Simplifying Your Business Journey
Your Trusted Partner for Seamless Business Setup
At Frontiers Consulting (BD) Ltd. (FCBL), we specialize in assisting foreign and local entrepreneurs to successfully set up and establish businesses in Bangladesh. Whether you’re starting a new venture, expanding an existing business, or seeking to enter the Bangladeshi market, our team of experts provides comprehensive guidance and support to ensure that your business setup complies with all legal, financial, and regulatory requirements.
Steps for Setting Up a Business in Bangladesh
The first step in setting up a business in Bangladesh is to decide the type of business structure. The most common business structures are:
- Private Limited Company: A popular structure for most businesses, offering limited liability to shareholders and separate legal identity.
- Public Limited Company: Suitable for larger businesses looking to raise capital from the public through shares.
- Sole Proprietorship: A business owned and operated by a single individual, with full control and responsibility.
- Partnership: A business owned by two or more individuals who share profits, losses, and responsibilities.
- Branch Office: For foreign companies looking to establish a presence in Bangladesh.
- Liaison Office/Representative Office: A non-commercial office that can be established by foreign companies to represent their business interests.
- Joint Venture: A business partnership between a foreign entity and a local entity in Bangladesh.
At FCBL, we assist in choosing the most suitable business structure based on your goals, operations, and long-term vision.
begins with the Registrar of Joint Stock Companies and Firms (RJSC), which is the official body for registering businesses in Bangladesh.
- Business Name Reservation: You need to choose a unique name for your business and reserve it with RJSC.
- Company Registration: Submit necessary documents, such as a memorandum of association (MOA), articles of association (AOA), and details of directors and shareholders, along with the prescribed registration fees.
- Tax Identification Number (TIN): Businesses must obtain a TIN from the National Board of Revenue (NBR) for tax purposes.
Establishing, you may need to obtain specific licenses, permits, or approvals from relevant regulatory authorities in Bangladesh. For example:
- Trade License: Issued by the local city corporation or municipal authority.
- Import-Export License: Required if you plan to engage in international trade.
- VAT Registration: If your business turnover exceeds the threshold set by NBR, VAT registration is required.
- Special Industry Licenses: For certain industries such as food, pharmaceuticals, and manufacturing, special licenses from regulatory bodies like the Bangladesh Food Safety Authority (BFSA) or Bangladesh Export Processing Zones Authority (BEPZA) may be required.
with a local or international bank. The account will be used for all financial transactions related to the business, such as capital injection, sales revenue, employee salaries, and vendor payments.
- Required documents for opening a corporate account include the business registration certificate, TIN, and proof of business address.
- Foreign investors may also need to comply with additional regulations for foreign currency transactions.
In Bangladesh, every business is required to have a registered office. This can be the business’s operating location, or you may choose to use a virtual office if needed. The registered office address is a crucial part of the company’s official documentation and correspondence.
For local businesses, hiring employees is a critical step in the setup process. You will need to ensure that you comply with Bangladesh’s labor laws, which cover areas such as employee rights, wage rates, benefits, and working conditions.
- Employee Provident Fund: It is mandatory to set up a provident fund for employees.
- Tax Deductions and Payroll: You must comply with payroll taxes, including income tax and social security contributions, and maintain proper records for employee salaries.
All businesses in Bangladesh must be registered with the National Board of Revenue (NBR) and obtain a Taxpayer Identification Number (TIN). This number is essential for tax filings, VAT registration, and other tax-related activities.
- Income Tax: Companies must file income tax returns annually, adhering to the Income Tax Ordinance.
- VAT Registration: If your business involves the supply of goods and services, you will need to register for VAT with NBR.
business, compliance with additional regulatory requirements may be necessary. For example:
- Environmental Compliance: If your business is involved in industrial activities, you may need to obtain environmental clearance from the Department of Environment.
- Foreign Exchange Regulations: Foreign investors may need to comply with Bangladesh Bank regulations regarding the repatriation of profits, capital transfers, and other foreign exchange matters.
obtained, you can start business operations. This includes preparing financial reports, conducting bookkeeping, managing payroll, and filing tax returns with NBR as required.
Why Choose FCBL for Your Local Business Setup in Bangladesh?
- Our team of experienced consultants provides expert advice on all aspects of business setup in Bangladesh, ensuring that your company complies with local regulations and avoids costly mistakes.
- We assist with every step of the business setup process, from choosing the right business structure to registering with the relevant authorities, obtaining licenses, and ensuring full compliance.
- We understand that every business is unique. Whether you are a local entrepreneur or a foreign investor, we provide personalized solutions based on your specific industry, size, and business goals.
- Setting up a business in Bangladesh can be time-consuming, but with our help, we streamline the process, handling paperwork and regulatory compliance on your behalf.
- Our team stays up-to-date with the latest tax laws, labor laws, and industry regulations in Bangladesh to ensure that your business stays compliant at all times.
- After your business is established, we offer ongoing support in areas like bookkeeping, tax filing, financial reporting, and regulatory compliance, ensuring your business remains in good standing.
Effortless Business Setup, Expertly Guided
Setting up a business in Bangladesh can be a rewarding venture, but it requires careful planning and knowledge of the local regulatory environment. At Frontiers Consulting (BD) Ltd. (FCBL), we provide end-to-end assistance to ensure a smooth and compliant business setup. Our team of experts will guide you through every stage of the process, from registration to ongoing compliance, allowing you to focus on growing your business.
Frontiers Consulting empowers businesses with expert solutions for local and international growth. From tax and compliance to bookkeeping and global expansion, we simplify your journey to success with tailored support and trusted expertise.
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