Date: 20th October 2024
The Director
Foreign Exchange Investment Department (FEID)
Bangladesh Bank, Head office, Motijeel C/A, Dhaka-1000, Bangladesh.
Through: HSBC Bank Limited, Management Office, Level 4, Shanta Western Tower 186 Bir Uttam Mir Shawkat Ali Road Tejgaon Industrial Area, Dhaka 1208
Subject: Seeking approval for the Repatriation of Share Money Deposit (surplus amount of Share Capital Purchase Money).
Dear Sir,
This is Kotaro Takeuchi, Managing Director of NICCA BANGLADESH CO., LTD. (100% foreign-owned entity). I would like to inform you that, the company was incorporated in Bangladesh on 05th October 2023. We have taken land in the Bangladesh Special Economic Zone (BSEZ) and registered under BEZA.
In order to form the Private Limited Company “NICCA BANGLADESH CO., LTD.” (having total paid-up capital BDT. 540,000,000.00; BDT 10.00 per share) the shareholders namely NICCA CHEMICAL CO., LTD. (having 53,999,000 no. of shares) and HONG KONG NICCA CHEMICAL CO., LTD. (having 1,000 no. of shares) send remittance to purchase share capital USD 4,935,000.00 and USD 100.00 respectively. After converting the foreign currency into Bangladesh Taka, the amount stands for BDT 540,382,500.00 and BDT 10,950.00. Please find below details for your kind information:
SL
Non-resident Shareholders
Incorporation
Shares
Per shares
BDT Amount
1
NICCA CHEMICAL CO., LTD, JAPAN
05 October 2023
5,39,99,000
BDT 10.00
53,99,90,000
2
HONG KONG NICCA CHEMICAL LTD, HONG KONG
1,000
10,000
After the conversion, we have some surplus amount remaining for NICCA CHEMICAL CO., LTD. (BDT 392,500.00) and HONG KONG NICCA CHEMICAL CO., LTD. (BDT 950.00).
We know that as per the regulations of Bangladesh, the surplus amount needs to be remitted back or allotted as share capital after a certain period. There will be an imbalance in the shareholding position if we allot the surplus amount as share capital. To avoid the above issue we want to remit back surplus amount of Share Capital Purchase Money to Japan and Hong Kong.
In this circumstance, it is requested to allow us to repatriate the surplus amount of Share Capital Purchase Money which is currently kept as Share Money Deposit.
Sincerely,
🗸
_____________
Kotaro Takeuchi
Managing Director
NICCA BANGLADESH CO., LTD.