Bida introduces four more services

The Bangladesh Investment Development Authority (Bida) has expanded its One Stop Service (OSS) by introducing four additional services, increasing the total number of online services to 67.

Two of these new services are for the VIP Lounge and Waiver of Condition-7 provided by Bida.

The other two services include a single process for name clearance, company registration, payment provided by the Registrar of Joint Stock Companies and Firms, and issuance of occupancy certificate by the Chattogram Development Authority.

Bida offers 20 out of the 67 services directly, while the remaining 47 services are provided by 22 other organisations, such as the Registrar of Joint Stock Companies and Firms, as well as city corporations.

"We aim to add 150 services from different service providers through the Bida One Stop Service portal within this year. If these services are added, investors will get all the services they need online to start a business," said Lokman Hossain Miah, executive chairman of Bida, at the launching of newly added services on Tuesday.

At the event, Mohammed Mostofa Jamal Haider, deputy secretary of the Ministry of Commerce, said, "Although the Registrar of Joint Stock Companies and Firms, as well as the Office of the Chief Controller of Imports and Exports, offer online services, investors have been reporting issues with their documents being cleared. It is important to ensure that investors are not being deprived of the benefits of the One Stop Service."

He also highlighted the challenges that Bangladesh will face during its upcoming LDC graduation. 

"The ministry is placing a greater emphasis on export diversification since 84% of the country's exports are currently from the readymade garment sector. The goal is to increase exports from other areas as well," he said.

Bida launched the One Stop Service portal in February 2019 in collaboration with ministries concerned to provide all types of services online to domestic and foreign investors.

Jibon Krishna Saha Roy, director general of BIDA, presented the updated picture of the One Stop Service platform. He invited investors to use the OSS platform for their applications, assuring them that services would be provided within the scheduled time.

Jibon Krishna told The Business Standard that the Waiver of Condition-7 allows foreign offices in Bangladesh to pay salaries and allowances to their employees using locally generated income, rather than having to bring it in from outside.

He said if a company has income generated within Bangladesh, they are permitted to pay the salary and allowances of their employees using that income. This application process can be completed online.