How to open a branch in Bangladesh?There are some legal processes to establish a company. But before starting a company it is important to know which type of company you should establish. There are different flexibility, opportunities and constraints for each of them. If you are new to invest in a different industry or completely new to invest in Bangladesh, you need a professional consultancy service organization. There are a bunch of consultancy service oriented organizations. Payroll Bangladesh provides consultancy in HR management, Company Incorporation, Tax Management etc in a more efficient way. We provide a wide range of services to our customers.
Set up company Address
The money invested in Business must come from legal sources. The address of your company business must be physical. It allows you to connect with local players.
You also need a corporate bank account and deposit your paid-up capital. Foreigners don’t need any visa to establish a business in Bangladesh. They just need passports. They can establish a company here without visiting it
If they want to attend company events, a business visa is enough. They need a work permit if they want to stay in Bangladesh. All directors can be foreigners.
What kind of Office Registration you need?
There are two types of company in Bangladesh.
One is Private Limited Company.
The other is Public Limited Company.
Private Limited Company: In Private Limited Company the income tax is high. The maximum number of directors is 2. The maximum number of shareholders is 50. You won’t have to issue shares on the local stock market. You won’t have to publish your annual reports.
Public Limited Company: In Bangladesh income tax of Public Limited Company is lower than private limited company as it is enlisted in security and stock market. Your maximum number of directors is 3 and the maximum number of shareholders is limited by share number.
So, Payroll Bangladesh will help you to identify which kind of company you need to open and what are the provided services for that.
How you can open a company?Steps for Opening a Company:
The unique name of the company must be cleared first. You need to be sure whether it is booked or not. You can go to the RJSC website and search there.
Name choose: The unique name of the company must be cleared first. You need to be sure whether it is booked or not. You can go to the RJSC website and search there.
Account Creation: Create an account in RJSC. It offers a lot of flexibility. Payroll Bangladesh helps you to create an account.
Create the Article of Association and Memorandum of Association. These must be accepted by the law. You can’t use false information here and can’t do anything that violates the law.
Name Clearance: Apply for name clearance using the account of RJSC. You need to sign in to your account to do that.
Creation of AoA, MoA: Create the Article of Association and Memorandum of Association. These must be accepted by the law. You can’t use false information here and can’t do anything that violates the law.
Opening of Bank account: Open a bank account for your business with a sum of money determined by the government. This step is only applicable for foreign investors. But you should have a corporate bank account even though there are no foreign investors.
Document Submission: Submit all of the necessary documents. After that you will get a bank payment slip. Company Name, Memorandum of Association and Articles of Association, Shareholders’ National ID, Directors National ID, Directors Tax Identification Numbers, Registered Address, Signed Form , Subscriber Page, Passport ( For Foreigner Directors)
Payment of Registration Fees: Pay registration fees along with stamp duty. This stage is the last stage before submitting the papers. You will not be able to submit the papers if you don’t pay the fees and stamp duty.
Final Approval: If RJSC is satisfied with the documents, they will provide you digitally signed AoA, MoA, Certificate of Incorporation and Form XII through the email you created the account.
Post-Registration Activities After registration you need to apply for Trade License, Tax Identification Number (TIN), VAT Registration Certificate. Payroll Bangladesh can help you with tax & vat management.
Whether you target the local market or the export market, Bangladesh is a great place to invest in. Its historic friendly connection with its neighbour, strategic geographic position and growing buying capacity of the local population is among the key reasons to invest here.