BIDA launches digital outward remittance approval service via OSS
Bangladesh Investment Development Authority (BIDA) has activated its Outward Remittance Repatriation Approval service through the BIDA One Stop Service (OSS) online portal, enabling fully digital processing of approvals related to royalty, technical know-how, technical assistance and franchise fees.
The service, previously available only through offline applications due to technical constraints, is now accessible digitally. The new system offers faster and more transparent processing, including online application submission, digital fee payment, real-time tracking and time-bound service delivery within seven working days, in line with the service level agreement.
'We have closed another critical gap,' said Ashik Chowdhury, executive chairman of BIDA. 'Investors can now submit applications online, track progress, pay fees digitally and receive approvals through a fully electronic and environmentally friendly workflow, bringing greater efficiency and accountability to an essential process for both local and foreign industries operating in Bangladesh.'
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He added that the government has also launched BanglaBiz, a unified digital platform developed by BIDA in partnership with the Japan International Cooperation Agency (JICA). The platform currently integrates the one-stop service portals of BIDA and other investment promotion agencies.
Once more than 25 additional services are directly integrated into BanglaBiz by the end of the month, investor processes are expected to become even faster and simpler, he said.
With the addition of the new service, BIDA's OSS now offers a total of 142 investor services. Officials said the move reinforces BIDA's commitment to improving ease of doing business and investor facilitation under the legal framework of the BIDA Act 2016, the Foreign Exchange Regulation Act 1947 (amended in 2015), and Bangladesh Bank's Foreign Exchange Guidelines 2018.
The Research and Analytics Unit under the United Nations Development Programme's Transformative Economic Policy Programme (TEPP-II), funded by the UK Foreign, Commonwealth and Development Office, provided technical assistance and facilitated coordination to support the digitisation of the service.
