Explained: The Company Registration Method in Bangladesh in 2021
Strategically located in South Asia, Bangladesh is a country with a huge, reasonably priced work force. Due to the Bangladeshi government implementing a variety of business-friendly rules, particularly for international corporations, Bangladesh has grown into a well-known worldwide outsourcing and production powerhouse.
Now that you’ve learned some of the reasons why you should incorporate your business in Bangladesh, you need to know how to do it. In this post, we’ve covered the steps involved in company registration method in Bangladesh.
Why Ought My Business to Be Registered in Bangladesh?
For the following reasons, Bangladesh is a prime location for your business to launch:
- In most industries, the government permits foreign business owners to fully control their companies.
- A minimum amount of capital is not necessary to conduct business in Bangladesh.
- The government has released a number of business-friendly regulations, such as those to safeguard intellectual property (IP), stop money laundering, and more.
- Bangladesh’s government has offered firms a variety of advantages, such as tax holidays, tax exemptions, and more, in an effort to entice foreign investment.
- In 2020, Bangladesh has a 74.70 percent literacy rate, and that number is still rising.
- As a result, there is a skilled labor force available.
Bangladesh has also signed the Asia Pacific Trade Agreement (APTA), the Group of Eight Developing Countries’ Preferential Tariff Agreement, and formed strong partnerships with numerous organizations, including the World Trade Organizations.
According to a World Bank report, Bangladesh keeps making it easier to conduct business by lowering registration fees, expanding the nation’s basic utilities, and other measures.
How Can a Business Be Registered in Bangladesh?
1. You must comprehend the procedures your organization must follow in order to finish business registration in Bangladesh.
2. You must comprehend these procedures if you want the process to go well and without problems.
How to register a corporation in Bangladesh: Steps to follow
Step 1: Planning and strategy-building in
Step 2: Fulfilling all prerequisites for pre-registration
Step 3: Establishing a business bank account
Step 4: registering your company
Step 5: Applying for business licenses is.
Step 6: Filing a Tax Return
Step 7: Maintaining compliance with legal requirements
Step 1: Creating a plan and a strategy
- You must first choose a legal entity that is appropriate for you before you can start the registration process for a Bangladeshi business incorporation.
- Before selecting a suitable business organization for you, BpoBD will first gain an understanding of your business operations, business needs, and long-term ambitions.
Step 2: completing all prerequisites for pre-registration
- BpoBD will check the availability of your preferred business name and file an application for name approval to the Registrar of Joint Stock Companies and Firms (RJSC).
- Our team of experts will draft the Memorandum of Association (MoA), the Power of Attorney, and any other documents necessary for the establishment of the business.
Step 3: Establishing a business bank account
- All international business owners and investors are required to create a corporate bank account in Bangladesh under the intended company name.
- In order to assist you in opening a corporate bank account for your company, BpoBDwill make use of our current banking network.
- We’ve already collaborated with a number of banks, including HSBC, Sonali Bank, and Standard Chartered Bank.
- The banking paperwork, the banking token, and the access codes will be collected and delivered by BpoBD to your specified address after your business bank account has been opened.
- To obtain the Encashment Certificate, which is required throughout the firm incorporation process, you will need to deposit a specific amount as paid-up capital.
- The minimum deposit required to hire foreign workers is US
Step 4: Registering your business
- By submitting the application form (form xii), the pertinent papers, and the necessary registration fees, which are based on the paid-up capital of your firm, BpoBD will move on with setting up the business on your behalf with the Registrar of Joint Stock Companies and Firms (RJSC).
- In order to open a branch office or a representative office, enterprises must get the Bangladesh Investment Development Authority’s (BIDA) approval; our staff at BpoBD will help you do so.
- Following the completion of registration, we will obtain the Certificate of Incorporation, Articles of Association, Memorandum of Association, and any other necessary documents and courier them to the address you specify.
Step 5: Applying for Business Licenses
- Depending on your type of company activity, you may need to obtain specific business licenses in order to conduct business in Bangladesh.
- BpoBD will tell you of the permits you need to begin operating your business and help you obtain them.
Step 6: Registering for Tax
- To get a Tax Identification Number, you must register your firm with the National Board of Revenue for taxes (TIN).
- In order to conduct business, you must also possess a Value Added Tax (VAT) Registration Certificate.
BpoBD will help you acquire the same.
How We Can Assist You with Bangladesh’s Company Registration Process
Your company’s incorporation in Bangladesh will be simple if you have BpoBD on your side. Our full range of services includes the following:
- Together with our clients, we plan and strategize to choose an appropriate company entity.
- so that our clients can concentrate their time and efforts on their operations, we register the business.
- ensuring that businesses adhere to government regulations in order to avoid future issues
CTA: Our committed and knowledgeable team will respond to your inquiry about the company registration method in Bangladesh within the next 24 hours.