If you’re looking to invest in Bangladesh, obtaining a PI (Private Investor) Visa is a crucial step. This guide will walk you through everything you need to know about the PI Visa, from its requirements and eligibility criteria to the benefits it offers. We’ll also address the documentation process and how long it typically takes to get your visa approved.

What is a PI Visa in Bangladesh?

A PI (Private Investor) Visa in Bangladesh is specifically designed for foreign investors who are planning to invest in an industrial or commercial establishment. This visa caters to investors in the private sector, whether they are investing under 100% foreign ownership or in a joint venture. The goal of the PI Visa is to facilitate business activities for those contributing to Bangladesh’s economic growth.

Who is Eligible for a PI Visa?

The eligibility for obtaining a PI Visa in Bangladesh includes:
– Foreign investors looking to establish a business in the non-governmental or joint venture sector.
– Businesses that are set up with fully foreign investment or as a joint venture, subject to the minimum required investment in Bangladesh.
– Entrepreneurs seeking to invest in industrial or commercial establishments that contribute to the local economy.

Requirements for Obtaining a PI Visa

To qualify for a PI Visa, applicants must meet the following requirements:

• Duly filled in online application form (available at www.visa.gov.bd) signed by the applicant.
• Letter of Recommendation from one of the following:
• Bangladesh Investment Development Authority (BIDA)
• Bangladesh Export Processing Zone Authority (BEPZA)
• Bangladesh Economic Zones Authority (BEZA)
• Bangladesh High-Tech Park Authority
• Relevant ministry or Public-Private Partnership Authority Bangladesh (PPPAB)
• A detailed business plan including:
  • Proposed business activities
  • Amount of investment
  • Local employment generation plans
  • Information about local establishments
• Visa application form duly filled in and signed.
• Payment of the applicable visa fee.
• Two recent passport-sized photographs with a white background.
• Valid passport with a minimum of six months remaining before expiration.
•  Photocopy of the passport for documentation.
• Duration of the PI Visa
• The PI Visa is initially granted for 1 year.
• It is renewable for up to five years, depending on the business’s progress and other regulatory conditions.

Time Required for Obtaining a PI Visa

The processing time for obtaining a PI Visa can vary depending on the applicant’s compliance with the required documents and the verification procedures. Typically, the process can take anywhere from a few weeks to a couple of months.

Can a Visa on Arrival (VoA) be Converted to a PI Visa?

Yes, a Visa on Arrival (VoA) can be converted into a PI Visa. Foreign investors who initially enter Bangladesh on a VoA can transition to a PI Visa once they fulfill the requirements and submit the necessary documentation.

Benefits of the PI Visa

Obtaining a PI Visa offers several advantages for foreign investors:

• Long-term stay in Bangladesh for business purposes.
• Easier facilitation for setting up and operating a business.
• Ability to hire and manage local employees.
• Enhanced credibility when dealing with local partners and government agencies.
• Access to a rapidly growing market with diverse business opportunities.

Final Thoughts

The PI Visa is a gateway for foreign investors looking to make a significant impact in Bangladesh’s business landscape. By understanding the eligibility criteria, required documentation, and benefits, you can streamline the process of establishing your investment venture in the country. For expert guidance on legal and business matters, feel free to reach out to our law firm.