Dhaka: Bangladesh`s Board of Investment (BOI) has relaxed rules to give work permits to foreigners in a bid to attract more foreign investment into public and private sectors.
According to the revised guidelines that came into effect recently, the tenure of a work permit for a foreign worker is now two years instead of one.
The board has also simplified the rules for foreign companies and organisations to open new branches and representative offices here.
The new rules made it mandatory for every foreigner to take a work permit from the board before making new investment in Bangladesh.
The foreign investors will also take a tax identification number (TIN) and submit an income tax clearance certificate to the board.
The board has also decided to create a data bank to collect details of the foreign investors. However, members of the UN and foreign ambassadors will not need any work permit.
According to the revised guidelines, foreign institutions should give priority to the citizens of Bangladesh during recruitment.
If the Bangladeshis are not found eligible, they can recruit foreigners.
Before hiring from abroad, foreign companies should advertise in newspapers and online job sites for the post for the citizens of Bangladesh, The Daily Star said on Thursday.
Dhaka has attracted foreign investment in readymade garment manufacture and other sectors in recent years.
Investors from India are also showing interest. India pledged USD 1 billion soft grant last year under which a number of projects are being undertaken.