Foreign and local investors may soon say goodbye to years of red tape as the government moves to supercharge its BanglaBiz portal with a Tk661.50 crore project designed to deliver hassle-free, fast-track approvals from a single-entry point.

Under the plan, the government will integrate all major investment agencies, including Bangladesh Investment Development Authority (Bida), Bangladesh Economic Zones Authority (Beza), Bangladesh Export Processing Zones Authority (Bepza), Bangladesh Small and Cottage Industries Corporation (BSCIC), and Bangladesh Hi-Tech Park Authority, into a unified platform.

Awaiting final approval from the Prime Minister's Office, the initiative aims to bring all investor-related services under a single digital umbrella by 2030, streamlining everything from initial business registration to final clearances.

Nahian Rahman Rochi, executive member and head of business development at Bida, said the second phase will bring a wider range of facilities for investors and integrate a significantly larger number of government services into the BanglaBiz platform.

He told that the BanglaBiz project has already been included in the Annual Development Programme Green Page. The Development Project Proposal has been submitted and is currently awaiting approval from the Prime Minister's Office.

Designed to evolve continuously

The finance minister in his budget speech said, "BanglaBiz has been launched as a single digital platform for uninterrupted business approval services, aimed at providing investors with faster, predictable, coordinated and transparent government services."

Bida officials said a project scrutiny committee held a meeting last month to finalise the proposal titled "BanglaBiz Portal: Single Entry Point for Investment Services". An inter-ministerial committee is currently assessing the technical and financial feasibility.

According to Bida officials, the plan is to integrate the most critical and frequently used investment and business services into BanglaBiz over the next nine to 12 months.

The remaining services will be added in phases, depending on the digital readiness of relevant government agencies and progress in inter-agency service integration, they said.

The government aims to digitise all investment-related services through the portal by 2030.

Full implementation by 2030

The project's original master plan set 2030 as the target for the full implementation. However, the platform is designed to evolve continuously, with new services and features to be added in line with user demand, business needs and technological advancements.

According to Bida officials, Phase 1 of BanglaBiz was launched in February this year with the introduction of the Business Starter Pack, which allows entrepreneurs to access the essential services needed to start a business through a single-entry application process.

The second phase will expand the platform with Single Sign-On functionality, more comprehensive Know Your Approvals service, and integration of a wider range of government services and approvals.

With technical support from the Bangladesh University of Engineering and Technology (Buet), the project will also ensure the platform's sustainability, strengthen its backend and cloud infrastructure, and establish provisions for future upgrades and scalability.

Registrations, approvals 3 days

Officials said the goal is to enable businesses to complete all required initial registrations and approvals within three working days, allowing them to begin operations much sooner.

Jibon Krishna Saha Roy, director general at Bida, said all investment-related services in Bangladesh will be available through BanglaBiz By 2030.

"We call it the Bangladesh Investment Portal. We have already started the first phase. Once the transition is complete, there will no longer be separate portals – only BanglaBiz," he said.

Unique Business ID

Officials said that as part of its long-term roadmap, the government also plans to introduce a Unique Business ID (UBID) for every enterprise. The identifier will enable authorities to track a business throughout its lifecycle – from establishment and operation to expansion.

Officials believe the UBID would significantly reduce the need for businesses to repeatedly submit the same information and documents to different government offices.

The recently enacted Invest Bangladesh Act also incorporates the concept of a Single Landing Platform, providing the legal and regulatory foundation to establish BanglaBiz as a permanent component of the country's investment and business service infrastructure.

'Full implementation needed for success'

Business leaders have welcomed the initiative, saying it could remove one of the biggest obstacles to investment in Bangladesh. They said investors currently wait two to three years to obtain all the licences and approvals needed to start a business. 

If applications can be submitted through a single platform and approvals issued online within a much shorter timeframe, it would reduce frustration, curb corruption and bureaucratic harassment, and encourage both local and foreign investment.

Mahmud Hasan Khan Babu, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told The Business Standard that the initiative to launch BanglaBiz is a positive step towards ensuring hassle-free and timely services for investors.

"If implemented effectively, BanglaBiz will make investing much easier," he said. "However, previous initiatives aimed at improving the investment climate ultimately failed to deliver their intended benefits because they were not fully implemented. The government must ensure BanglaBiz does not face similar obstacles," he added.