Bangladesh Info
Joined: 15 Jan 2007
Posts: 17
Home Country: bangladesh
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 Posted: Mon Jan 15, 2007 5:55 pm Post subject: DOING BUSINESS IN BANGLADESH |
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DOING BUSINESS IN BANGLADESH
STARTING A BUSINESS
STANDARDIZED COMPANY
Legal Form: Private Limited Liability Company
Minimum Capital Requirement: 0
City: Dhaka
Registration Requirements:
Procedure 1. Verify with the Registrar of Joint Stock Companies and Firms the uniqueness of the proposed company name
Time to complete: 5 days
Cost to complete: BDT 305
Comment: An application in plain paper along with the Resolution approved by the promoters/sponsors of the proposed company regarding proposed names of the company to be formed, authorized share capital of the proposed company and the names of the proposed chairman/director(s)/shareholders who have agreed to subscribe shares of the proposed company is to be submitted by any person authorised by the promoters/sponsors of the proposed company to the Registrar of the Joint Stock Companies for verification and availability of the proposed name for new registration. The search for the company name was computerized in 2003. The Registrar publishes on a daily basis reserved and/or rejected names of companies. Application forms can be downloaded from the Registrar's website (http://roc.gov.bd), which also provides fee schedules and model forms for memorandum and articles of association.
Procedure 2.Two lawyers verify the Memorandum and Articles of Association
Time to complete: 1 day
Cost to complete: USD 100 (may vary)
Procedure 3. Buy Adhesive Stamp from Treasury for Memorandum and Articles of Association.
Time to complete: 1 day
Cost to complete: BDT 5000
Comment: Special adhesive stamp of Tk. 500/- (five hundred) for Memorandum of Association and Tk. 4,500 for Articles of Association will have to be affixed while submission for incorporation/ registration. Special adhesive stamps are available from the Treasury production of receipt of payment to the Bangladesh Bank. The company can buy non judicial stamps from the General Post Office (GPO) or alternatively from the stamp vendors in the court premises.
Procedure 4. File documents with the Registrar of Joint Stock Companies and Firms for registration
Time to complete: 14 days
Cost to complete: BDT 4800
Comment: For domestic companies the registration fees depend on the capital of the company: up to 1 crore (10 million takas): 5800 takas ; Next 1 crore - 1500 takas. If the company is registered as a foreign company, government registration fees amount toTk. 795.
Govt. Registration: Fees of Tk 795 (registry provided this figure- is it true?)1095 (dependent on the authorized capital of the company) is paid in the Registrar along with the following documents: (1) Name Clearance Certificate; (ii) 3 copies of Memorandum of Association; (iii) 3 copies of Articles of Association (iv) Form Nos. I, VI, IX, X and XII; (v) Encashment Certificate (if subscribers are non-residents); (vi) Tax Identification No. (of resident subscribers
Procedure 5. Make a company seal.
Time to complete: 1 day
Cost to complete: USD 1
Procedure 6. Register with the tax authority
Time to complete: 9 days
Cost to complete: BDT 2000 (incidental charges)
Comment: Every company in order to commence business must registrar itself with the concerned taxation authority (Deputy Commission of Taxes of Company Circle, Zonal Taxation Department) under the National Board of Revenue (NBR) and procure a TIN No. (Tax Information No.) for the new company.
Procedure 7*. Register for VAT
Time to complete: 7 days (simultaneous with procedure 6)
Cost to complete: no charge
Comment: Separate registration for the purpose Value Added Tax may be obtained from the Customs, Excise and VAT Commission under NBR. The various Value Added Taxes (VAT) incurred while operating will be regulated by the zonal "Customs, Excise and VAT Commission".
Procedure 8. Obtain a trade license.
Time to complete: 6 days
Cost to complete: BDT 5,000 (2,000 governement fee)
Comment: The Trade License is obtained from the City Corporation. The application for a trade license would have to be accompanied with the following documents: a certified copy of the Articles and Memorandum of Association of the Company, a copy of the certificate of incorporation, statement of bank solvency of the company, TIN Certificate of the company, a copy of the house rent agreement of the office of the company, three copies of photograph of person in charge of the main functions of the company with his particulars.
Note: Procedures sometimes take place simultaneously. Instances of this are marked with an asterisk (*). |
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