Non-Resident Investor’s Taka Account (NITA)

Bangladesh Bank has a guideline to open Non-Resident Investor’s Taka Account (NITA) which is designed for non-resident individuals/institutions including non-resident Bangladeshi nationals. Under this guideline, MBL has plan to provide NITA account facility to boost up the Bangladesh Capital Market as well as economy by bringing foreign remittance from abroad through normal banking channel or by transfer of funds from the non-resident investor's foreign currency account, if any, in Bangladesh.


Objectives:

  • To invest in the Bangladeshi Stock Market as well as IPOs (Initial Public Offerings) from anywhere around the world.
  • To trade in Bangladesh Stock Market from anywhere around the globe.
  • To hold the investors’ funds and shares/stocks in safe custody.
  • To facilitate buy and sell of securities/stocks/shares through brokerage houses.
  • To Facilitate easy repatriation of the investors’ funds i.e. capital or principal investment, dividend and capital gains to the clients’ overseas bank accounts based on their instructions.

 

Eligibility:

  • All Bangladeshi nationals i.e. Bangladeshi passport holders who are residing/working abroad
  • Foreign passport holders with Bangladeshi origin
  • Foreign individuals
  • Foreign institutions

 

Main Features:

  • Non-resident portfolio investors can only open a Non-resident Investors Taka Account (NITA) with any authorized dealer (AD) branches of MBL in Bangladesh.
  • Securities can be purchased only through a member/registered broker of the stock exchange. However, public issues not yet listed in a stock exchange can be bought directly from the issuing company.
  • For the purpose of trading securities, investors need to open a security account/trading account with through a member/registered broker of the stock exchange.
  • Funds from NITA can be used to purchase shares and securities listed in a stock exchange.
  • Balance of the account is also freely transferable to the Foreign Currency Account of the same person as well as remittable abroad in equivalent foreign exchange.
  • Non-Interest bearing account.

 

Document Required:

 

For Individual Account

  • 2 Copies Passport Size Photograph of Applicant
  • Valid Passport Photocopy
  • 1 Copies of Passport Size Photograph of Nominee (Attested by Applicant at the back of the photo)
  • Passport Photocopy of the Nominee
  • Complete NITA Opening Form

For Non Individual Account

  • 1 Copies Passport Size Photograph of each Director
  • 2 Copies Passport Size Photograph of Signatories
  • Valid Passport Photocopy of Directors
  • Valid Passport Photocopy of Authorized Signatories
  • Information Related to Individual Form of Signatories
  • Complete NITA Opening Form
  • Copy of Minutes of Board Resolution Concerning opening & operation of NITA duly certified by Chairman/Company Secretary
  • Copy of Certificate of Incorporation attested by Bangladesh High Commission
  • Copy of Memorandum & Article of Association attested by Bangladesh High Commission
  • Certified copy of up-to-date list of directors from relevant registration authority in country of origin attested by Bangladesh High Commission.
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