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| BRAC EPL STOCK BROKERAGE(NRB) |
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Who are NRB? A Bangladeshi citizen living abroad with valid status Either as foreign country’s permanent resident or with valid work permits. In case of a foreign passport holder an endorsement either from the relevant Bangladeshi embassy or from Bangladesh foreign ministry stating that “No visa is required” for traveling to Bangladesh – as a proof of dual citizenship What are the benefits for Investing as NRB? 1. 10% of all issued IPO are reserved for NRB – may be increased very soon for at least very large issues How to start? 1. Open a BO Account and a Trading Account as an NRB with any brokerage house 2. Assign a Nominee/Power of Attorney (POA) – optional 3. A nominee for inheritance/transmission, in case something happens to investor, is required to be assigned. Remember that this nominee and the POA may or may not be the same person. 4. Start What are required to open BO Account? 1. Photocopy of Passport / Social Security Card / Resident Card etc duly attested (if you are situated in a foreign country then attestation needs to be done the respective Bangladesh Embassy or High Commission) 2. An FC account with any Bank with branch in Bangladesh 3. Passport size photographs duly attested 4. A Nominee – beneficiary in case of death of the investor. His/her signature and photo (duly attested by the investor) on the prescribed form provided by the brokerage house 5. Employment certificate / trade license copy / work permit or Pay slip / tax return document as a proof of earning status of the NRB 6. A nominated person with POA (Power of Attorney) who will sign trading documents on behalf of the NRB while he is abroad. His/her photo (attested by the NRB) and signature in a prescribed form by the brokerage house (POA can be any adult person of legal age residing in Bangladesh) 7. If the broker is a bank then an extra form of KYC (Know your customer will also have to be filled) 8. Initial fund will have to be a cheque or pay order or other allowed form drawn from the FC account What is a NITA Account? 1. Non-resident Investment Taka Account (NITA) is an account for channeling foreign currency in as well as repatriation of earnings from investment 2. All earnings from investments (e.g. Cash Dividends) are credited to the NITA account 3. An audited statement, certifying that all proper taxes are already withheld from the earnings 4. Upon issuance of the auditors certificate the earnings can be repatriated to the NRB in foreign currency 5. If an investors intention is not to repatriate any foreign currency then NITA account is not mandatory From where should an NRB open his accounts? Home or Abroad! Home 1. Its easiest if the NRB is in Bangladesh to open the BO account for investment. All he/she have to do is to visit BRAC EPL Stock Brokerage and fill some forms and get the Nominee and the POA to sign 2. From then the NRB can go back abroad and continue applying for IPO’s or continue trading in the secondary market Abroad 1. Collect the relevant forms from BRAC EPL Stock Brokerage via mail. Fill it up and get the introducer part attested by the local Bangladeshi Embassy as a proof of the NRB status by providing to them the required documents 2. Get your photos attested by the local Bangladesh Embassy as well 3. Send the forms back to BRAC EPL Stock Brokerage with the Nominee and POA part filled in. Send the POA to BRAC EPL Stock Brokerage. What are the Tax rates for NRB? 1. There are no Capital Gains Tax 2. Individual Income Tax assessment is similar to any other Resident Bangladeshi. Please go to http://www.nbr-bd.org/incometax.html for details of rates. NRB can submit tax return to local Bangladesh Embassy 3. Individual Income tax will not be more than 15% 4. 10% at source is deducted by issuer in case of cash dividend Foreign The firm offers brokerage services to international institutions. Currently we are managing about 85 percept of foreign portfolio investment in Bangladesh. The firm has obtained the broker/dealer license from the SEC and will aim to increase the exposure of Bangladesh in the international fund management circles. For more information please write at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it This e-mail address is being protected from spam bots, you need JavaScript enabled to view it |