How To Open Up a Business in Bangladesh

How To Open Up a Business in Bangladesh

First Step.

Dreamwork Limited

Online verification of the uniqueness of the proposed Company Name with the Registrar of Joint Stock Companies and Firms. The proposed name needs to be sent on line and name clearance certificate is provided via email by the Deputy Registrar, RJSC. A print out of the name clearance certificate is to be submitted to the RJSC along with the other documents and forms required for the incorporation of the company.

Time Duration. 1 Day.

Estimated Costs. BDT 100.

Second Step.

Pay Adhesive Stamp fees at a designated bank.

Until recently, special adhesive stamps of value was affixed to the memorandum of association (MoA) regardless of the Company’s Authorized Capital. Applicants do not need any more to buy physical special adhesive stamps. Payment can be made to the designated bank accounts of the Treasury.

Time Duration. 1 Day.

Estimated Cost. BDT 2000.

Third Step.

File documents with the Registrar of Joint Stock Companies and Firms for registration.

For filing the memorandum and articles of association (MoA and AoA), the Company pays fees based on the Company’s Authorized Capital. The fees are paid at the designated banks.

The following documents to be submitted to the Registrar,RJSC:

a. Name Clearance Certificate.

b. Memorandum of Association (MoA).

c. Articles of Association (AoA).

d. Forms I, VI, IX, X, and XII that you get in web.

e. Proof of Payment (Receipt from the designated bank) for Treasury Stamps.

f. Tax Identification Number (TIN) - Personal.

Time Duration. 1 day.

Estimated Associated Cost. BDT 3000 registration fees + 1200 registration filing fees.

Fourth Step.

Make a Company Seal.

Time Duration. 1 day.

Estimated Cost. BDT 200.

Fifth Step.

Register with the tax authority.

To commence business, every company must register itself with the appropriate taxation authority (Deputy Commission of Taxes of Company Circle, Zonal Taxation Department) under the National Board of Revenue (NBR) and procure a tax identification number for the New Company.

Time Duration. 9 days.

Sixth Step.

Register for VAT.

For VAT purposes, Companies may be registered separately with the Customs, Excise, and VAT Commission under the NBR. The various VATs incurred while operating the business will be regulated by the area NBR Customs, VAT and Excise Department.

Time Duration. 5 days, simultaneously with fifth step.

Seventh Step.

Obtain a Trade License.

Companies may obtain a Trade License from the City Corporation. Following documents will be required for the the Trade License:

a. A certified copy of the Company’s MoA and AoA..

b. A copy of the certificate of incorporation.

c. Company’s statement of bank solvency.

d. Company’s TIN Certificate.

e. A copy of the rent agreement for the Company’s Office.

f. Three copies of photographs and particulars of the person in charge of the main corporate functions.

Time Duration. 6 days.

Approx Cost. BDT 5000.

Note:

1. Anyone interested to open up a Company may get assistance from me free of cost. You are requested to contact me through mail. Address - huda4459@yahoo.com.

2. Prepared by Major (R) Md. Lutful Huda, presently Chairman of TIDAC and Dreamwork Limited, Chief Editor of 'Crime and Judgement' Magazine.