“Business isn’t just about ideas. It’s about where the money lands, and how you move it.”
When Incorporation Isn’t Enough
Well, incorporation alone is never enough!
Let’s say, as a foreigner, you’ve already crossed the big milestone—getting your business registered. Maybe you’ve figured out which company type best suits your plans. Maybe you’ve even skimmed through the legal requirements foreigners face in Bangladesh.
But there’s one more step between you and actual business activity: opening a business bank account in Bangladesh as a foreigner.
This part isn’t just about ticking boxes. It’s about forming a working link between your business and the country’s financial system. And if you get it wrong—or skip over a small detail—you could find your company fully legal on paper, but completely unable to operate.
Let’s not let that happen.
Can Foreigners Open a Business Bank Account in Bangladesh?
Yes, absolutely. But only if you’ve already legally formed a company in Bangladesh.
You’ll typically be opening a bank account under one of these setups:
- A Private Limited Company incorporated under the RJSC (Registrar of Joint Stock Companies)
- A Branch or Liaison Office which is approved by BIDA and Bangladesh Bank
This assumes you’ve already gone through the setup steps. If you haven’t yet completed your incorporation, check out the broader process of how to start a business in Bangladesh as a foreigner—because until that’s done, no bank account can be opened in your company’s name.
Choosing the Right Bank Account Type
The very first step of how to open a business bank account as a foreigner is choosing the right bank account type. In Bangladesh, most foreign-owned businesses work with one or more of the following account types:
Local Currency (Current) Account
- For day-to-day operations
- Used for payroll, vendor payments, utilities, etc.
Foreign Currency Account
- Required if you’re bringing in capital from abroad
- Useful for repatriation or receiving international payments
Depending on your company’s activities—especially if you’re in exports—your bank might recommend a specific structure.
Documents You’ll Need to Open a Business Bank Account in BD as a Foreigner
Every bank might have slight variations, but here’s what most of them will ask for:
Company Documents
- Certificate of Incorporation
- MOA & AOA (Memorandum of Association & Articles of Association)
- Form XII (List of Directors)
- Trade License from the City Corporation
- TIN Certificate (Tax Identification Number)
Quick Note: If you are a Branch or Liaison Office, include your BIDA approval letter and permission from the Bangladesh Bank.
Shareholder Information
- Foreign remittance proof (for foreign capital inflow)
- FIRC (Foreign Inward Remittance Certificate)
Personal Identification
- Valid passports of foreign directors
- NID/passport of local directors
- Board resolution approving account opening
- Authorized signatory details
Additional Formalities
- Company seal
- Registered office address confirmation
- In some cases, an introducer’s reference (an existing account holder with the same bank)
Banks like Standard Chartered, HSBC, Brac Bank, and EBL are often preferred by foreign entrepreneurs due to their strong international banking infrastructure and familiarity with compliance.
How Long Does It Take?
Once all the correct documents are submitted, it usually takes:
- 5–7 business days for a local currency account
- 10–15 business days for a foreign currency account (especially when remittances are involved)
Delays often happen due to missing or mismatched documents. A mismatch in director names or shareholding declarations can push you back to square one.
Can You Open a Bank Account Before Incorporation?
Only in very specific cases—mainly when you’re sending capital to start the company.
This is done through something called “account opening under encashment certificate.” It means opening a temporary account—officially a Non-resident Taka Account (NRTA)—just to receive that initial remittance. No prior approval from the Bangladesh Bank is needed.
But here’s the catch: it’s limited to selected banks, strictly for encashment, and typically done under legal supervision.
Once your company is registered with RJSC, you open the actual business account and transfer the funds from the NRTA.
Unless you’re working with a vetted legal team or a BIDA-recognized structure, the cleaner route is: incorporate first, open the account after. It’s safer. And a whole lot less messy.
A Quick Look at Repatriation Rules
Once your company starts earning—or you want to send profits back home—you’ll need to understand repatriation compliance.
- You must have cleared all taxes first
- Repatriation needs clearance from the Bangladesh Bank
- Profit remittance tax applies in most cases
This ties closely with your obligations covered in the Taxation Essentials for Foreign Entrepreneurs in Bangladesh, which lays out exactly what needs to be paid before funds can leave the country.
Where Most Foreigners Get Stuck with Banking in Bangladesh
- Using a Personal Account for Business
Many try operating with a personal bank account—not realizing it’s a clear compliance misstep.
- Forgetting the Capital Paper Trail
If your business is funded from overseas, banks need remittance proof. No documents, no account.
- Skipping Mandatory Approvals
Branch and liaison offices need approvals from BIDA and Bangladesh Bank—miss those, and you hit a wall.
- Mismatch in Company Records
Your RJSC-registered name must perfectly match what’s on your bank paperwork. One letter off? You’re reapplying.
- Picking the Wrong Bank
Not every bank understands how to handle foreign-owned companies in Bangladesh—ask questions before you commit.
- Missing Compliance Steps Later
Not reporting account activity or ownership updates can cause trouble—especially with ongoing business compliance rules in BD.
Final Thoughts: Legal on Paper Isn’t the Same as Ready to Operate
Bangladesh might let you set up shop, but it won’t let you do business until you’re plugged into its financial bloodstream.
Opening a business bank account isn’t just the “next step” after incorporation—it’s the moment your business becomes real. It’s when you stop preparing and start participating.
But only if you get it right.
So don’t treat this like a formality. Treat it like infrastructure. Choose the right bank. Bring the right documents. Get the approvals. Double-check the details.
Because here, it’s not the big mistakes that block your way—it’s the small oversights that quietly keep you stuck. Your business deserves better than being frozen on a form.
Let it move. Let it function. Let it breathe. Starting with the account that lets it do all three.
FAQ
Can a Foreigner Open a Bank Account in Bangladesh?
Yes, you can. And it’s more common than you could think, actually. Whether you’re here for business or just living abroad, foreigners are allowed to open both personal and business bank accounts in Bangladesh. For business accounts, you’ll need to have your company properly registered first. For personal ones, you’ll just need to show a valid ID and a local address. Simple, right?
Can I Open a Bank Account with a Passport in Bangladesh?
Absolutely! Your passport is one of the main documents banks ask for. But just a little heads-up—they’ll likely request a few more things, like your visa and proof of where you’re staying. Each bank may have a bit different rules, so it’s always best to check in with them before heading over.
How Can I Open a Business Bank Account in Bangladesh?
To open a business bank account in Bangladesh, you simply follow the steps below:
- Register Your Company: Ensure your business is registered with the RJSC (Registrar of Joint Stock Companies and Firms).
- Gather Necessary Paperwork: You’ll need a few important documents—like your Certificate of Incorporation, company details (MoA & AoA), TIN, and anything else the bank might want to see.
- Choose a Bank: Select a bank that truly fits your business goals and how you plan to grow.
- Submit Application: Visit the chosen bank with all required documents and complete the account opening process.
Consult with professionals or the bank directly to ensure all requirements are met.
Which Bank Is Best for a Business Account in Bangladesh?
The “best” bank really depends on what your business needs most—whether it’s global access, simple SME support, or reliable digital tools. That said, here are some banks that entrepreneurs often lean toward:
- Standard Chartered Bank: Great for businesses with international needs and global transactions.
- HSBC Bangladesh: Known for strong corporate banking services and smooth cross-border support.
- BRAC Bank: A go-to for small and medium businesses, with flexible, business-friendly services.
- Eastern Bank Limited (EBL): Appreciated for its responsive corporate banking and helpful customer support.
Quick Tip: Always compare account features, fees, digital access, and service quality to see which one really fits your business goals.
Which Bank Is International in Bangladesh?
Good news—several international banks operate right here in Bangladesh. Some of those are:
- Standard Chartered Bank: One of the oldest and most trusted international banks in Bangladesh.
- HSBC Bangladesh: Offers a wide range of services for both individuals and businesses.
- Citibank N.A.: Primarily serves corporate clients with global financial solutions.
All three have strong international roots and offer solid, reliable options if you’re looking for globally connected banking.
What Is a Non-resident Taka Account (NRTA)?
Think of a Non-resident Taka Account (NRTA) as your temporary financial landing pad in Bangladesh. It’s a special type of bank account that foreign investors can open even before their company is officially set up. This account lets you bring in capital from abroad and hold it safely while you go through the company registration process. Once your business is up and running, you can easily move those funds into your regular business account and get going.
