In Bangladesh, each company must select its financial year-end (FYE). The end of an accounting period is known as the FYE. The financial year-end of a corporation does not have to be on December 31 it can be on any day of the year. Bangladesh’s fiscal year runs from July 1 to June 30 of the following year.

In Bangladesh, the Institute of Chartered Secretaries of Bangladesh (ICSB) is the sole institution that awards such CS degrees. ICSB has only recently commenced operations in Bangladesh, compared to ICAB and ICMAB. This profession, on the other hand, is fast expanding in such a short period of time. In business companies, the demand for these CS workers is rapidly increasing. The Institute of Chartered Secretaries of Bangladesh (ICSB) was established in 2010 by Parliament’s passage of the Chartered Secretaries Act, 2010 (Act no. 25 of 2010). The Companies Act and other relevant legislation and regulatory agencies are gradually incorporating professionals in Bangladesh.

The purpose of the corporate disclosure regulations is to offer creditors, customers, and general members of the public a way to identify the appropriate entity to whom they can seek redress if they believe the firm has harmed them or caused them harm. Certain provisions of the Companies Act, 1963–2006, and certain regulations1 enacted in response to EU Directives are the laws that impose these restrictions on businesses.

The rules for ongoing compliance and reporting may differ depending on the country. Policymakers and the Bangladesh Central Bank are concerned about the rise in financial crimes. Money laundering based on trade has become one of the most important issues to address. In this regard, the country’s reporting requirements and perspective are not comparable to those of large industrialized countries such as the United States, the European Union, or Canada. Relying on formal payment arrangements and a strict reporting and monitoring mechanism are especially important in Bangladesh. In this regard, trade facilitation banks will need to put in more effort and money.

The main factors for tackling systemic risks and ensuring effective regulatory reporting and compliance requirements are better data harmonization and standardization, as well as greater cooperation among key parties. Supervisors and industry need a formal venue to discuss the importance of regulatory reporting, the necessary procedures, and the requirement for increased compliance. Bangladesh Association of Banks (BAB) and Association of Bankers Bangladesh (ABB) may play a part in this, in addition to bank management.

1. A Branch and Liaison office’s activities shall be restricted to the territories and time periods mentioned in the BIDA approval letter. If the company wants to keep its office open for longer than the permitted period, it must submit a renewal/extension application in the specified form together with all relevant evidence at least 2 (two) months before the current term expires.

2. Work permits should be sought from the BIDA if the permitted company wants to employ any foreign nationals at their office.

3. An amount of foreign exchange equivalent and 6(six) months operational expenses of the Office must be brought in as inward remittance in Bangladesh within 02(two) months of the date of issuance of the BIDA permission letter. According to the instructions contained in the Guidelines for Foreign Exchange Transactions, the Office will be required to open an account with any scheduled bank in Bangladesh for the purpose of receiving remittances.

4. Under Circular No 01/2009 revised Circular No 03/2009 of 30th July 2009, quarterly returns of income and expenditures from remittances received from overseas must be reported to the BIDA, relevant bank, National Board of Revenue, and Bangladesh Bank with documentary evidence.

5. Any changes to the current address must be reported to the BIDA for action and approval before the change can be implemented.

6. The authorized Office will be required to seek clearances/licenses from the relevant government agencies as and when required, in accordance with the country’s existing legislation.

7. Expatriates working in Bangladesh’s industrial industry, private sector businesses, educational institutions, branch and liaison offices, and other organizations are required to produce an income tax clearance certificate/exemption certificate under section 107 of the Income Tax Ordinance, 1984.

8. The foreign firm must obtain separate prior authorization from the Bangladesh Investment Development Authority to build more than one Office of the approved Branch Offices in Bangladesh.