The transaction is consummated and share transfer is effected at closing, in light of the SPA. If a foreign investor is not acquiring all the shares of the company, it may either acquire a portion of existing shares of the target company from existing shareholders also under an SPA or inject capital into the target company in the form of a share money deposit for issuance of new shares.
Special purpose vehicles SPVs. In many cases, a foreign investor may want to go for a joint venture with a local investor or company that already owns existing projects. The foreign investor may only want to invest in a particular project, and not be a stakeholder of other existing or prospective projects, their assets or liabilities. A suitable structuring solution in such an event would be to incorporate what is termed an SPV, or a project company, which will be a freshly incorporated company for the specific project in question.
Branch or liaison office. Foreign companies can also set up a limited presence in Bangladesh as a foreign entity through a branch office or liaison office on obtaining approval from the BIDA. Unlike subsidiary companies, the activities that a branch office or liaison office may undertake are relatively limited. Branch offices usually represent the parent company and undertake specific activities such as the export or import of goods, rendering of professional or consultancy services.
However, branch offices are generally not permitted to carry out manufacturing activities. Liaison offices, on the other hand, mainly act as the liaison and communication channel for the parent entity. It cannot engage in any income-generating activity in Bangladesh. Debt-based financing. Foreign investors, through their subsidiary companies in Bangladesh, may obtain debt-based financing from local banks and non-banking financial institutions NBFIs.
Syndication loans and other structured finance are also available in Bangladesh. Non-funded credit facilities such as letters of credit, accepted bills for payment and bank guarantees can also be availed of by companies incorporated in Bangladesh. Private borrowings from foreign sources. Borrowing from foreign equity holders for bridge financing may also be availed.
Such loans can be utilized for investments to import capital machinery for new projects, or modernization or expansion of existing production units in industrial sectors, but not for working capital purposes or investment in capital markets. The proposed rate of interest must be competitive, with prevailing lending rates in the international markets in the concerned currencies for the relevant tenure.
Usually, the interest rate should be based on the prevailing government treasury bond rate in that currency for that tenure, plus a reasonably modest country risk premium. Equity financing. Investors have to comply with the securities laws of Bangladesh, and are subject to prior approval from the Bangladesh Securities and Exchange Commission. The corporate bond market in Bangladesh is still in its infancy, with very few publicly placed corporate bonds. The lack of demand for such debt instruments has, therefore, discouraged companies from floating the option.
Bangladesh offers various investment routes and financing modalities. It is worth mentioning that the most recent budget has immensely relied upon FDI, which is indicative of the fact that the Bangladesh government will continue to give further incentives to attract FDI. Now is, therefore, the time to invest in Bangladesh. Big pharma is racing to find covid vaccines in the hope of profiting from a virtually limitless global demand, but governments are likely to step in to tilt the scale.
Asia Business Law Journal presents the best law firm in Indonesia for and four winners each in 22 practice areas. There exists a huge spare parts market for automobile, home appliances, etc. In light of the implementation of various community quarantine measures brought by the covid pandemic, many entrepreneurs incurred significant financial losses, forcing some business into closure.
Patent filings in India have increased from 47, patent applications in to 50, in Considering India has become such an important jurisdiction, the cost of filing patent applications has become a concern. A comprehensive overview of the five pillars of compliance within the Philippine Data Privacy Act. With the new limited partnership fund legislation Hong Kong is showing its intent to lure asset managers away from their favoured offshore jurisdictions and anchor them in the city.
The Bangladesh economy continues to grow at an impressive scale, with a GDP growth rate of 8. Senior in-house counsel share their ideas and practical solutions on fighting cybersecurity and data privacy challenges. The Act consolidated the law relating to both domestic and international commercial arbitration. It thus creates a single and unified legal regime for arbitration.
The timeframe for dispute resolution is unpredictable and has no set limit. It can be done as quickly as a few months, but often takes years depending on the type of dispute. Anecdotal information indicates average resolution time can be as high as 16 years. Local courts may be biased against foreign investors in resolving disputes. Bangladesh is a signatory of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards and recognizes the enforcement of international arbitration awards.
Domestic arbitration is under the authority of the district court bench and foreign arbitration is under the authority of the relevant high court bench. The ability of the Bangladeshi judicial system to enforce its own awards is weak. The GOB does not publish the numbers of investment disputes involving U. Anecdotal evidence indicates investment disputes occur with limited frequency and the involved parties often resolve the disputes privately rather than seeking government intervention.
The practice of alternative dispute resolution ADR in Bangladesh has many challenges, including lack of funding for courts to provide ADR services, lack of lawyer cooperation, and lack of good faith. Slow adoption of ADR mechanisms and sluggish judicial processes impede the enforcement of contracts and the resolution of business disputes in Bangladesh.
This single criterion allows Bangladesh courts broad discretion in choosing whether to enforce foreign judgments with significant effects on matrimonial, adoption, corporate, and property disputes. Most enterprises in Bangladesh, and especially state-owned enterprises SOEs , whose leadership is nominated by the ruling government party, maintain strong ties with the government. Thus, domestic courts strongly tend to favor SOEs and local companies in investment disputes.
BIAC is an independent arbitration center established by prominent local business leaders in April to improve commercial dispute resolution in Bangladesh to stimulate economic growth. The center operates under the Bangladesh Arbitration Act of According to BIAC, fast track cases are resolved in approximately six months while typical cases are resolved in one year.
Major Bangladeshi trade and business associations such as the American Chamber of Commerce in Bangladesh AmCham can sometimes help resolve transaction disputes. Many laws affecting investment in Bangladesh are old and outdated. Bankruptcy laws, which apply mainly to individual insolvency, are sometimes disregarded in business cases because of the numerous falsified assets and uncollectible cross-indebtedness supporting insolvent banks and companies.
A Bankruptcy Act was passed by Parliament in but has been ineffective in addressing these issues. Some bankruptcy cases fall under the Money Loan Court Act which has more stringent and timely procedures. The thrust sectors enjoy graduated tax exemption from 90 percent to 20 percent over a period of five to ten years depending on the zone where the business is established.
Details of fiscal and non-fiscal incentives are available on the following websites:. Thrust sectors subject to tax exemption include: certain pharmaceuticals, automobile manufacturing, contraceptives, rubber latex, chemicals or dyes, certain electronics, bicycles, fertilizer, biotechnology, commercial boilers, certain brickmaking technologies, compressors, computer hardware, home appliances, insecticides, pesticides, petro-chemicals, fruit and vegetable processing, textile machinery, tissue grafting, tire manufacturing industries, agricultural machineries, furniture, leather and leather goods, cell phones, plastic recycling, and toy manufacturing.
Eligible physical infrastructure projects are allowed graduated tax exemption from 90 percent to 20 percent over a period of 10 years. Physical infrastructure projects eligible for exemptions include: deep sea ports, elevated expressways, road overpasses, toll road and bridges, EPZs, gas pipelines, information technology parks, industrial waste and water treatment facilities, liquefied natural gas LNG terminals, electricity transmission, rapid transit projects, renewable energy projects, and ports.
Independent non-coal fired power plants IPPs commencing production COD after January 1, are granted a percent tax exemption for 5 years, a 50 percent exemption for years , and a 25 percent exemption for years For power projects, import duties are waived for imports of capital machinery and spare parts. The valued-added tax VAT rate on exports is zero.
For companies that only export, import duties are waived for imports of capital machinery and spare parts. For companies that primarily export 80 percent of production and above , an import duty rate of 1 percent is charged for imports of capital machinery and spare parts identified and listed in notifications to relevant regulators. Import duties are also waived for EPZ industries and other export-oriented industries for imports of raw materials consumed in production.
Special incentives are provided to encourage non-resident Bangladeshis to invest in the country. Incentives include the ability to buy newly-issued shares and debentures in Bangladeshi companies. A quota of 10 percent of primary shares has been fixed for non-resident Bangladeshis.
In the past several years, U. Several companies have reported instances of infrastructure guarantees ranging from electricity to gas connections not being fully delivered or tax exemptions being delayed, either temporarily or indefinitely. These challenges are not specific to U. Korean investors are also operating a separate and private EPZ in Chattogram. Investments that are wholly foreign-owned, joint ventures, and wholly Bangladeshi-owned companies are all permitted to operate and enjoy equal treatment in the EPZs.
Approximately one dozen U. In , Bangladesh enacted the Special Economic Zone Act that allows for the creation of privately owned SEZs that can produce for export and domestic markets. The SEZs provide special fiscal and non-fiscal incentives to domestic and foreign investors in designated underdeveloped areas throughout Bangladesh. BIDA has set restrictions for the employment of foreign nationals and the issuance of work permits as follows:.
Expatriate personnel will only be considered for employment in enterprises duly registered with the appropriate regulatory authority;. Employment of foreign nationals is generally limited to positions for which qualified local workers are unavailable;.
The board of directors of the employing company must issue a resolution for each offer or extension of employment;. Initial employment of any foreign national is for a term of two years, which may be extended based on merit; and. In response to the high number of expatriate workers in the ready-made garment industry, BIDA has issued informal guidance encouraging industrial units to refrain from hiring additional semi-skilled foreign experts and workers.
The GOB does not formally mandate that investors use domestic content in goods or technology. However, companies bidding on government procurement tenders are often informally encouraged to have a local partner and to produce or assemble a percentage of their products in country. On the grounds of national security and maintaining public order, the GOB can authorize relevant government authorities intelligence agencies, national security agencies, investigation agencies, or any officer of any law enforcement agency to suspend or prohibit the transmission of any data or any voice call and record or collect user information relating to any subscriber to a telecommunications service.
Under section 30 of the ICT Act, the GOB, through the ICT Controller, may access any computer system, any apparatus, data, or any other material connected with a computer system, for the purpose of searching for and obtaining any such information or data. The ICT Controller may, by order, direct any person in charge of, or otherwise concerned with the operation of a computer system, data apparatus, or material, to provide reasonable technical and other assistance as may be considered necessary.
Under section 46 of the ICT Act, the ICT Controller can also direct any government agency to intercept any information transmitted through any computer resource, and may order any subscriber or any person in charge of computer resources to provide all necessary assistance to decrypt relevant information. There is no direct reference in the BTRA to the storage of metadata. Under the broad powers granted to the BTRA, however, the GOB, on the grounds of national security and public order, may require telecommunications operators to keep records relating to the communications of a specific user.
Telecommunications operators are also required to provide any metadata as evidence if ordered to do so by any civil court. The Digital Security Act of created a Digital Security Agency empowered to monitor and supervise digital content. Also under the Digital Security Act, for reasons of national security or maintenance of public order, the Director General DG of the DSA is authorized to block communications and to require that service providers facilitate the interception, monitoring, and decryption of a computer or other data source.
The new regulations included requirements that ride sharing companies keep data servers within Bangladesh. Although land, whether for purchase or lease, is often critical for investment and as security against loans, antiquated real property laws and poor record-keeping systems can complicate land and property transactions.
Instruments take effect from the date of execution, not the date of registration, so a bona fide purchaser can never be certain of title. Land registration records have been historically prone to competing claims. Land disputes are common, and both U. For example, sellers fraudulently claiming ownership have transferred land to good faith purchasers while the actual owners were living outside of Bangladesh.
In other instances, U. A study by a leading Bangladeshi think tank Policy Research Institute PRI revealed in one in seven households in the country faced land disputes. Property owners can obtain mortgages but parties generally avoid registering mortgages, liens, and encumbrances due to the high cost of stamp duties i. There are also concerns that non-registered mortgages are often unenforceable.
Currently, foreigners and non-residents can incorporate a company with the Registrar of Joint Stock Companies and Firms. The company would be considered a local entity and would be able to buy land in its name. Counterfeit goods are readily available in Bangladesh and industry estimates that 90 percent of business software is pirated. A number of U.
Investors note police are willing to investigate counterfeit goods producers when informed, but are unlikely to initiate independent investigations. Bangladesh is not currently listed in the U. The draft act remains under Ministry of Industries review, and has not made measurable progress during the past year. Reports are not publicly available.
Capital markets in Bangladesh are still developing and the financial sector remains highly dependent on bank lending. Current government policy inhibits the creation of reliable benchmarks for long-term bonds and prevents the development of a tradable bond market. Although the Bangladeshi government has a positive attitude towards foreign portfolio investors, participation remains low due to limited liquidity and the lack of publicly available and reliable company information.
Bangladeshi markets continue to rely primarily on domestic investors. In , BSEC undertook a number of initiatives to launch derivatives products, allow short selling, and activate the bond market. As a result, the market abuse detection capabilities of BSEC have improved significantly.
A mandatory Corporate Governance Code for listed companies was introduced in August but the overall quality of corporate governance remains substandard. A majority of the members of the Demutualization Board, including the Chairman, are independent directors.
Apart from this, a separate tribunal has been established to resolve capital market-related criminal cases expeditiously. However, both domestic and foreign investor confidence remains low. The Demutualization Act also directed DSE to pursue a strategic investor who would acquire a 25 percent stake in the bourse. Since , authorities have relaxed restrictions by allowing some debits of balances in such accounts for outward remittances, but there is currently no established timetable for the complete removal of the restrictions.
It was established on December 16, through the enactment of the Bangladesh Bank Order of General supervision and strategic direction of BB has been entrusted to a nine—member Board of Directors, which is headed by the BB Governor. BB has 45 departments and 10 branch offices. The scheduled banks are licensed to operate under the Bank Company Act of Amended There are also five non-scheduled banks in Bangladesh, including Nobel Prize recipient Grameen Bank, established for special and definite objectives and operating under legislation that is enacted to meet those objectives.
Currently, 34 non-bank financial institutions FIs are operating in Bangladesh. Of these, two are fully government-owned, one is a subsidiary of an SOCB, 15 are private domestic initiatives, and 15 are joint venture initiatives. Microfinance institutions MFIs remain the dominant players in rural financial markets. According to the Bangladesh Microcredit Regulatory Authority, as of June , there were licensed micro-finance institutions operating a network of 18, branches with Additionally, Grameen Bank had , million microfinance members as of June A Institute of Microfinance survey study showed that approximately 40 percent of the adult population and 75 percent of households had access to financial services in Bangladesh.
The banking sector has had a mixed record of performance over the past several years. Industry experts have reported shrinking liquidity and a rise in risky assets. Total domestic credit stood at The gross non-performing loan NPL ratio was 9. At Following the outbreak of COVID, the central bank directed all banks in March not to classify any new clients as non-performing until June However, industry contacts predict NPLs will increase sharply after the exemption expires.
On December 26, , the BB issued a circular, warning citizens and financial institutions about the risks associated with cryptocurrencies. The circular noted that using cryptocurrencies may violate existing money laundering and terrorist financing regulations and that users may incur financial losses.
The BB issued similar warnings against cryptocurrencies in Foreign investors may open temporary bank accounts called Non-Resident Taka Accounts NRTA in the proposed company name without prior approval from the BB in order to receive incoming capital remittances and encashment certificates. Once the proposed company is registered, it can open a new account to transfer capital from the NRTA account.
Branch, representative, or liaison offices of foreign companies can open bank accounts to receive initial suspense payments from headquarters without opening an NRTA account. Free repatriation of profits is legally allowed for registered companies and profits are generally fully convertible.
However, companies report the procedures for repatriating foreign currency are lengthy and cumbersome. The Foreign Investment Act guarantees the right of repatriation of invested capital, profits, capital gains, post-tax dividends, and approved royalties and fees for businesses. BIDA may need to approve repatriation of royalties and other fees. Bangladesh maintains a de facto managed floating foreign exchange regime. Until , the Bangladesh taka traded between 76 and The taka has depreciated relative to the dollar since October reaching The Bangladesh currency, the taka, is approaching full convertibility for current account transactions, such as imports and travel, but not for financial and capital account transactions, such as investing, currency speculation, or e-commerce.
There are no set time limitations or waiting periods for remitting all types of investment returns. Remitting dividends, returns on investments, interest, and payments on private foreign debts do not require approval from the central bank and transfers are typically made within one to two weeks. For repatriating lease payments, royalties and management fees, some central bank approval is required, and this process can take between two and three weeks. If a company fails to submit all the proper documents for remitting, it may take up to 60 days.
Additionally, some regulatory agencies have reportedly blocked the repatriation of profits due to sector-specific regulations. Embassy also has received complaints from American citizens who were not able to transfer the proceeds of sales of their properties. In September , BB simplified the profit repatriation process for foreign firms. Foreign companies and their branches, liaison, or representative offices no longer require prior approval from the central bank to remit funds to their parent offices outside Bangladesh.
However, banks need to submit applications for ex post facto approval within 30 days of profit remittance. The current government has taken steps to restructure several SOEs to improve their competitiveness. The GOB converted Biman Bangladesh Airline, the national airline, into a public limited company that initiated a rebranding and fleet renewal program, including the purchase of twelve aircraft from Boeing, all of which have been delivered.
The contribution of SOEs to gross domestic product, value-added production, employment generation, and revenue earning is substantial. SOEs maintain control of rail transportation whereas private companies compete freely in air and road transportation.
There are no guidelines regarding ownership of SOEs, and while SOEs are required to prepare annual reports and make financial disclosures, disclosure documents are often unavailable to the public. Each SOE has an independent board of directors composed of both government and private sector nominees. The boards report to the relevant regulatory ministry. The Bangladesh Petroleum Act of grants authority for the government to award natural resources contracts and the Bangladesh Oil, Gas and Mineral Corporation Ordinance of gives Petrobangla, the state-owned oil and gas company, authority to assess and award natural resource contracts and licenses, to both SOEs and private companies.
Currently, oil and gas firms can pursue exploration and production ventures only through production sharing agreements with Petrobangla. The Bangladeshi government has privatized 74 state-owned enterprises SOEs over the past 20 years, but SOEs still retain an important role in the economy, particularly in the financial and energy sectors. Of the 74 SOEs, 54 were privatized through outright sale and 20 through offloading of shares. Previous privatization drives were plagued by allegations of corruption, undervaluation, political favoritism, and unfair competition.
Nonetheless, the government has publicly stated its goal is to continue the privatization drive. SOEs can be privatized through a variety of methods including: sales through international tenders; sales of government shares in the capital market; transfers of some portion of the shares to the employees of the enterprises when shares are sold through the stock exchange; sales of government shares to a private equity company restructuring ; mixed sales methods; management contracts; leasing; and direct asset sales liquidation.
However, a study on privatized industries in Bangladesh conducted by the Privatization Commission in found that only 59 percent of the entities were in operation after being privatized and 20 percent of them were permanently closed down — implying a lack of planning or business motivation of their private owners. In , the government declared SOEs would not be handed over to private owners by direct selling. The offloading of shares in an SOE, unless it involves more than 50 percent of its shares, does not divest the government of the control over the enterprise.
Both domestic and foreign companies can participate in privatization programs. The business community is increasingly aware of and engaged in responsible business conduct RBC activities with multinational firms leading the way. While many firms in Bangladesh fall short on RBC activities and instead often focus on philanthropic giving, some of the leading local conglomerates have begun to incorporate increasingly rigorous environmental and safety standards in their workplaces.
Consumers in Bangladesh are generally less aware of RBC, and consumers and shareholders exert little pressure on companies to engage in RBC activities. While many international firms are aware of OECD guidelines and international best practices concerning RBC, many local firms have limited familiarity with international standards. As a result, the GOB encourages enterprises to follow generally accepted RBC principles but does not mandate any specific guidelines.
Corruption remains a serious impediment to investment and economic growth in Bangladesh. While the government has established legislation to combat bribery, embezzlement, and other forms of corruption, enforcement is inconsistent. With amendments to the Money Prevention Act, the ACC is no longer the sole authority to probe money-laundering offenses. Although it still has primary authority for bribery and corruption, other agencies will now investigate related offenses, including:.
The current Awami League-led government has publicly underscored its commitment to anticorruption efforts and reaffirmed the need for a strong ACC, but opposition parties claim that the ACC is used by the government to harass political opponents. Efforts to ease public procurement rules and a recent constitutional amendment that reduced the independence of the ACC may undermine institutional safeguards against corruption. Corruption is common in public procurement, tax and customs collection, and among regulatory authorities.
Corruption, including bribery, raises the costs and risks of doing business. By some estimates, off-the-record payments by firms may result in an annual reduction of two to three percent of GDP. Corruption has a corrosive impact on the broader business climate market and opportunities for U.
It also deters investment, stifles economic growth and development, distorts prices, and undermines the rule of law. Many civil society groups have expressed concern about the apparent trend toward a one-party state and the marginalization of all political opposition groups.
Americans are advised to exercise increased caution due to crime and terrorism when traveling to Bangladesh. Some areas have increased risk. According to the Labor Force Survey, 87 percent of the Bangladeshi labor force is employed in the informal economy. Bangladeshi workers have a strong reputation for hard work, entrepreneurial spirit, and a positive and optimistic attitude.
With an average age in Bangladesh of 26 years, the country boasts one of the largest and youngest labor forces in the world. However, training is not well aligned with labor demand. Bangladesh has labor laws that specify employment conditions, working hours, minimum wage levels, leave policies, health and sanitary conditions, and compensation for injured workers.
Freedom of association and the right to join unions are guaranteed in the constitution. In practice, compliance and enforcement of labor laws are inconsistent, and companies frequently discourage or prevent the formation of worker-led labor unions, preferring pro-government unions. Export Processing Zones EPZs are a notable exception to the national labor law in that they do not allow trade unions, but do allow worker welfare associations, to which 74 percent of workers belong, according to GOB.
Since two back-to-back tragedies killed over 1, workers—the Tazreen Fashions fire in and the Rana Plaza collapse in —Bangladesh made significant progress in factory fire and structural safety remediation, thanks mostly to two brand-led initiatives, the Alliance for Bangladesh Worker Safety Alliance , comprised of U.
The Alliance and Accord were scheduled to close in and hand over all monitoring to Bangladesh. The Alliance successfully concluded its factory monitoring and remediation operations at the end of , as scheduled, but U. As of March , only 32 percent of factories under the National Initiative have completed remediation. While some progress has been made in the intervening years, several key issues have not been adequately addressed.
The GOB reported it will issue implementation rules for both laws in , and further amend them starting in July The United States is also working with the EU, Canada, and the International Labor Organization ILO to continuously improve working conditions in the RMG sector via the Sustainability Compact, a coordination platform launched in to promote continuous improvements under three pillars: 1 respect for labor rights; 2 structural integrity of buildings and occupational safety and health; and 3 responsible business conduct.
Under the current BLA, legally registered unions are entitled to submit charters of demands and bargain collectively with employers, but this has rarely occurred in practice. Labor leaders estimate there are no more than 80 or 90 trade unions in the country, and only 30 to 40 are able to negotiate with owners.
The law provides criminal penalties for unfair labor practices such as retaliation against union members for exercising their legal rights, but charges are rarely brought against employers and the labor courts have a large backlog of cases.
Labor organizations reported most workers did not exercise their rights to form unions, attend meetings, or bargain collectively due to fear of reprisal. A crackdown on mostly peaceful wage protests between December and February reportedly led to the termination or forced resignation of some 11, workers—many of whom were blacklisted and remained unable to find new employment a year later.
Labor laws differentiate between layoffs and terminations; no severance is paid if a worker is fired for misconduct. Laid off workers are entitled to their full housing allowance. For the first 45 days, they are entitled to half their basic wages, then 25 percent after that. Workers who were employed for less than one year are not eligible for any compensation in a lay off. In reality, trade unions and protesting workers report employers not only fail to pay workers their severance or benefits, but also their regular wages.
No unemployment insurance or other social safety net programs exist. The GOB does not consistently and effectively enforce applicable labor law. For example, the law establishes mechanisms for conciliation, arbitration, and dispute resolution by a labor court and workers in a collective-bargaining union have the right to strike in the event of a failure to reach a settlement. In practice, few strikes followed the cumbersome and time-consuming legal requirements for settlements, and strikes or walkouts often occur spontaneously.
The BLA guarantees workers the right to conduct lawful strikes, but with many limitations. The BLA also prohibits strikes at factories in the first three years of commercial production, and at factories owned by foreign investors or built with foreign investment funds. Skip to content State Department Home.
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