangladesh:


GLOBAL OFFICES:
DHAKA: House 410, ROAD 29, Mohakhali DOHS
DUBAI: Rolex Building, L-12 Sheikh Zayed Road
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Email Addresses:
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24/7 Contact Numbers, Even During Holidays:
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Company Registration in Bangladesh

Company Registration in Bangladesh

Company Registration in Bangladesh: A Comprehensive Guide

By Tahmidur Rahman Remura Wahid Law Firm

Introduction

Registering a company in Bangladesh is a crucial step for investors looking to start a business or expand their operations in the country. Bangladesh offers a favorable environment for company registration procedure in bangladesh, and most businesses prefer to be registered as private limited liability companies due to the legal protection and limited liability they offer.

In Bangladesh you can do proprietorship company registration in bangladesh, private limited company or if you are a foreign entity then you can incorporate your fully owned subsidiary, branch or liaison office in Bangladesh by hiring suitable company registration consultants in bangladesh.

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Company Registration In Bangladesh 43

This article from our esteem partners aims to provide a detailed overview of the company registration process in Bangladesh, requirements, and post-registration formalities in Bangladesh for private limited company incorporation in Bangladesh.

Pre-Registration – What You Need to Know

Before diving into the company registration process, it’s essential to understand key facts about company formation in Bangladesh:

  1. Company Name Clearance: The proposed company name must be approved (cleared) before incorporation.
  2. Directors: A minimum of two directors are mandatory, who can be either local or foreign. Directors must be at least 18 years old, not bankrupt, and not convicted of malpractice in the past. They must own qualification shares as stated in the Articles of Association.
  3. Shareholders: A private limited company can have a minimum of 2 and a maximum of 50 shareholders. Shareholders can be individuals or legal entities.
  4. Authorized Capital: The maximum share capital the company is authorized to issue must be stated in the Memorandum of Association and Articles of Association.
  5. Paid-up Capital: The minimum paid-up capital for registration is Taka 1, but it can be increased after incorporation.
  6. Registered Address: A local address must be provided as the registered address, which must be a physical address and not a P.O. Box.
  7. Memorandum and Articles of Association: The company must prepare these two documents detailing the business objectives, shareholder information, and company regulations.

Considerations for Foreigners

Foreign investors planning to register a company in Bangladesh i.e a foreign company registration in bangladesh, should take note of the following points:

  1. Bank Account Opening: A bank account must be opened in the name of the proposed company with the name clearance obtained from the Registrar of Joint Stock Companies and Firms (RJSC).
  2. Remote Incorporation: All incorporation formalities can be handled remotely through authorized lawyers/agents in Bangladesh.
  3. Foreign Directors and Shareholders: All directors and shareholders can be foreigners, and there is no requirement for any special visa if they do not plan to relocate to Bangladesh.
  4. Work Permit: If foreign investors plan to operate the company from Bangladesh, they must obtain a work permit.

Required Documents

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Company Registration In Bangladesh 44

At first, before we get into the process of company registration in bangladesh, for company incorporation in Bangladesh, the following documents are required by the company registrar:

  1. Company Name Clearance Certificate
  2. Memorandum of Association and Articles of Association
  3. Shareholders’ particulars (National ID for Bangladeshi shareholders)
  4. Directors’ particulars (including Tax Identification Number)
  5. Registered Address
  6. Signed Form IX and Subscriber Page
  7. For foreigners: Copy of passport of shareholders and directors.

Procedure for Company Registration in Bangladesh

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Company Registration In Bangladesh 45

The company registration process in Bangladesh involves the following steps:

Step 1: Name Clearance

  1. Select a desired company name and apply for name clearance on the Registrar of Joint Stock Companies and Firms (RJSC) website.
  2. Pay the prescribed fee for name clearance.
  3. After verification, RJSC will issue a name clearance certificate, which is valid for six months and can be extended if necessary.

Step 2: Drafting AoA & MoA for company registration in bangladesh

Drafting Memorandum of Association:

A limited company’s Memorandum of Association (MOA) is an essential aspect of the company registration process. A company’s objectives are included in a MOA. In the MOA, you can include as many objectives as you wish.

Drafting Article of Association:

The company’s constitution is its Articles of Association (AOA). As a result, the AOA contains all of the regulations governing how a limited company will operate, as well as who will serve as the firm’s Managing Director, Chairman, and Directors.

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Company Registration In Bangladesh 46
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Company Registration In Bangladesh 47

Step 3: Bank Account Opening and Paid-up Capital

  1. Open a temporary bank account in the company’s name with a scheduled bank in Bangladesh.
  2. Remit the paid-up capital (if foreign shareholding) to the bank account, and obtain an Encashment Certificate from the bank.

Deposit of share capital:

Following the opening of the provisional bank account, for completing company registration in bangladesh, a share money deposit will be paid from the foreign shareholder’s nation to the provisional account. As a result, the funds must be transferred from the shareholder’s person or entity account. After receiving payment, the Bangladeshi bank will provide an encashment certificate.

Step 4: Submit Company Information to RJSC

  1. Upload digital copies of the MoA, AoA, and other required documents on the RJSC website.
  2. Obtain the Electronic Payment Slip for registration fees and stamp duty.

Step 5: Submission of Physical Documents and required fee

  1. Affix non-judicial stamps on the MoA and AoA.
  2. Submit physical copies of the MoA, AoA, and other documents, along with the Encashment Certificate, to RJSC.

The government registration fee is determined by the company’s authorized capital. For example, if the allowed capital is 50 lakh, the government charge will be BDT 13570 (USD 160) plus 15% VAT. The government fee for company registration in Bangladesh can be found here.

Step 6: Obtain Incorporation Certificate

  1. RJSC officials will review the submitted documents.
  2. If satisfied, RJSC will issue the Certificate of Incorporation, Digital Certified Copy of MoA and AoA, and List of Directors (Form XII).
  3. Present the Incorporation Certificate to the bank to convert the temporary account to a regular account.

Post-Registration Formalities

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Company Registration In Bangladesh 48

After company registration, the following post-registration formalities need to be completed:

  1. Obtain Trade License, Tax Identification Number, and Other Licenses: Apply for a trade license and obtain a Tax Identification Number (TIN). Depending on the business activities, additional licenses may be required.
  2. Return Filing Requirements:
  • Annual Return:

    Hold an Annual General Meeting (AGM) within 18 months of incorporation, and no more than 15 months between subsequent AGMs.
  • Regular Return:

    File relevant returns for any changes in the board of directors, shareholding structure, or other significant changes.
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Company Registration In Bangladesh 49

Taxation and Company Registration in Bangladesh:


Corporate Tax Rate
Applicable Companies
25%Publicly traded companies (listed companies on the stock market)
30%Non-publicly traded companies (private companies limited by shares)
37.5%Publicly traded banks, insurance, and financial institutions other than merchant banks
40%Non-publicly traded banks, insurance, and financial institutions
40%Publicly traded mobile network operators
45%Non-publicly traded mobile network operators
45%Publicly traded cigarette manufacturers
45%Non-publicly traded cigarette manufacturers
25%One Person Company (OPC)
Taxation ProcessAnnual Income Tax Return Deadline
File income tax return annuallyUsually on 15th January of the next year following financial closing (usually July-June).
Additional Tax Information
What is the Corporate Tax on profit?Corporate tax on its profit  Minimum tax usually @ 0.06% of gross revenue to be paid
How to Inject paid-up capital to the company’s bank account?By cheques or any other instrument
Are there any transparency requirement?The company should adequately explain debit-credit in the bank statements

Please note that besides the corporate tax rates mentioned above, there are several tax exemption facilities available for companies based on the nature of their business and location. Additionally, one-person company registration in Bangladesh has been officially launched, allowing individuals to incorporate a company on their own.

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Company Registration In Bangladesh 50

FAQ about Company Registration in Bangladesh:

FAQAnswer
What is a Private Limited Company?A Private Limited Company is a type of company that restricts the right of share transfer, limits the number of members to fifty, and prohibits public invitation to subscribe to shares or debentures.
How to incorporate a private limited company?The process of company registration in bangladesh involves obtaining name clearance, drafting required documents, opening a temporary bank account, submitting documents to RJSC, and obtaining the incorporation certificate.
Are there any minimum shareholders required to form a company?Yes, a minimum of two shareholders is required to form a private limited company.
Are there any minimum directors required to form a company?Yes, a minimum of two directors is required to form a private limited company.
Is there any requirement of a resident/local director to operate a foreign company in Bangladesh?Generally, there is no requirement for a resident/local director, but one director must be physically present to open a bank account.
Is there any minimum amount for the authorized and paid-up capital to be prescribed?There is no specific limit on authorized or paid-up capital, but it is suggested to have a minimum authorized capital equivalent to USD 50,000 for legal purposes and adequate paid-up capital for business operation.
Are there any guidelines on reflecting company activities in the name?There are no strict guidelines, but it is suggested to reflect the company’s activities in the name.
Is it mandatory to have a registered local address for the company?Yes, a registered local address is mandatory for the company.
Do you provide office address?Yes, office address services are available for company registration.
What documents are required for company formation?Required documents include Memorandum of Articles and Articles of Association, directors’ resolution, consent forms, and various registration forms.
Whether prior permission of regulatory authority is needed for making investment?For investment in kind, the concerned company needs to be registered with RJSC, and relevant forms and agreements must be filed with RJSC for record-keeping.
What is the difference between authorized capital & paid-up capital?Authorized capital is the maximum share capital the company can issue, while paid-up capital is the amount actually paid by shareholders.
Whether directors need to obtain any registration before becoming directors of the company?Directors do not need any specific registration before becoming directors.
Is it mandatory to appoint a company secretary?There is no mandatory requirement for a company secretary in private limited companies.
What is the timeline for company formation?The timeline for company formation may vary, but it usually takes a few weeks to complete the entire process.
What are the post-company formation required licenses and approvals?Post-formation, licenses such as Tax Identification Number (TIN), Trade License, and VAT Registration Certificate need to be obtained.
When will a company be fully ready to operate legally in Bangladesh?A company can start operating legally in Bangladesh after completing the registration process and obtaining necessary licenses and approvals.
Are there any restrictions/guidelines for altering company operation & management in the future?Yes, any changes in company operation or management must be reported to the Company House.
What documents are required for bank account opening?Documents such as the Certificate of Incorporation, Memorandum and Articles of Association, and identification documents are required for bank account opening.
Can a company own several businesses under different names?Yes, a company can own multiple businesses under different names, as long as it complies with its Memorandum of Association and obtains necessary permissions if required.
Can a company change its business category not mentioned in its memorandum?To carry out a different business not mentioned in the memorandum, the company needs to apply to the High Court to add that category.

Registering a company in Bangladesh is a streamlined process that can be handled remotely through authorized agents. Foreign investors have the flexibility to operate their businesses from overseas or relocate to Bangladesh with appropriate work permits. With its investor-friendly policies and favorable business environment, Bangladesh presents attractive opportunities for both local and foreign entrepreneurs.

If you are considering company registration in Bangladesh, it is advisable to seek professional legal assistance to navigate the registration process efficiently and ensure compliance with all regulatory requirements.

Time Requirement For A Company Formation

We want to finish the registration procedure as soon as possible. Preparing papers, RJSC online filing, payment, and a physical encounter with RJSC might also affect the timeline.

License / ApprovalParticularsDuration
Incorporation CertificateMoA, AoA, and Forms7 Days
Trade LicenseTrade License copy with Photo2-3 Days
TAX Identification Number (TIN)TIN is a must for all companies1 Day
VATVAT is a must for all companies7-10 Days
Membership from the chamber of commerceAll Export and Import companies 5-30 Days 
Import and Export License (IRC, ERC)Only for Export and Import Company7-15 Days
Fire LicenseFor all Factory and corporate7-15 Days
Factory LicenseManpower Approval3-10 Days
BostroFor cloth factory business7-10 Days
Branch OfficeBranch permission for 2-5 years30 Days
BEPZA / BIDABranch open permission for 3-5 years30 Days

Expected licensing fee In Bangladesh 

The fees and costs of company registration in Bangladesh will be determined by the nature of your firm. The following table shows the projected cost of forming a company:

CategoryNature of BusinessExpected Cost (Taka)
AService and General Trading CompanyLess than 60000
BRelating to Export and Import CompanyLess than 120000
CRelating to Export, import and ManufactureLess than 400000
DBranch and Representative OfficeLess than 60000
EEmployment and Investor VisaLess than 50000

Summary for Company Registration in Bangladesh and FAQ:

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Company Registration In Bangladesh 51
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Company Registration In Bangladesh 52

How can I register my company in Bangladesh?

In Bangladesh, the average projected time for full registration is 45- 60 days.

Step 1: Clearance of names:

To begin, you must obtain clearance from The Registrar of Joint Stock Companies and Firms (RJSC) for the name of your company.

Step 2: Draft the necessary documents.

Second, write the Articles of Association (AoA) and the Memorandum of Association (MoA). You must draft it along with other forms as required for RSJC compliance while preparing those.

Step 3: Create a bank account

Third, if you intend to hire foreign personnel, you must open a bank account in the planned company’s name and submit an inward remittance of at least US$ 50,000. Emerhub can assist you in opening a bank account.

Step 4: Submit paperwork to the RSJC

In this phase, you must submit all essential documents to the RJSC as well as pay the registration fees. During the regular process time, you can also look into RSJC for the incorporation certificate.

Step 5: Post-registration conformity
You now have a freshly formed company in Bangladesh, as well as the certificate of incorporation, Articles of Association (AoA), and Memorandum of Association (MoA).

You must additionally obtain the following permits and registrations:
Tax Identification Number (TIN) for a Trade License
Fire Certificate Environmental Clearance Certificate (if required)
VAT Registration Certificate

How much is company registration fee in Bangladesh?

The registration fee varies and mainly depend on the selected Authorised Capital by the company in its AoA and MoA.

Can a foreigner own a company in Bangladesh?

Of course.
Foreign investors can establish a wholly owned subsidiary or a jointly owned company in Bangladesh. Public and private limited companies are the most popular types of incorporation. Incorporated companies must adhere to the Companies Act of 1994 and can conduct any legally acceptable activity and establish operations in any location in Bangladesh. Company formation in Bangladesh entails the following steps:
Step 1: Obtaining RJSC&F name clearance.
Step 2: Open a temporary bank account to deposit capital. According to Circular No. 11 of the Foreign Exchange Policy Department of Bangladesh Bank, issued on May 17, 2021, investors can open temporary accounts through online arrangements for FDI in Bangladesh.
Step 3: Prepare Articles of Association and Memorandum of Association, and submit application for incorporation with RSJC&F.
The above processes normally take five weeks to complete.

How can I verify the status of a company's registration?

Anyone can check the ROC GOV BD website, but registered users can readily verify in detail after logging in.

To check, go to App Roc Gov Bd, app.roc.gov.bd. Also, keep an eye on your registered email for updates if anything changes.

What is the registration number of the company?

As the firm's identity, each incorporated company receives a registration number from the RJSC office. This identifying number is only available in the copy of the Incorporation Certificate.

What are the fundamental documents needed to register a company?

The basic documentation of a firm are: a) the shareholders' passports 2) Parent's address, email, phone number, and name 3. Signing the RJSC forms

What exactly is an encashment letter?

A letter is issued by a local bank in response to foreign shareholders purchasing stock (TT). Depositing cash in a bank to receive an encashment or remittance letter is completely prohibited.

What does RJSC stand for?

RJSC stands for Registered Joint Stock Companies and Firm, which is a government organ. All firms are registered with RJSC, and all enterprises are required by law to file annual returns to RJSC.

If the company's shares are increased, sold, or otherwise changed, the RJSC office must be notified.

What is Bangladesh's most profitable and quickly growing business?

The most profitable and rapidly increasing businesses in Bangladesh are RMG, sea fish, clothes, leather, poultry, and food.

Which foreign countries have the most investments in Bangladesh?

According to the 2019 FDI report, China appears to be Bangladesh's largest investment partner, followed by South Korea, India, the United Kingdom, the United Arab Emirates, Malaysia, and others.

How do expatriates send money out of Bangladesh?

It is restricted unless permission is obtained from BIDA, the Income Tax Department, and the Bangladesh Bank.

How much does the business tax cost?

It is a clean 30% as per FDI law, with an additional VAT of 5 as per NBR policy. Visit this site to learn more about Income Tax in Bangladesh.

How can I get a PI and an E visa?

We have previously covered them above, and you are encouraged to read them. You must obtain permission from BIDA/BEPZA and invest $50,000 in accordance with their guidelines.

Visit to learn more about the PI and E Visa application processes.

Are you planning to do your company registration in Bangladesh?

Company formation and registration at Tahmidur Rahman Remura Wahid: The Law Firm in Bangladesh:

The legal team of Tahmidur Rahman Remura Wahid Law Firm in Bangladesh are highly experienced in providing all kinds of services related to forming and registering all sorts of companies in Bangladesh . For queries or legal assistance, please reach us at:

E-mail: [email protected]
Phone: +8801847220062 or +8801779127165

Address: House 410, Road 29, Mohakhali DOHS

Industrial Project Finance in Bangladesh

Industrial Project Finance in Bangladesh

Industrial Project Finance in Bangladesh: A Comprehensive Guide

Industrial project finance is a vital component driving economic development and infrastructure growth in Bangladesh.

This financing mechanism plays a crucial role in funding industrial and infrastructure projects, fostering economic growth, and enhancing the country’s competitiveness.

In this comprehensive guide presented on behalf of the Tahmidur Rahman Remura law firm, we will delve deeper into the intricacies of industrial project finance in Bangladesh, including the types of projects financed, regulatory framework, approval requirements, material laws, international treaties, and structuring the financing.

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Industrial Project Finance In Bangladesh 64

Types of Projects Finance in Bangladesh:

Industrial and infrastructure projects are the primary beneficiaries of project finance in Bangladesh. Industrial projects, predominantly concentrated in the private sector, encompass diverse sectors such as manufacturing, textiles, garments, pharmaceuticals, and more.

These projects fuel the industrial growth of the nation, creating job opportunities and contributing to the overall economic landscape.

On the other hand, infrastructure projects are often undertaken either by the government of Bangladesh itself or through public-private partnership (PPP) models.

These essential projects include toll roads, ports, metro rail systems, liquified natural gas (LNG) terminals, power generation facilities, and energy initiatives.

They address critical infrastructure needs, facilitating efficient transportation, energy distribution, and enhancing the overall quality of life for citizens.

Additionally, project finance is extended to service sectors, such as education, healthcare, telecommunications, and other emerging industries that contribute significantly to the country’s progress.

Regulatory Framework for Project Finance in Bangladesh:

The regulatory framework for industrial project finance in Bangladesh is a crucial aspect that ensures transparency, compliance, and accountability throughout the financing process. Key regulatory authorities involved in project finance approvals include:

  1. Bangladesh Bank:

    As the central bank and the supreme regulatory authority for financial matters, Bangladesh Bank plays a pivotal role in approving project finance applications. It sets guidelines and regulations for both local and foreign currency borrowing and oversees the smooth functioning of the financial sector.
  2. Bangladesh Investment Development Authority (BIDA):

    BIDA is the government authority responsible for processing loan applications authorized by Bangladesh Bank. It evaluates and approves project proposals based on their economic viability, financial feasibility, and adherence to regulatory guidelines.
  3. Executive Committee of the National Economic Council (ECNEC):

    ECNEC, comprising all members of the Cabinet, approves major development projects, including infrastructure initiatives. It plays a critical role in shaping the nation’s long-term economic development policies and priorities.
  4. Economic Relations Division (ERD):

    ERD, under the Ministry of Finance, mobilizes external resources for socio-economic development. It approves sovereign guarantees or framework agreements with foreign lenders or governments, ensuring adherence to international norms and regulations.
  5. Bangladesh Securities and Exchange Commission (BSEC):

    BSEC is responsible for approving issues of bonds by private entities and overseeing large-scale share offerings. It ensures compliance with securities laws and regulations, safeguarding the interests of investors and stakeholders.

Regulatory Considerations and Approval Requirements

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Industrial Project Finance In Bangladesh 65

To facilitate industrial project finance, Bangladesh has established specific regulatory considerations and approval requirements for both local and foreign currency borrowing.

  1. Local Currency Borrowing:

    Local banks and financial institutions can extend loans to local companies in Bangladeshi Taka (BDT). Approved forms of local currency lending include continuous loans (cash credit, overdrafts, etc.), demand loans (e.g., loans against imported merchandise), and fixed-term loans.

    The Bangladesh Bank sets a limit on the interest rate spread between deposits and lending (currently around 9%). Lenders must maintain risk-based capital adequacy and adhere to single borrower exposure limits to mitigate risks.

    Additionally, lenders must verify borrowers’ credit information from the Credit Information Bureau before authorizing, renewing, or rescheduling loans, ensuring that credit facilities are not provided to defaulters. Credit risk grading is adopted for large loans to assess credit risk effectively.
  2. Foreign Currency Borrowing:

    Public sector companies must obtain authorization from ECNEC and approval from ERD for foreign loans.

    Any sovereign guarantee or framework agreement with foreign lenders or governments must also be approved by ERD. Under local foreign exchange regulations, public sector companies require permission from the Hard Term Loan Sanction Department of Bangladesh Bank to receive hard term offshore loans. Generally, any interest rate of 4% or more is considered a hard term loan.

For private sector companies, the Bangladesh Bank requires borrowers to obtain permission from BIDA for foreign borrowing. Foreign loans can be raised from internationally recognized sources such as international banks, international capital markets, multilateral financial institutions, export credit agencies, and suppliers of equipment.

However, foreign borrowing is allowed for project financing purposes only and cannot be utilized as working capital. During the approval process, BIDA considers the borrower’s past conduct and the financial viability and profitability of the project.

Specific conditions applicable to foreign borrowing include a maximum 70:30 debt-to-equity ratio, with some sectors like power having an allowance of up to 80:20. The standard interest ratio is up to LIBOR +4%, with an all-in cost ceiling that considers interest and other annualized fees and expenses.

  1. Shareholder Loans and Bonds:

    Generally, shareholder loans for project financing are not allowed, except for short-term bridging purposes. Private sector entities can raise funds through bonds with the prospectus approved by BSEC and underwritten by a merchant bank.
  2. Filing and Registration:

    Local borrowing does not require registration. However, for foreign borrowing, the industrial or infrastructure project must be registered with BIDA before submitting the foreign borrowing application. All securities over immovable properties require registration with the office of the sub-registrar in the relevant geographic area.

    In addition, securities over any asset of a company must be perfected with the Registrar of Joint Stock Companies (RJSC) within 21 days of the date of creation of the security. Certain conditions may also be imposed under concession agreements.

Material Laws and International Treaties

The legal landscape surrounding industrial project finance in Bangladesh is governed by various material laws and international treaties. Key material laws include:

  1. Foreign Exchange Regulation Act 1947:

    This Act regulates foreign exchange transactions, including foreign borrowing, and sets guidelines for conducting such transactions in compliance with international norms.
  2. Guidelines to Foreign Exchange Transactions:

    These are rules formulated by the Bangladesh Bank, outlining the guidelines for foreign exchange transactions and ensuring proper adherence to regulations.
  3. Companies Act 1994:

    The Companies Act governs several aspects relevant to project finance, including the perfection of charges on a company’s assets, debt and equity conversions, and procedural compliances related to borrowing and security interest creation.
  4. Transfer of Property Act 1882:

    This Act governs the creation and procedures for the enforceability of security over immovable property.
  5. Registration Act 1908:

    This Act provides for registration requirements for securities and other rights over movable and immovable properties.
  6. Bankruptcy Act 1997:

    This law sets out Bangladesh’s insolvency and bankruptcy legislation that covers companies, partnerships, as well as individuals.
  7. Money Loan Court Act 2003:

    This Act provides summary procedures to enforce securities and loan agreements by local financial institutions and some foreign creditors such as the International Finance Corporation, Islamic Development Bank, World Bank, etc.
  8. Code of Civil Procedure 1908 (CPC):

    The CPC governs the procedure for civil court proceedings and is used by creditors for recovery proceedings and enforcement of security.
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In addition to material laws, several international treaties to which Bangladesh is a party can affect cross-border transactions, including investment-related disputes, recognition, and enforcement of foreign arbitral awards, free trade agreements, comprehensive economic partnership agreements, and preferential trade agreements.

Structuring the Financing in Bangladesh

The successful structuring of industrial project finance in Bangladesh requires careful consideration and coordination among various parties involved in the transaction. Each party plays a distinct role in ensuring the smooth execution of the project and mitigating risks. Below are the main parties involved in an industrial project finance transaction:

  1. Sponsors:

    The sponsors are the owners or ultimate beneficiaries of the project. They initiate the project, bear the initial costs, and assume the risks associated with the venture. Sponsors are often responsible for bringing together the various stakeholders and securing financing for the project.
  2. Project Company/Borrower:

    The project company, also known as the borrower, is the entity responsible for implementing the project. It is typically a special-purpose vehicle (SPV) incorporated by the sponsors solely for the purpose of undertaking the project. The SPV isolates the project’s assets and liabilities from the sponsors’ other business activities, minimizing their exposure to potential risks.
  3. Lender:

    The lender, often a financial institution or consortium of lenders, provides the funds necessary for financing the project. Lenders assess the project’s feasibility, creditworthiness of the sponsors, and the anticipated cash flow from the project to ensure the repayment of the loan.
  4. Off-taker:

    The off-taker is the party, usually a government authority or state-owned enterprise, that enters into a long-term agreement with the project company to purchase the output or services generated by the project. For infrastructure projects, the off-taker is often the government agency responsible for that particular sector, such as the Bangladesh Power Development Board for power generation projects.
  5. Third-Party Guarantors:

    Third-party guarantors are entities other than the sponsors who provide guarantees to lenders for the repayment of the loan or fulfillment of the project’s obligations. These guarantees enhance the project’s creditworthiness and reduce the lender’s risk exposure.
  6. Bank Guarantors:

    Bank guarantors are financial institutions that issue performance or payment guarantees on behalf of the project company to support the project’s contractual obligations and mitigate potential risks.
  7. Export Credit Agencies:

    For projects involving the import of equipment and technology, export credit agencies (ECAs) can provide financing or insurance to exporters and lenders to facilitate cross-border transactions and mitigate commercial and political risks.
  8. Security Trustee:

    The security trustee is a resident entity appointed by the lenders to hold the project’s security interests on their behalf. The security trustee ensures that the lenders’ rights and interests are adequately protected and enforced in case of default.
  9. Account Bank:

    The account bank is the financial institution where the project company maintains an account to receive loan proceeds and accumulate funds for debt servicing and other project-related expenses.
  10. Inter-Creditor Agent:

    In syndicated financing, where multiple lenders are involved, an inter-creditor agent represents the lenders’ interests and facilitates coordination among them. The agent ensures that all lenders are treated fairly and that the syndication process runs smoothly.
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Industrial project finance is a crucial driver of economic development and infrastructure growth in Bangladesh. The regulatory framework, supported by various authorities, ensures transparency, compliance, and accountability throughout the project financing process.

Through a comprehensive approach that involves multiple stakeholders, including sponsors, lenders, off-takers, and guarantors, projects are financed, implemented, and managed efficiently, contributing to the country’s sustainable economic progress.

As Bangladesh continues to prioritize its industrial and infrastructure development, industrial project finance will remain a key mechanism for mobilizing domestic and foreign investments.

The collaboration between the public and private sectors, underpinned by sound legal and regulatory principles, will shape Bangladesh’s economic landscape and lead the nation toward prosperity and development.

Additional securities such as sponsor support and guarantee:


In Bangladesh, project financing is primarily conducted on either a non-recourse or limited recourse basis. Non-recourse financings are typically secured by collateral, while limited recourse financing involves additional securities such as sponsor support and guarantees. The following sources of funding are typically available for projects in Bangladesh:

a. State-owned commercial banks:

Bangladesh has six state-owned banks that actively participate in project financing.

b. Specialized banks:

These state-owned banks focus on specific sectors and areas, contributing to project funding.

c. Private commercial banks:

There are 40 local licensed banks and nine licensed branches of foreign banks operating in Bangladesh, providing financing options for various projects.

d. Non-bank financial institutions:

Currently, 34 non-banking financial institutions operate in Bangladesh, offering project financing solutions.

e. Foreign multilaterals and development finance institutions:

These institutions are permitted to finance local projects.

f. Foreign banks/financial institutions:

Foreign entities are allowed to finance projects within Bangladesh.

g. Government funds:

The government provides funds to support Public-Private Partnership (PPP) projects facing short-term economic challenges, including Viability Gap Financing (VGF) and the Bangladesh Infrastructure Finance Fund (BIFF).

Major Types of Financings in Bangladesh:

Several types of financing are commonly adopted in local projects in Bangladesh, including:

a. Buyers’ credit:

Project infrastructure buyers can directly obtain loans from lenders to finance their purchases.

b. Suppliers’ credit:

Suppliers either arrange a loan to finance their credit sales or extend credit to the buyers themselves, with agreed-upon mark-ups.

c. Lease finance:

This option is widely used in the local market, wherein a leasing company leases equipment under financial or operational leases.

Cross-border lease finance is structured as a supplier credit. d. Islamic finance: Islamic financing is gaining popularity in Bangladesh, especially for acquiring high-cost equipment and machinery. Common arrangements include sale and leasebacks (Ijarah), musharaka leasing, one-step murabaha, two-step murabaha, and commodity murabaha.

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Advantages and Disadvantages of Project Financing:

Project financing offers several advantages for sponsors and lenders:

Advantages:


a. Risk-sharing: Project financing enables sponsors to share project risks with other stakeholders through security arrangements and contractual agreements.

b. Cash flow management: Lenders can manage free cash flow after operational expenses and statutory payments, leading to a lower cost of capital compared to equity.

c. Lower cost of capital: In the long term, the cost of capital is generally lower compared to the cost of equity.

d. Limited liabilities: A special project vehicle helps sponsors limit their liabilities in project financing.

Disadvantages:


a. Complexity:

Project financing deals are complex due to the need to structure multiple contracts negotiated by all parties involved.

b. Higher transaction costs:

The complexity of project financing leads to higher transaction costs, including legal expenses, tax, and preparation of ownership and loan documentation.

Corporate Vehicles for Project Financing:

In Bangladesh, limited liability companies are typically used for project financing due to various reasons:

a. Foreign companies:

Foreign companies can implement industrial/infrastructure projects in Bangladesh as sponsors through a limited liability company.


b. Local entrepreneurs:

Limited liability companies are preferred by local entrepreneurs for their limited liability. c. Appropriate for non-recourse or limited-recourse financing.

Typical Documents in a Project Financing Transaction:

Several essential documents are involved in a project finance transaction in Bangladesh, including:

a. Termsheet:

A summary of the key terms and conditions of the financing arrangement.

b. Facility agreements: Agreements defining the terms of the financing provided by lenders.

c. Security agreements: Contracts outlining the forms of security granted to lenders.

d. Inter-creditor agreements: Agreements among multiple creditors defining their respective rights and priorities.

e. Account bank/escrow agreements: Agreements governing the use of accounts or escrows for fund management.

f. Cost over-run/sponsor support agreements: Agreements where sponsors pledge to support the project financially in case of cost overruns.

g. Guarantees: Agreements providing additional financial support and protection to lenders.

h. Direct agreements: Agreements between lenders and project parties, ensuring lenders’ direct access to project cash flows and collateral.

Forms of Security in Project Financing:

The main forms of security used in project financing in Bangladesh include:

a. Mortgages: Commonly used for immovable assets such as land and buildings.

b. Fixed and floating charges: Fixed charges grant control over assets, while floating charges allow the chargee to deal with charged assets until crystallization.

c. Pledge of shares: Shareholders can pledge company shares in favor of lenders.

d. Corporate guarantees: Shareholders and third parties can provide guarantees for loans.

e. Bank guarantees: Separate approval from the Bangladesh Bank is required for bank guarantees.

f. Liens: Strictly defined and governed by relevant statutes and conventions.

g. Assignment of receivables: Common for taking security over contractual rights.

Insurance Arrangements for Projects in Bangladesh:

Insurance is a crucial aspect of project financing in Bangladesh, providing protection against various risks that projects may encounter. Common insurance arrangements for projects in the country include:

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a. All-risk insurance for construction:

This insurance covers the engineering, procurement, and construction (EPC) contract during the construction phase, protecting against various risks during the project’s implementation.

b. Burglary, natural disaster, and fire insurance:

These insurances protect against losses caused by burglary, natural disasters, and fire incidents, providing additional security to project assets and infrastructure.

c. Third-party liability insurance:

Projects often carry third-party liability insurance to protect against claims from third parties in case of property damage, bodily injury, or other liabilities arising from the project’s activities.

d. Employer’s liability insurance:

This insurance covers liabilities arising from workplace-related injuries or accidents, ensuring protection for employees and laborers involved in the project.

Lenders’ Protection Concerning Project Insurance:

In project financing, lenders have a vested interest in ensuring adequate insurance coverage for the project’s various elements. To protect their interests regarding project insurance, lenders typically adopt the following measures:

a. Beneficiary of project insurance:

Lenders often nominate themselves as the principal beneficiary of the project insurance policies. This allows them to have direct access to insurance proceeds in case of any covered incidents.

b. Compliance monitoring:

Lenders may require borrowers to provide regular updates on insurance coverage and policy renewals to ensure continuous protection throughout the project’s duration.

c. Escrow arrangements:

In some cases, lenders may set up escrow accounts to hold insurance proceeds. This ensures that the funds are available for necessary project repairs or replacements in case of an insured event.

d. Verification of coverage:

Lenders may conduct periodic checks to ensure that the insurance policies meet the required coverage levels and address potential risks adequately.

e. Review of policy terms:

Lenders carefully assess insurance policies to ensure that the coverage aligns with the project’s specific risks and liabilities.

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Mechanisms to Protect Security Interests:

Security interests must be perfected within the prescribed period with the relevant authorities. Subsequent interest acquirers are deemed to have notice of the security from the date of its perfection.

Subsequent mortgages or charges require approval from the prior chargee or mortgagee, but subordinated or pari-passu charges can be created with prior approval.

Public Private Partnerships (PPPs) in Bangladesh:

Until 2010, Bangladesh lacked a specific PPP framework. However, in 2010, the government introduced the Policy and Strategy for Public-Private Partnership to promote private sector participation in infrastructure development. This move aimed to address the challenges of funding and executing large-scale projects while leveraging private sector expertise and efficiency.

To support the PPP process and infrastructure development in Bangladesh, the government enacted several regulations and guidelines:

  1. Procurement Guideline for PPP Projects 2016:

    The Procurement Guideline provides a framework for transparent and competitive procurement processes for PPP projects. It ensures that project contracts are awarded through fair and open procedures, promoting accountability and reducing the risk of corruption.
  2. Guidelines for Unsolicited Proposals 2016:

    The Guidelines for Unsolicited Proposals allow private sector entities to submit project proposals to the government for consideration. These proposals are evaluated based on their feasibility, economic and social benefits, and alignment with national development priorities. Successful proposals may lead to PPP project development.
  3. Guideline for Viability Gap Financing for PPP Projects 2012:

    The Guideline for Viability Gap Financing outlines the mechanism through which the government provides financial support to PPP projects that have high economic and social viability but lack complete financial viability. Viability Gap Financing can be in the form of a capital grant or annuity payment.
  4. Guideline for PPP Technical Assistance Financing 2012 & Scheme for PPP Technical Assistance Financing 2012:

    The government offers technical assistance financing to support the preparation and development of PPP projects. These guidelines and schemes aim to strengthen project preparation and enhance the overall viability of projects.
  5. PPP Screening Manual:

    The PPP Screening Manual provides guidance on project screening and selection criteria for potential PPP projects. This process helps prioritize projects with significant development impact and ensures that viable projects receive attention.
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Financing PPP Projects in Bangladesh:

PPPs in Bangladesh are typically financed through a combination of funding sources, including multilateral institutions, development finance institutions, and private commercial banks. While the government may not provide payment guarantees for PPP projects, it does play a role in supporting financing through various mechanisms:

  1. Viability Gap Financing (VGF):

    As mentioned earlier, VGF is provided to projects with high economic and social viability but uncertain financial viability. The government’s financial support enhances the feasibility of these projects and encourages private sector participation.
  2. Infrastructure Financing:

    Specialized financial institutions like the Bangladesh Infrastructure Finance Fund (BIFF) and Infrastructure Development Company Limited (IDCOL) provide financing facilities for PPP projects in the form of debt or equity. The government may participate in such financing arrangements through budget provisions.
  3. Financing against Linked Components:

    The government may consider financing and implementing linked activities, such as land acquisition, rehabilitation, provision of utility services, and construction of approach roads. These complementary activities contribute to the overall success of the main PPP project.

Security and Guarantees in PPP Projects:

In PPP projects, concessionaires (private entities) may be allowed to give security to lenders over their interests in the project company, subject to approval from the grantor (government). This security allows lenders to have recourse to the assets of the project company in case of default, providing them with an additional layer of protection.

Social, Ethical, and Environmental Issues:

Social and ethical issues play a significant role in project financing in Bangladesh. The country has ratified the UN Convention against Corruption and has enacted specific laws to address corrupt practices, money laundering, and human rights abuses. Fair practices across all spheres of social, economic, and political activities are ensured through various laws, including the Prevention of Corruption Act, Money Laundering Prevention Act, and Right to Information Act.

Additionally, environmental concerns are addressed through adherence to the Environmental Policy and Bangladesh Environment Conservation Act. Compliance with international guidelines like the IFC Performance Standards and Equator Principles is also required to meet environmental and social requirements.

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Tax Holidays and Incentives for Foreign Investment in Projects:

Foreign investment plays a crucial role in the development of infrastructure projects in Bangladesh. To attract foreign investors, the government offers various tax holidays and incentives. Let’s explore some of these incentives and how they encourage foreign investment in the country:

  1. Tax Holidays for Thrust Sectors and Infrastructure Projects:

    The government provides tax holidays for industrial undertakings and physical infrastructure facilities established in thrust sectors. Thrust sectors refer to industries that have significantly contributed to the country’s industrialization. Additionally, industries set up in Export Processing Zones (EPZs) are also eligible for tax holidays. The duration and extent of the tax holidays vary based on the location of the project and the type of industry.
  2. Accelerated Depreciation:

    Industrial undertakings not benefiting from tax holidays can take advantage of accelerated depreciation allowances. This allows them to claim higher depreciation in the early years of the project, reducing their taxable income and, consequently, their tax liability.
  3. Concessionary Duty on Imported Capital Machinery:

    Industries with an annual turnover below a certain threshold may benefit from a concessionary import duty rate of 3% on capital machinery and spares. This measure reduces the cost of setting up the project and enhances the attractiveness of foreign investment.
  4. Incentives for Export-Oriented Industries:

    Export-oriented industries enjoy a range of incentives to boost their competitiveness in the global market. These incentives include duty-free import of capital machinery and spares, bonded warehousing, access to loans and funds for export promotion, cash incentives and export subsidies, and more.
  5. Double Tax Avoidance Agreements (DTAs) and Bilateral Investment Treaties (BITs):

    Bangladesh has entered into DTAs with several countries and BITs with various other nations to avoid double taxation of income and protect foreign investments. These agreements provide certainty and predictability to foreign investors, assuring them of fair treatment and non-discrimination.
  6. Power and Energy Fast Supply Enhancement (Special Provision) Act 2010 (PEFSE):

    The PEFSE Act empowers the government to quickly deal with and accept solicited or unsolicited proposals in the power and energy sectors on an emergency basis. It allows the government to enter into arrangements with companies bypassing the usual procurement processes. Moreover, it indemnifies the government against any legal proceedings relating to the award of contracts under the PEFSE.

Foreign Currency Accounts:

While opening and operating onshore and offshore foreign currency accounts are generally prohibited without approval from the Bangladesh Bank, there are exceptions for specific projects. For instance, under the private power generation policy, private power generation companies have been granted the right to open and maintain onshore foreign currency accounts.

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Dividend Repatriation and Shareholder Loans:

There are no restrictions on the payment of dividends or repayment of shareholder loans to a foreign parent company. However, for the repayment of shareholder loans, prior approval from the Bangladesh Bank is required.

Choice of Law and Jurisdiction

Foreign Law: When parties enter into a project contract or financing agreement, they have the option to choose foreign law as the governing law for the contract. The Bangladesh courts will uphold such a choice of foreign law, provided the intention to do so is clearly expressed in the contract. This decision was reinforced by the precedent set in PLD 1964 Dacca 637, which establishes that the expressed intention of the contractual parties regarding the law governing the contract overrides any other presumption.

Jurisdiction: If a project contract or financing agreement designates a foreign court as having exclusive or non-exclusive jurisdiction, the Bangladesh courts will respect this choice. In such cases, the Bangladesh courts will not exercise jurisdiction over contractual disputes unless all parties involved in the dispute agree to submit to the jurisdiction of the Bangladesh courts. However, it’s worth noting that the Bangladesh courts may assume jurisdiction in specific cases where they have exclusive jurisdiction, such as labor disputes.

Enforceability of Waivers of Immunity

In the context of international contracts that do not contravene local policy and are otherwise valid and binding, Bangladesh courts recognize waivers of sovereign immunity. Additionally, for disputes arising out of commercial contracts, the Bangladesh courts accept the common law doctrine of restrictive immunity, which has been adopted by the English courts.

Recognition of Foreign Arbitral Awards and Court Judgments

Foreign Money Judgment: Under the Code of Civil Procedure 1908, a foreign money judgment can be enforced in Bangladesh within six years from the date of the judgment, subject to court approval for longer durations. To be enforceable, the foreign judgment must fulfill several requirements, including being conclusive and given on the merits of the case, pronounced by a court of competent jurisdiction, and capable of enforcement in the original court.

It must not have been obtained through fraud, be contrary to public policy or applicable laws of Bangladesh, or sustain a claim based on a breach of a law in force in Bangladesh. Furthermore, there should be no pending or possible appeal against the judgment in the original court.

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Foreign Arbitral Award: The recognition and enforcement of foreign arbitral awards are subject to certain grounds in Bangladesh. The courts may decline to enforce a foreign arbitral award if a party to the arbitration agreement was under some incapacity, if the arbitration agreement is not valid under the agreed law, or if the party against whom the award is invoked was not given proper notice or an opportunity to present their case.

The award may also be denied enforcement if it contains decisions on matters beyond the scope of the submission to arbitration, except for the part related to the submitted matters. Moreover, the composition of the arbitral tribunal or the arbitral procedure should be in accordance with the parties’ agreement and the law of the country where the arbitration took place.

Enforcement can also be denied if the award is not yet binding on the parties, has been set aside or suspended by the competent authority in the country where it was made, or if the subject matter of the dispute is not capable of settlement by arbitration under the law of Bangladesh, or if the recognition and enforcement would be contrary to public policy.

Recent Legal Developments in Project Finance

As of now, there are no current proposed legal reforms impacting project finance in Bangladesh. However, the landscape of local project financing has seen a new addition in the form of Export Credit Agency (ECA) backed finances. The Bangladesh Investment Development Authority evaluates projects based on its prior payment requirements for the ECA premium, leading to two primary disbursement methods: direct disbursement and reimbursement.

Hire the best law firm for Project finance in Bangladesh

Navigating international projects and finance in Bangladesh requires a keen understanding of the country’s legal framework. Parties can choose foreign law as the governing law for contracts, and the courts respect such choices.

Additionally, waivers of immunity are enforceable in specific circumstances, and the recognition of foreign arbitral awards and court judgments follows set criteria. Staying up-to-date with legal developments is essential, particularly in project finance, where ECA-backed finances are becoming an important consideration. As Bangladesh continues to engage in global business ventures, consulting with legal experts is vital to ensure compliance and successful outcomes in cross-border transactions.

Tahmidur Rahman Remura Wahid Associates represents a variety of high-profile clients operating in Bangladesh to carry out specific projects such as power plants, roads and motorways, and so on. They frequently require financing from many financial institutions, and our lawyers assist clients in creating the relevant documentation as well as advising them on any legal difficulties that may develop as a result of such transactions. Tahmidur Rahman Remura Wahid Associates Associates also aids clients by supplying them with lawyers who negotiate with financial institutions on their behalf.

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