Foreign investors may only establish joint-stock companies with resident Bangladeshi nationals for Telecommunication Value Added Services (TVAS). Where a joint-stock company is established with a Bangladeshi entitiy, foreigners may only acquire 70% ownership of a company providing Telecommunication Value Added Services TVAS for them to hold a reigstration certificate to be able to perform such services. In certain cases, the Bangladesh Telecommunications Regulatory Commission (BTRC) may approve increases in foreign equity limitations if required. However, criteria for such approvals is unspecified.
"Article 9: ELIGIBILITY
(1) The Joint Venture entities having Foreign Shareholding (constitution and companies/partnerships farms registered under 'Joint Stock of Companies and Firms' under the law(s) of Bangladesh) are eligible to apply for Telecommunication Value Added Services (TVAS) Registration Certificate. However, Bangladeshi entity may have NRB and/or foreign entity as partner. A partnership/consortium of NRB and/or foreign entity without Bangladeshi partner(s) is not eligible. In case of consortium, the entity shall have to form a company under the law(s) of Bangladesh before issuing the certificate. 
(2) In case of foreign entity applying together with Bangladeshi partner, foreign equity is limited to maximum 70% (seventy percent). In case of any reputed foreign partner the Commission may increase the foreign equity if required. The foreign partner shall invest in foreign currency directly equal to his percentage of ownership and no bank loan from any Bangladeshi Scheduled Bank/Financial institution/Leasing company shall be raised for the foreign part of the investment. 
(3) In case of NRB applying together with Bangladeshi partner, there is no limitation on the quantity of foreign equity. NRB shall invest directly in foreign currency and no bank loan from any Bangladeshi Scheduled Bank/Financial Institution/Leasing company shall be raised for his part of the investment.
(4) According to the license conditions of CMPO they are eligible for providing TVVAS. After issuing this guideline they will also be entitled as "CMPO-TVASP" and are allowed to provide Telecommunication Value Added Services within their own network only, following all terms & conditions mentioned in this guideline.
(5) Bangladeshi entities (consortium, partnerships and companies registered under 'Joint Stock of Companies and Firms' under the laws(s) of Bangladesh) or Any Bangladeshi entity holding valid trade license are eligible to apply for TVASP Registration Certificate. However, Bangladeshi entity may have NRB and/or foreign entity as partner. A partnership/consortium of NRB and/or foreign entity without Bangladeshi partner(s) is not eligible. [...]" (Regulatory Guidelines for Issuance of Registration Certificate for Providing Telecommunication Value Added Services (TVAS) In Bangladesh, 31 May 2018)
Regulatory Guidelines for Issuance of Registration Certificate for Providing Telecommunication Value Added Services (TVAS) In Bangladesh, 31 May 2018
[<a href="http://btrc.portal.gov.bd/sites/default/files/files/btrc.portal.gov.bd/page/1c1ea1c0_f8ef_4cdf_9005_d8a34b9ca554/2022-11-02-06-57-68a10aca672e64da7ffc5b9f6fc01987.pdf">Guideline</a>]