BIDA Approval for payment of Royalty and Technical Fees
BIDA Approval Process for Outward Remittances due to Payment of Royalty, Fees for Technical Knowledge or Technical Assistance and Franchise Fees: Do you know that you will need BIDA approval for payment of Royalty and Technical Fees to make outward remittance? Yes. Industrial enterprises in Bangladesh registered with Bangladesh Investment Development Authority (BIDA) need approval from BIDA for payment of royalty, fees for technical know-how and assistance and franchise fees. But, almost every business entity, especially industrial enterprises, needs to make payments abroad for those purposes. So, we will outline here the application and approval process from BIDA in detail. However, please note that Section 18 of the BIDA Act, 2016 has imposed this requirement. This requirement is not from the central bank of Bangladesh neither from the Foreign Exchange Regulation Act 1947. Please refer to Chapter 10, Para 25 of Guidelines for Foreign Exchange Transaction ( GF...