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Setting Up Business in Bangladesh। Business in Bangladesh As Investor।
বুধবার, ১৭ অগাস্ট ২০২২, ০৯:৩২ অপরাহ্ন

Setting Up Business in Bangladesh। How to Start a Business in Bangladesh As A Foreign Investor

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Setting Up a Business in Bangladesh, Business in Bangladesh As A Foreign Investo
Setting Up a Business in Bangladesh। Business in Bangladesh As A Foreign Investor

Do you want to start a business in Bangladesh? do you want to setting up a company/business in Bangladesh as a foreign investor? we have shared in this article all things you need to know to start up a business in Bangladesh.

How to Open a Blocked Account in Bangladesh?

Before incorporating a company, an investor must open a Blocked Account in the name of the proposed company with any scheduled bank to remit capital from outside the country. The opening of this account does not require prior approval of the Bangladesh Bank, which is the central bank of Bangladesh.

The Blocked Account will be regularized once the company is registered with the Registrar of Joint Stock Companies and Firms (RJSC&F). Once the registration is completed, the bank will collect all necessary papers.

If the proposed company is declined registration by the RJSC&F, the account will be closed after the entire balance is transferred through a pay order issued in favor of the account’s nominee. Such accounts are not required for commercial offices (branch, representative/ liaison) as they can open a regular bank account and receive initial suspense payment from their head office.

HRM Bangladesh Provides One Stop Service to set up business in Bangladesh

We Provide the Following Services:

  • Name clearance
  • Company registration
  • BIDA Registration (New)
  • Outward Remittance Approval
  • Corporate Taxpayer Identification Number (TIN)
  • Permission for branch/liaison/representative office (establishment, extension, cancellation & amendment)
  • Visa recommendation for categories PI, E2, E3 (new, amendment)
  • Work permit (new, extension, cancellation & amendment)

Name clearance for Company Registration in Bangladesh

Name clearance (NC) from the Registrar of Joint Stock Companies and Firms (RJSC&F) is a pre-requisite for registration of a new entity. The procedure does not apply to foreign companies and partnership firms, who can directly register with the RJSC&F.

  • Click on the search option to check if a name is available.
    • The RJSC&F will send an instant notification on whether or not the name is available.
    • Submit name clearance form if the name is available.
    • Submit the required fee online.
    • The clearance is valid for 180 days from the date of issue.

Company registration in Bangladesh

A company must be registered with the RJSC&F to commence business as per the Companies Act 1994. The OSS system will use information provided in the previous forms to automatically fill-up the majority of the fields. The registration fee will be calculated automatically. Complete the payment process and submit the application.

Documents required:

  • Form IX
    • Memorandum of Association
    • Articles of Association
    • Joint Venture agreement
    • Others documents if required

Corporate TIN Certificate Registration in Bangladesh

After receiving approval for company registration, the applicant can apply for a Taxpayer Identification Number or TIN from the National Board of Revenue (NBR).

No fee is required.

Commercial office Registration in Bangladesh

Following are the documents required for filing an online application on BIDA’s OSS for requesting permissions related to the establishment and operation of branch, liaison or representative offices in Bangladesh.

Permission for a new branch/liaison/representative office:

An application for establishing a new branch/liaison/representative office is subject to approval by an inter-ministerial committee. Along with an online application, an applicant must submit the original copies of all documents to BIDA’s Director of Registration & Incentives-Commercial.

If the office changes address, BIDA must be notified before the change is carried out. If an approved branch/liaison office wants to set up more offices, separate applications will have to be filed with BIDA.

Documents required:

The documents below must be certified by the Bangladesh Embassy/High Commission/mission/ apex business chamber/local business chambers.

  • Audited Accounts of last financial year of the principal company.
  • Company’s board of director’s resolution regarding opening of office in Bangladesh (copies must be duly attested by authorised person).
  • Proposed organogram of the office showing the posts to be occupied by both expatriates and local personnel.
  • Details of activities of the principal company and details of the activities to be performed through the proposed branch office in Bangladesh.
  • Name and nationality of the directors/promoters of the principal company.
  • Memorandum and Articles of Association of the principal company.
  • Certificate of Incorporation.

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