Registration Of A Foreign Company In Bangladesh For Beginners
A growing number of foreign companies have set up shop in Bangladesh, thanks to the country's free industrial policies.
Register A Foreign Company In Bangladesh
The Companies Act of 1994 governs the formation of corporations and their governance.
The Registrar of Joint Stock Companies and Firms (RJSC) is the Act's official authority, and it gives precise instructions on everything from name clearance through incorporation.
Focus Point:
Bangladesh's economy has consistently grown by over 6% over the last decade, making it an appealing destination for investment.
Bangladesh, unlike several other rising countries, enables corporations to be formed with 100% foreign ownership.
According to international practice, public limited companies and private limited companies can both be registered in Bangladesh.
Private limited companies are the most popular choice among international investors.
Bangladesh's Potential Business Sector
There are numerous lucrative enterprises available for investing capital and profiting from the relevant firm. The majority of Bangladesh's potential commercial sectors are now private businesses, where local and foreign entrepreneurs are investing their capital in trading, manufacturing, exporting, and importing.
The Steps Of The Registration Of A Private Limited Company In Bangladesh
The following are the processes to forming a Private Limited Company in Bangladesh:
Step 1: Get your name cleared
Before the firm may be incorporated in Bangladesh, the suggested name must be approved. A name clearance application must be sent to the RJSC, along with the completed application form and the proposed name.
Step 2: The Documentation
For the purpose of company establishment, the following documents must be created and compiled:
a) Articles of Association (AOA) and Memorandum of Association (MoA) (AOA)
b) The decision of a foreign promoter to establish a company in Bangladesh
c) Obtaining and completing the forms listed below:
Declaration of the Company's Registration;
Notification of the status of the registered office;
Acting permission from the director;
List of people who have agreed to serve as directors (at least two are required);
Directors, managers, and managing agents' contact information.
Step 3: Associated Bank Account Formalities
The promoters must create a temporary bank account in the prospective company's name with any scheduled bank, with the understanding that the account would be regularized after the business has been properly registered with the company house.
Step 4: Documents are submitted to the Registrar
Finally, an application must be sent to the RJSC, along with all of the above-mentioned documents, as well as the government costs. After reviewing all paperwork, the RJSC registers the business and issues a certificate of incorporation.
Step 5: Compliance Following Registration
Private Limited Companies are required to receive the following documents following the registration process:
a) Investment Registration Board
b) A trade license from the local government.
c) National Board of Revenue(NBR), Tax Identification Number (TIN)
d) NBR Vat Registration Certificate
e) Bangladesh Fire Service and Civil Defense Authority Fire Certificate (for industrial ventures)
f) Foreign national investor visas, work permits, and employee visas.
To Sum Up
Bangladesh is currently one of Asia's most promising economic tigers, with rich commercial opportunities all over the world. As a result, eager foreign investors are flocking to Bangladesh to engage in a variety of commercial sectors.
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