Explanation for waiver of condition no. 8 of BIDA Branch Office permission letter

Date: 13 September 2022 To XXXXXXXXXXXXX XXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXX Subject: Explanation for waiver of condition no. 8 of BIDA Branch Office permission letter Dear Sir, We are very pleased to introduce ourselves that TOA CORPORATION is a Japanese-based company that set up a Branch office in Bangladesh by taking permission from BIDA (Ref No: OPN-03Nov2019-00001) on 05 January 2020. I would like to inform you that, TOA CORPORATION is working in the Procurement of Land Development Works for Bangladesh Special Economic Zone Development under Foreign Direct Investment Promotion Project (FDIPP). TOA corporation earns profit locally and uses that profit to meet all operational and functional expenses, including the salaries of expatriates and local employees. After meeting the necessary expenditure there are surplus amounts left. Hence the headquarter of TOA CORPORATION is willing to take the profit which is generated by the Branch Office. It is mentionable that TOA CORPORATION generated revenue in the last financial year and the net profit after tax was BDT. 000000. And the amount was fully earned locally. As per condition no. 8 of the permission letter, outward remittance of any kind from Bangladesh sources will not be allowed. But the headquarter of TOA CORPORATION is willing to take the profit which is generated by the Branch Office. Hence, we need the waiver of condition no. 8 of BIDA Branch Office permission letter. Therefore, it is highly requested to send take the necessary action to provide the approval of waiver of condition 8 in pursuance to condition 9 of the permission letter. Sincerely yours, ______________________ Mitsuhiro Torii General Manager Bangladesh Office TOA CORPORATION