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Why Should You Incorporate Company in Bangladesh?
Bangladesh economy contributes around 35% of the country’s GDP. Incorporate Company in Bangladesh and win various opportunities in the Asian market.
Bangladesh is becoming one of the most empowering markets in the world. There is rapid economic growth since doors are open for the foreign investment and decline of competitive labor cost. When you incorporate company in Bangladesh, you have a change of immense growth especially in the following fields:
- Agriculture
- Garments
- Health Care
- Energy construction
- Infrastructure management.
However, there are restrictions and prior permission to be sanctioned by the government for services such as a hospital, pharmaceutical, education.
Choose 3E Accounting to Help You Set Up Your Company
The process to incorporate company in Bangladesh is, however, a partially computerized only. If you want to do it right without any hassle choose 3E Accounting for the smooth process. We will be glad to assist you with the company registration in Bangladesh.
How to Set Up a Company in Bangladesh
According to the Companies Act 1994, any foreign or local person aged above 18 years can incorporate company in Bangladesh. Usually, Bangladeshi companies are incorporated as Private Limited Liability Companies (Commonly known as Private Limited Companies) only. As a separate legal entity, the shareholders of the Bangladeshi private limited company are not liable to the company debts despite the amount they have invested as the share capital.
The primary advantage of incorporating company at Bangladesh is that there is no minimum capital required. For instance, even $1 is considered as the capital. The Registrar of Joint Stock Companies and Firms (RJSC) from the company house of Bangladesh is responsible for any form of legal entity.
This is an online process where the application has to pass the name clearance, and you will receive the certificate. With the name clearance, you need to pay a nominal amount as a deposit as prescribed by the RJSC website. This certificate is valid only for 180 days within which you need to initiate the process for incorporation.
Submission of the entire document required when we began the registration with RSJC. A registration fee must be paid as a standard government fee, and this is determined as per the capital invested. On successful completion, you may receive the company incorporation certificate through the website.
Some addition registration formalities required post obtaining the certificate from RSJC which include
- Trade License
- Tax Identification Number (TIN)
- VAT Registration Certificate
- Fire Certificate
- Environmental Clearance Certificate (if necessary)
You must open a bank account proposed in the name of the company and pay the remittance deposit of $50,000 especially when you are hiring employees from the foreign countries.
Document Required for Company Incorporation in Bangladesh
- Memorandum and Articles of Association of the company;
- Promoters ‘resolution to open a Company in Bangladesh;
- Obtaining and executing the following forms for registering the company with RJSC:
- Filled in Form I: Declaration on registration of Company;
- Filled in Form VI: Notice of situation of registered office;
- Filled in Form IX: Consent of director to act;
- Filled in Form X: List of persons consenting to be directors;
- Filled in Form XII: Particulars of the directors, manager and managing agents.
Get in touch with 3E Accounting compliance team to incorporate company in Bangladesh and get started right away!
