Plan is there to issue business licences in 7 days: finance minister

The government plans to issue business licences and regulatory approvals within seven days, Finance Minister Amir Khosru Mahmud Chowdhury said today, describing the initiative as a cornerstone of the administration's deregulation agenda.

The existing approval process requires businesses to obtain clearances from multiple agencies, resulting in delays, uncertainty and additional costs, he said at a conference.

The event, titled "Roadmap for Trade, Growth and Economic Diplomacy," was jointly organised by the Ministry of Foreign Affairs and the Bangladesh Investment Development Authority at the Pan Pacific Sonargaon in Dhaka.

Under the proposed system, all applications will be routed through a central focal point, which will coordinate with the relevant authorities on behalf of applicants.

Once an application is submitted, the concerned authorities will have seven days to raise objections, request additional information or flag compliance concerns.

"If no response is received within that period, approval will be deemed granted automatically and the licence issued," Khosru said.

A task force will oversee implementation of the initiative and monitor agencies' compliance with the new deadline.

The government will also launch a website where businesses and citizens can report delays or regulatory failures. Complaints will be handled directly by the task force.

The finance minister said deregulation extends beyond the financial sector and is part of a broader effort to create a more business-friendly environment. Simplifying regulations and ensuring their effective implementation are equally important for attracting investment and supporting economic growth, he added.

Khosru also highlighted the budget's focus on developing a "creative economy" to bring more people into the formal sector.

The initiative will support artisans, designers, performers, cottage industry entrepreneurs and other creative professionals through financing, skills development, branding support and access to digital marketplaces. The government views the sector as a potential source of employment, export earnings and soft power, he said.