Guide to Setup Bangladesh Business
Human Resource Immigration
Bangladesh Industry Digital Plan
Corporate Compliance Requirement
Finances and Grants
We Are Leader Of BIDA Compliance Advisory Service
The Bangladesh Investment Development Authority (BIDA) has requested policy interventions and regulatory BIDA Compliance suspensions for local and foreign businesses in the country to assist them in resuming operations during the corona-related emergency.
“As we are conscious, the COVID-19 pandemic has had far-reaching world economic consequences that no one could have predicted. Forecasts for global growth have fallen to almost nothing. “The recovery of these targets demands concentrated and unified efforts, for which the government has announced fiscal stimulus packages and other measures as an initial step,” the letter to the finance minister adds. Moreover, BIDA compliance needs to be there to establish any sort of business.
One-Stop BIDA Compliance Service For Investors & Businesses
In various countries around the world, regulatory, compliance, and value-added services are all delivered through a single (physical or virtual) window. To strengthen investment facilitation services in Bangladesh, the government of Bangladesh passed the “One Stop Service Act 2017.” Bangladesh Investment Development Authority (BIDA) and other investment promotion agencies such as Bangladesh Economic Zones Authority (BEZA), Bangladesh Export Processing Zones Authority (BEPZA), and Bangladesh Hi-Tech Park Authority have been given the authority to implement One Stop Services (One Stop Shop) OSS for investors under the act (BHTPA). The One-Stop Services under BIDA compliance will eventually serve as a single-window and the only point of contact between the government and investors seeking investment-related services outside of the BEZA, BEPZA, and BHTPA special economic zones.
Successful & Efficient BIDA Compliance Registration Process
1. Starting A Business:
Bangladesh reduced the cost of forming a business by lowering name clearance and registration fees and eliminating the requirement for verifying digital certificates. Both Dhaka and Chittagong are affected by this reform.
2. Getting Electricity:
By investing in digitization and human resources at the utility, Bangladesh has made getting electricity faster. Bangladesh also reduced the value of the security deposit for a new connection, making electricity more affordable. Dhaka is included in this reform.
3. Obtaining Credit:
Bangladesh enhanced access to credit information by expanding the credit information bureau’s scope.
Bangladesh’s government has taken a number of positive steps to speed up DB reforms, including developing Action Plans, forming Taskforces, coordinating reform initiatives among relevant government agencies, providing reform support to line agencies, holding dialogues with private sector stakeholders, and tracking reform progress.
Make A Wise Investment With Our Strategic BIDA Compliance Service
In comparison to other South Asian economies, Bangladesh has an unrivaled investment climate. The following are eight crucial points to remember:
- Bangladesh is a fairly homogeneous society with few internal or foreign conflicts and a populace that has shown remarkable endurance in the face of hardship (e.g. natural calamities).
- Bangladesh is a liberal democratic country. For thousands of years, the people of this country, regardless of race or religion, have lived in peace and tranquility.
- The most investor-friendly regulatory system in South Asia and broad bipartisan political support for market-oriented reforms.
- Trainable, passionate, diligent, and low-cost worker force ideal for any labor-intensive sector (even by area standards).
- The country’s geographic location is suitable for international trade, having easy access to international sea and air routes.
- Bangladesh has a plentiful amount of natural gas and water, as well as fertile land.
- Despite the fact that Bengali (Bangla) is the official language, English is widely spoken. The bulk of the educated people is fluent in English and can read, write, and speak it.
- Domestic consumption is currently insignificant due to low per capita GDP. However, it should always be remembered that the middle class accounts for more than 10% of the population. As the economy grows, so will the purchasing power of the average person.
Almost all developed nations allow Bangladeshi items to enter duty-free and quota-free. This access to the global market is aided even more by Bangladesh’s policy regime for foreign direct investment, which is by far the best in South Asia. Most Bangladeshi goods are duty-free and quota-free in the EU, Canada, Australia, and Norway. Bangladeshi products have already found cheaper duty markets in Thailand, India, and Pakistan, albeit on a small scale. In this regard, however, discussions are underway with China, Russia, Malaysia, and other surrounding countries.
BIDA Compliance Permission Coordinated In Bangladesh
1. If all relevant documentation is produced, a trade license from the respective municipal corporations and local government organizations is issued within 48 hours. This service is guaranteed by the Bangladesh Investment Development Authority’s local government division.
2. Within 48 hours, company registration from the Joint Stock Register’s office is completed.
3. If all relevant documents are submitted, Bangladesh Investment Development Authority registration can be completed in one day.
4. After receiving the application from BIDA compliance, where a representative of the power development board authority works, the results of the electricity connection are supplied within 10 days.
5. Land acquisition assistance is backed up by BIDA compliance.
6. Environmental certificates are issued by BIDA compliance, where relevant officers from the Environment Department operate, within ten days.
7. The outcome of a gas connection is supplied within 10 days from the date of application, according to a representative of Titas Gas Authority from Bangladesh Investment Development Authority.
8. If all relevant documentation is given, a foreign loan borrowing application will be processed within 30 days.
9. After receiving an application from the entrepreneur, the respective National Board of Revenue officer obtains tax-related complications from BIDA, and the result is provided within 10 days.
10. BIDA also offers online services.
FAQ For BIDA Compliance Services
How are the BIDA compliance services offered by NetworkBD any different from others?
Our services are available for local and international investments in any location that is not under the authority of other investment authorities (BEZA, BEPZA, PPPA, BHTPA, BSCIC). We also advocates for national investment development policy.
How much does your BIDA Compliance service cost?
We offer a flat rate on our staff outsourcing services for client comfort. However, the prices can be altered if required. Therefore, contact us for a detailed discussion.
In which locations do you operate?
We offer our services both locally and internationally. However, you can use our services from any country in the world as we are certified to operate internationally.
Are there any investment restrictions for foreign investment in Bangladesh?
Limited circumstances, such as freight/ cargo forwarding agents, airline/ railway/ general or pre-shipment service cargo agents, shipping agents, courier services agents, buying home and indenting agents, advertising agents, and for profit/commercial education institutions, require local ownership.