What’s There to Know About Company Incorporate in Bangladesh? Get the Details Here!
Bangladesh is a country in Asia, situated to the east of India. It is a developing nation and its economy ranks 43rd in GDP globally. In fact, Bangladesh is one of the fastest-growing economies in the world. Foreign investors looking to company incorporate in Bangladesh are making a good choice, as there is a huge scope for development and profit in this country.
Bangladesh is one of the largest exporters of textiles in the world. EU countries, the United States, India, China, Singapore, Malaysia, and Japan have strong trade relations with Bangladesh. With such huge trade partners and the country’s own strategic position, Bangladesh is on the way to becoming an economic superpower soon.
How to Company Incorporate in Bangladesh?
The most popular type of company in Bangladesh is a Private Limited Liability Company or simply a Private Limited Company. In this type of company, the shareholders are liable only for the amount of share capital they have contributed towards the company.
Before you proceed with Company Incorporate in Bangladesh, you need to note the following points:
You should select a name for your company and the Registrar of Joint Stock Companies and Firms (RJSC) should approve it. The name should be unique and should not resemble the names of any other companies, especially the public sector.
Your company should have at least 2 and not more than 50 shareholders. A director can be a shareholder too. Corporate shareholders are also allowed. They can be of any nationality.
Bangladeshi law requires that your company should have at least 2 directors. These directors can be of any nationality. Directors should be at least 18 years old. They should not have any legal or financial complications. They can be of any nationality.
There is no minimum or maximum authorized capital limit in Bangladesh. You have to mention your authorized capital in the Memorandum of Association and Articles of Association.
The minimum amount of paid-up capital in Bangladesh is 1 Taka.
You must provide a local physical address for legal correspondence to take place. This local address will be considered as your registered office address.
Memorandum and Articles of Association
You must draft a Memorandum of Association (MoA) and Articles of Association (AoA) before proceeding with the incorporation.
If you are a foreign investor, you should open a bank account in the name of your company and deposit the paid-up capital.
List of Documents You Require for Company Incorporate in Bangladesh
You need these documents if you are thinking of doing business in Bangladesh:
- Company name with clearance
- Memorandum and Articles of Association
- Details of shareholders
- Registered Address of the company
- Form IX and Subscriber page duly signed
- If directors and shareholders are of other nationalities, they need to submit a copy of their passports.
Once you incorporate your company, you will get a Certificate of Incorporation from RJSC. You will also be issued Form XII, which contains the list of directors of the company, and certified copies of MoA and AoA. After that, you need to apply for a Trade License and Tax Identification Number.
You must hold an Annual General Meeting every year and submit details to the RJSC.
In case, you wish to Company Incorporate in Bangladesh, you can do so remotely as well. However, you need to be physically present in the country to open a bank account. Appointing a competent legal firm to handle your activities could be very beneficial.
We help you through the process in case you wish to Company Incorporate in Bangladesh. For more information and guidance to Company Incorporate in Bangladesh, contact 3E Accounting Indonesia. We will help you with all aspects of incorporation.