Step by Step Bangladesh Company Registration Process
With a population of over one billion and still growing, Bangladesh is offering a large, built-in and dynamic potential market for companies to explore. If you are interested in doing business in this sector, you need to develop the legal existence of your company in Bangladesh by registering your firm with the relevant Bangladesh authorities and submitting the required forms. This article provides a Guide on Bangladesh Company Registration Process.
How to Register a Company in BD?
The Bangladesh company registration procedure and other regulatory filings are paperless today; documents are submitted online via the MCA website and proceeded at the Central Registration Center (CRC).
The registration process for the company is entirely online in Bangladesh. The Registrar of Companies issues a digitally signed Certificate of Incorporation (COI) once all the company registration formalities have been completed. On the MCA website itself, all stakeholders may check e-certificates provided by the ministry.
Incorporating a company in Bangladesh is a systematic procedure of gathering and submission of details required as per the requirements of Companies Act 2013 and as per the process defined by the Ministry of Corporate Affairs. Company registration process management requires a thorough knowledge of the legal requirements and, not to mention, practical experience of the same.
Online Bangladesh Company Registration Requirements
- Directors – Minimum two individuals out of which one must be a person resident in India. All directors must have KYC documents.
- Shareholders – Minimum 2 shareholders. It is possible to have people and entities as shareholders.
- Digital Signature – Since all documents are submitted online, it is required to have all directors and shareholders valid digital signature.
- Registered Office Address – Every company needs a registered office. The co-founders shall produce KYC documents at the time registration and after that for filing with the registrar.
Here is how to tackle the Bangladesh Company Registration Process.
01. Apply online with the Ministry of Corporate Affairs for the DIN (Director Identification Number). You’ll need to apply for a DIN before you can register your company. The unique number is issued by the Ministry of Corporate Affairs and recognizes the company’s actual or expected director in Bangladesh.
- The forms DIR-3 and DSC, which you can find online at the Ministry of Corporate Affairs’s website, will allow you to apply for the DIN online. For both documents, you’ll need data including your passport, proof of address, educational qualifications and current job details. It would help if you also had a passport-sized photograph.
02. Register online for a DSC (Digital Signature Certificate). DSCs are the digital counterpart to solid or paper credentials that may be used to confirm your identification, access information or resources on the Web or digitally sign any documents.
- You can register for your DSC online at the Ministry of Corporate Affairs’s website.
- The Ministry of Corporate Affairs mandates that all business have a DSC because companies will file all applications online.
- You need the same identification documents to obtain a DSC that you do for the DIN, including passport and proof of address.
03. Complete e-Form 1A. This form governs the naming of your company.
- You should list a minimum of four possible names and a maximum of six in order of preference.
04. File eForm 1A online to apply for the company name. The RoC will approve the company name based on availability and suitability.
- The RoC usually takes two days to approve one of your name choices.
- You will have to pay a fee of 500 rupees when filing this form.
- After the RoC approves your company name, you have six months to file online for the registration of your company.
05. Draft the Memorandum of Association (MoA) and Articles of Association (AoA). Either you or your legal counsel can create these documents which have information on the company’s business goals and daily operations.
- The Memorandum of Association contains the company’s business objectives.
- The Articles of Association contain details on the company’s daily operations, including its management.
- Each document must be signed by at least two members of the company in their handwriting. It is also required that one witness be available for the signatures.
Advantages of Company Registration
01. Business Credibility
A limited company is the most accepted business in India as its structure is popular to the public.
02. Limited Liability
Like any other incorporated business, a limited company is a limited liability business. The owner’s liability is limited to the length of shares held in the company and ends once he pays for the shares.
03. Protection of Personal Assets
Since the liability of owners is limited, their assets are protected against business risk as the company’s liability is not the owner’s liability.
04. Perpetual Existence
Assets and liabilities of a company belong to itself and do not belong to the shareholders. Hence, the business will continue to be in existence even if the owner changes.
FAQ For Incorporation Services
How can a Company name be registered in Bangladesh?
How can I set up a new business in Bangladesh? Is it too challenging?
- Business incorporation
The company must first be incorporated as a Limited Liability Partnership, a Private Limited Company, or a partnership firm.
You must comply with all standard business registration requirements, such as acquiring a certificate of incorporation or partnership registration, a PAN, and other necessary documentation.
2. Sign up at Startup Bangladesh
A startup registration is then required for the business.. The whole process is straightforward and online. All you have to do is visit the Startup Bangladesh website, log in, and complete the form by providing information about your company and uploading necessary files.
How can I apply in Bangladesh for the company name?
Choosing a suitable name
Choose at least one appropriate name that represents the company’s primary goals and up to six names that do so, in that order.
Utilize the services of checking name availability on the site to make sure the name does not sound similar to the name of any other firm that has already been registered and does not also contravene the prohibitions of emblems and names (Prevention of Improper Use Act, 1950).
Application to the ROC in question:
Apply to the concerned RoC by entering into the site to check the name’s availability in eForm1 A. Along with the submission of the form, a cost of Rs. 500 must be paid, and the applicant who is proposing the firm must attach their digital signature. The user must submit a new name application on the same application if the proposed name is not available.
What paperwork is needed to register a company?
- shareholders and directors Documents
- Photocopy of a PAN Card in passport size (mandatory)
- The Address Is (Any one of the below)
- Driving License
- Aadhar Card
- and Voter ID
- Residential Evidence (Any one of the below)
- Account Statement
- Mobile Bill
- Phone Bill
- and Electricity Bill
- Registered Office Address Documents of Verification
- Documents for Office Property Ownership and Rental
- Address Verification of Registered Office Location
You are prepared to roll up your sleeves and prepare for incorporation after you have these paperwork.