Dhaka, Bangladesh
Investors to get approvals within two months through OSS

Investors to get approvals within two months through OSS

Both local and foreign investors can get approval for starting their business within two months after launching the One Stop Service (OSS), an initiative of the Bangladesh Investment Development Authority (BIDA), in July next, reports BSS. “The parliament has already passed the One Stop Service Bill and the implementation process will be started after gazette of the bill,” BIDA Executive Chairman Kazi M Aminul Islam told the news agency on Monday. He said BIDA has also prepared the draft rules and regulations of the law, which will be finalised before June next for ensuring investment-friendly atmosphere in the country. After launching the OSS from July next, the BIDA chief said, investors will get all legal permissions as well as connections of utilities within possible time from a single window, which is expected to increase foreign direct investment (FDI). “Through the OSS, a company will get power connections in 28 days while the construction permit by 60 days, but the length of time for approval will depend on proper documentations,” he said. Aminul Islam said the first complex process for any investor is to get all permissions and services in a faster way. “Our total business climate will be improved as we are set to offer all services from a single point to all investors,” he added. Noting that the one-stop service will be a web-based and virtual one, the BIDA executive chairman said previously investors had to apply after going to offices concerned and went to door-to-door of all service providers to get permissions and utility connections. Now, he said, they can apply through a single web-based application through online and can see the progress of their application from the same way. Aminul said they have already started the one-stop-service on test basis and now an investor needs to fill up only one application to get permission to start business here as well as to get all kind of utilities connections. Talking to the news agency, Energypac Power Generation Ltd (EPGL) Managing Director and Chief Executive Officer (CEO) Humayun Rashid said the cost of doing business in the country will reduce after launching the OSS. Mentioning the initiative as an important step for the country’s economy, he said, the OSS will help accelerate the flow of FDI and Bangladesh can improve in the global ranking of the ease of doing business.

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