Incorporating a business entity in Bangladesh involves several steps. Here’s a general guide to help you get started:
Types of Business Entities:
- Private Limited Company: This is the most common and preferred type of business entity in Bangladesh.
- Public Limited Company: Suitable for larger businesses intending to raise capital from the public.
- Branch Office or Subsidiary: For foreign companies looking to operate in Bangladesh.
Steps to Incorporate:
- Name Reservation: Choose a unique name for your company and get it approved by the Registrar of Joint Stock Companies and Firms (RJSC).
- Memorandum and Articles of Association: Draft these documents outlining the company’s objectives, rules, and regulations.
- Registration: File the necessary documents (Memorandum and Articles of Association, forms, etc.) with the RJSC along with the registration fee.
- Tax Identification Number (TIN): Register for a TIN with the National Board of Revenue (NBR).
- Trade License: Obtain a trade license from the local City Corporation or Municipality where your business will operate.
- Bank Account: Open a bank account in the company’s name.
- Social Security Registration: Register with the Department of Labor for employee social security.
- Value Added Tax (VAT) Registration: If applicable, register for VAT with the local VAT authority.
- Environmental Clearance: Depending on the nature of your business, you might need environmental clearances from the Department of Environment.
Documents Required:
- Memorandum and Articles of Association
- Form of Incorporation
- Resolution of the board of directors
- ID and address proof of shareholders and directors
- Proof of company’s registered office address
- TIN certificate
Consider Hiring a Lawyer or Consultant:
Given the intricacies of legal procedures and documentation, it might be beneficial to engage a lawyer or consultant familiar with Bangladeshi business laws to assist you through the process.
Timeline and Costs:
The timeline and costs can vary depending on various factors, including the type of entity, any legal assistance needed, and government processing times.
Compliance and Ongoing Requirements:
After incorporation, ensure compliance with annual filing requirements, tax filings, and other regulatory obligations stipulated by the relevant authorities.
Always confirm the latest requirements and procedures with official government sources or seek professional legal advice before proceeding, as regulations might change.