BIDA Application for Waiver 8

Date: 15th February 2024 The Director Foreign Exchange Investment Department, Bangladesh Bank, Head Office Motijheel Commercial Area, Dhaka-1000. Through: Prime Bank Limited, (Gulshan Branch) Plot # 01, Block- CEN(H), Road # 109, Gulshan Avenue, Gulshan, Dhaka-1212. Subject: Application for Waiver of Condition no. 8 of BIDA Branch Office permission letter. Dear Sir, We are very pleased to introduce ourselves that SANYO ENGINEERING & CONSTRUCTION INC. is a Japan-based company set up a Branch office in Bangladesh by taking permission from your office (BIDA Permission Ref No: OPE-23Feb2023-00002) effect from 20.03.2023. With reference to the letter of Bangladesh Bank Letter No: FEID/ BR/729/2(B- 1444)/ 2024-268, I would like to inform you that, Sanyo Engineering & Construction Inc. (Branch Office) is working with TOA Corporation (BSEZ Electrical Support Service Maintenance and Land Development Project of BSEZ Under FDI promotion Project); Ship Aichi Medical Service Limited; Embassy of Japan Bangladesh TOWA Personal protective Device Bangladesh Ltd.; Bangladesh Honda Private Ltd. Shimizu Corporation; OSJI Joint Venture. It is mentionable that Sanyo Engineering & Construction Inc. (Branch Office) is earning profit locally and the necessary expenditure of the company in Bangladesh is settling with that profit. As per condition no. 8 of the permission letter, outward remittance of any kind from Bangladesh sources will not be allowed. But the headquarters of Sanyo Engineering & Construction Inc. (Branch Office) is willing to take the profit which is generated by the Branch Office. Besides Sanyo Engineering & Construction Inc. (Branch Office) needs to do L/C-related payments for importing capital machinery and raw material. Hence, we need the waiver of condition no. 8 of the 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, 🗸 _____________________ MITSUO KAWASAKI Country Manager SANYO ENGINEERING & CONSTRUCTION INC. (Bangladesh Branch Office) Attachment: 1. Forwarding letter; 2. Audit report Last Two Years; 3. Acknowledgment receipt of return of income; 4. Bank Statement; 5. Encashment certificate (all); 6. Agreement with vendor (Proving the source of income); 7. Office permission (All); 8. 18B intimation letter.