Expanding your business operations to Bangladesh can be a strategic move to tap into the South Asian market. To establish this, foreign companies need to go through a registration process. This guide provides a complete overview of the foreign company registration process in Bangladesh

Step 1: Eligibility and Compliance Check

Before the registration process, make sure that your company meets the eligibility criteria set by the Bangladesh government. For example- the nature of the business, legal structure, and compliance with local law, etc. 

Step 2: Business Structure

These companies can operate through different structures, including a liaison office, branch office, or a wholly-owned subsidiary. Each of these structures has different requirements and implications, so choose the one that goes with your business goal.

Step 3: Name Reservation

Before opening a new business, you need to select a unique and approved business name. Applicants must submit the company name the Registrar of Joint Stock Companies and Firms (RJSC) for approval. Ensure that your chosen name has not been taken by other local companies.

Step 4: Prepare Documents

Prepare the necessary documents, including:

  1. Financial statements and proof
  2. TIN Certificate
  3. Trade License
  4. Value Added Tax (VAT)
  5. Company Name Clearance Certificate

and many more.

Step 5: Obtain Necessary Approvals

Certain business activities require specific approvals from government agencies. Such as telecommunications or energy need clearance from the respective authorities.

Step 6: Registration with RJSC

For Foreign companies, applicants must submit the required documents to the Register of Joint Stock Companies and Firms (RJSC). Requirements of documents are forms, paying the requisite fees, and obtaining a Certificate of Incorporation. This will serve as legal proof for the company’s existence in Bangladesh. 

Step 7: Tax Registration

All companies are required to get a Tax Identification Number (TIN) from the National Board of Revenue (NBR). This is crucial for fulfilling tax obligations and conducting financial transactions in Bangladesh. 

Step 8: Open Bank Account

Establish a business bank account in a local bank authorized by Bangladesh Bank. These bank accounts are important for conducting financial transactions, paying taxes, and managing day-to-day operations. 

Step 9: Labor Laws

Ensure compliance with local labor laws, including obtaining work permits for foreign employee benefits.

Step 10: Trade License

A trade License is required in Bangladesh for trading business like exports or imports. Getting a business licence is important from City Corporation. 

Step 11: VAT Registration

VAT is governed by the National Board of Revenue (NBR) in Bangladesh. The VAT Act of Bangladesh requires businesses to register for VAT if their taxable sales go over the prescribed threshold. VAT applies to the supply of goods and services in Bangladesh.

conclusion:

In conclusion:  the foreign company registration process in Bangladesh requires careful planning and legal requirements.Getting help from local experts can speed up the process and make sure that entering the Bangladeshi market goes smoothly.

If you need assistance obtaining foreign company registration licenses, the Jural Acuity team will be pleased to help. We can be contacted @+880170710800 or info@juralacuity.com 

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