The ministry of commerce has approved the extension of renewal period of existing licenses or registrations of the importers and exporters for the purpose of ease of doing business.
In a circular issued by the ministry on November 23, the validity of the existing Import Registration Certificate (IRC) and Export Registration Certificate (ERC) has been fixed up to 5 (five) years instead of 1 (one) year.
The circular also said that the concerned applicant can take IRC or ERC for any tenure from 1 to 5 years as per his requirement.
Moreover, the period will be calculated from the date of issue or renewal of IRC or ERC and the person or institution receiving IRC or ERC has to pay certificate issue renewal fee as per term, the circular stated.
According to the circular, the decision came after the meeting of the Ministry of Commerce held on September 28 of this year regarding “Extending the renewal period of existing licenses/registrations for the purpose of facilitating business”.
Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), expressed his gratitude to the Commerce Minister and Commerce Secretary for this timely and business-friendly decision.