Investment News

One Stop Service: Time-bound investor services now mandatory

May 10, 2020

On May 10, the Government of Bangladesh issued the One Stop Service (OSS) Rules to reduce processes, time and cost involved with starting a business.

It is now mandatory to provide investor services within stipulated time.

A central One Stop Service authority has been established. The new body comprising of focal points assigned from all investor service-providing agencies will be led by the Executive Chairman of BIDA.

The authority will issue standard operating procedure for One Stop Service, advise and assist the service-seekers, monitor the progress of applications and take measures for swift processing of applications among other duties.

“The government is serious about online service delivery. That’s the reason why the One Stop Service Act was passed and now the Rules have been issued. We are working to remove bottlenecks and provide better services,” said BIDA Executive Chairman Md. Sirazul Islam. 

 One Stop Service: More urgent now

BIDA officials have been continuing their work through the online One Stop Service, despite the loss of the physical workplace.

BIDA officials processed more than a thousand applications during the general holiday period.  

Focus on integration

Despite limitations imposed by the pandemic, BIDA has held a series of virtual consultations and workshops with MoU partners in an effort to speed up integration of more online services.  

BIDA has engaged with the National Board Revenue, the Security Services Division of the Ministry of Home Affairs, the Office of the Chief Controller of Imports and Exports, the Registrar of Joint Stock Companies & Firms, Dhaka South City Corporation, Dhaka North City Corporation, Chattogram Development Authority, the Bangladesh Power Development Board, Dhaka Electric Supply Company Ltd (DESCO) and the Sonali Bank.   

On Jul 7, 2020, BIDA hosted a meeting with 10 government authorities to discuss the signing MoUs that will lead to the integration of 23 new investor services.

BIDA’s new partners will be the Ministry of Land, RAJUK, Department of Inspection for Factories and Establishments, Department of Environment, Bangladesh Fire Service & Civil Defence, Dhaka Power Distribution Company, Northern Electricity Supply Company Limited, West Zone Power Distribution Company Limited, Bangladesh Rural Electrification Board and the Dhaka Chamber of Commerce and Industries.

BIDA is currently providing 21 data-enabled services through OSS.

BIDA’s goal is to provide 154 services of 35 agencies through the OSS portal with technical support from International Finance Corporation.