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A Step by Step Guide to Bank Account Opening in Bangladesh
Bangladesh’s banking system has undergone considerable change in recent years. The banking network and its operations have become more inclusive, more comprehensive and more effective. While the RBI is the supreme banking authority, issuing significant economic and financial policies, consumers are served by several private sectors and public-sector banks. It is a step-by-step guide to opening a Bank Account in Bangladesh.
In major cities, you will quickly find HSBC and Citibank branches and ATMs that accept international cards. But you will pay a specific amount to make withdrawals, except if your home branch has branches in Bangladesh.
Foreign visitors are permitted to open NON-Resident Ordinary accounts to fund their local expenses during their country stay. Only banks authorised in dealing with the foreign exchange may open the account.
In the form of current, savings, recurring or fixed deposit accounts, non-resident ordinary (NRO) accounts may be opened. It is important to note, however, that the interest rate applicable to these accounts and the guidelines for opening, operating and maintaining those accounts are in line with the directives issued by Reserve Bank of Bangladesh, also known as the Department of Banking Operations and Development (DBOD). Let’s begin this guide to Bank Account opening in Bangladesh.
Corporate Bank Account
All legitimate companies working in Bangladesh must open a corporate bank account, which also extends to sole proprietorships. Investors intending to establish a company in Bangladesh will have to provide the following details and documents:
- the certificate of incorporation
- the articles of association and memorandum;
- resolution of the company’s board of directors for opening a corporate bank account;
- the power attorney, stating the persons who can act in the name of the company for this procedure;
- a copy of the Permanent Account Number (PAN);
- information on the place of business;
- a copy of the telephone bills.
Other Documents Necessary for an BD Company Bank Account
The requirements for opening a corporate bank account may vary depending on the Bangladesh registered legal entity. In the case of a sole proprietorship, the founder of the company must provide a statement issued by the bank where his or her individual/savings current account is established. Those who wish to open a company in India as a limited liability partnership, the investors should provide a list of the representatives of the company. The latter owns more than 25% of the company’s shares, besides the documents mentioned above.
Am I Allowed to Start to Open a Bank Account as a Non-resident?
You are allowed but difficult. Non-resident accounts are only accessible to Non-Resident Bangladesh(NRIs), Persons of Bangladesh Origin (PIOs) and Overseas Citizens of Bangladesh(OCIs). If you are not included in these categories, you’ll be obliged to live in Bangladesh before you can open an account. You can begin with a ‘small’ account and build more in the future.
There Are Three Types of Bank Accounts You Can Open as an NRI, PIO or OCI
- a Non-Resident External Account (NRE)
- a Non-Resident Ordinary Account (NRO)
- a Foreign Currency Non-Resident Account (FCNR)
Non-Resident External Account (NRE)
It is a standard Bangladesh rupee bank account. Deposits and withdrawals from the account can be made freely, including international transfers. It makes it ideal if you are looking for a place to keep your money safe during a short stay, without losing access to it. Many accounts also come with an Bangladesh debit card that you can use to make payments for ATM withdrawals. And if your account acquires the interest, this will be free from Bangladesh tax.
Non-Resident Ordinary Account (NRO)
Unlike non-resident international deposits, this kind of account is often a typical Bangladeshi Taka bank account. There are also a variety of significant variations.An NRO is less versatile than an NRE and more suited for more extended stays. There are limits to how much money out of that account you can transfer back to your home country. Also, you’ll need an accountant to do your paperwork. More importantly, if you earn any type of income in Bangladesh, you’ll need to deposit it here. The Government of Bangladesh taxes anyinterest. An NRO can only be opened for up to six months.
Foreign Currency Non-Resident Account (FCNR)
This type of account can only be opened in a foreign currency, so if you are looking for an Bangladesh account to use during your stay, it is not particularly useful. Unlike a conventional bank account, an FCNR is a daily interest-bearing fixed deposit. It makes it more tailored to your everyday needs as savings, rather than as a working account. Your account must stay open for at least one year, but not more than five years.
04.Open a Current Account: Making a profit is probably one of the reasons why you are starting a company in Bangladesh. For you to receive payments from customers and pay your bills, you will need a ‘current’ bank account. It is more professional to give your clients a corporate bank account, as opposed to using a personal bank account. Furthermore, most Indian banks will flag savings accounts being used for commercial purposes, making a current bank account the only option for businesses of any size.
05.Register for GST: Since your business will likely engage in some form of commercial trade and exchange goods or services across state borders, it will be treated as a ‘taxable person’ by the tax authorities. The Goods and Services Tax (GST) registration is for businesses that fit this description and also includes a company with an annual turnover exceeding Rs. 20 lakh.
Bangladesh Company Incorporation Procedure
- Compared to other major economies, the process of company incorporation in Bangladesh is relatively streamlined.
- Apply for the Directors Identification Number (DIN). DIN is mandatory, does not expire and is limited to one per director. Foreign nationals can also apply for DIN, which will enable them to become directors of the company.
- We are getting the digital signature of the director(s).
- Start registration of the company name (must be unique).
- Prepare Minutes of Association, Articles of Association, and other documentation with the Ministry of Corporate Affairs.
- Get an SSI or Small Scale Industry registration where appropriate. This is provided by the Ministry of Micro, Small and Medium Enterprise.
- Get signatures of shareholders, directors, legal representative(s), and treasurer to complete the company registration documents and get the Certificate of Incorporation.
Get Started Today
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Workstation Maintenance Service
Eicra offers complete Computer and Networking Solutions including design, installation, administration, maintenance, repair, and troubleshooting. With more than 14 years experience at networking, commercial computer servicing, and other IT support platform, we can handle a wide spectrum of technology based services that can aid your office functionalities.
Workstation Maintenance Service
Eicra offers complete Computer and Networking Solutions including design, installation, administration, maintenance, repair, and troubleshooting. With more than 14 years experience at networking, commercial computer servicing, and other IT support platform, we can handle a wide spectrum of technology based services that can aid your office functionalities.
Workstation Maintenance Service
Eicra offers complete Computer and Networking Solutions including design, installation, administration, maintenance, repair, and troubleshooting. With more than 14 years experience at networking, commercial computer servicing, and other IT support platform, we can handle a wide spectrum of technology based services that can aid your office functionalities.
Workstation Maintenance Service
Eicra offers complete Computer and Networking Solutions including design, installation, administration, maintenance, repair, and troubleshooting. With more than 14 years experience at networking, commercial computer servicing, and other IT support platform, we can handle a wide spectrum of technology based services that can aid your office functionalities.
Workstation Maintenance Service
Eicra offers complete Computer and Networking Solutions including design, installation, administration, maintenance, repair, and troubleshooting. With more than 14 years experience at networking, commercial computer servicing, and other IT support platform, we can handle a wide spectrum of technology based services that can aid your office functionalities.
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