Potential foreign investors allowed opening bank accounts online

Staff Correspondent | Published: 22:51, May 17,2021

 
 

The Bangladesh Bank on Monday has granted permission to foreign investors, who are contemplating to invest in Bangladesh, to open temporary bank accounts online with a view to making pre-formation inward remittance convenient for the foreigners.

The central bank’s foreign exchange policy department issued a circular in this regard on Monday stating that the scope was introduced under its circular of March 11, 2021.

The BB circular of March 11 allowed scheduled banks to open accounts through online applications received through their web sites or apps or government service-providing entities like the Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority, the Bangladesh Export Processing Zones Authority and the Bangladesh HiTech Park Authority, among others, under their one stop service facilities.

By following the process, temporary non-resident taka accounts and temporary foreign currency accounts can be opened in the name of proposed companies or enterprises of foreign investors who are contemplating to invest in Bangladesh.

The scope to open accounts was given to the foreign investors under the BB’s relevant rules and regulations.

The central bank also asked to follow simplified due diligence in opening such temporary bank accounts.

However, transactions from the accounts to regular accounts would only be allowed after incorporation of companies or enterprises upon completion of regular customer due diligence.

The BB said, ‘The regular customer due diligence procedures must be followed before transferring balances held in these temporary accounts to the regular accounts immediately after incorporation of the companies or enterprises along with other relevant instructions.’

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