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