Foreigner Can Start Company In Bangladesh Legally With NetworkBD
Bangladesh has become an increasingly attractive investment destination due to its competitive business environment and large labor market. Except for defense, nuclear energy, mining, and forest plantations, all sectors are open to foreign investment. The foreign direct investment sector has benefited several sectors, including garments and textiles, agribusiness, energy, IT and outsourcing, and infrastructure. Thus attract foreigner to register company in Bangladesh
Bangladesh has also aggressively established export processing zones, private economic zones, and special economic zones targeted at specific countries or sectors for foreign investment and business participation.
3 Legal Entities For Foreigners
The 3 main types of legal entities used for doing business in Bangladesh are:
- Corporations with limited liability (LLCs)
- Foreign subsidiaries of multinational companies
- An international company’s liaison office
Liaison Office Helps Foreigner To Gain A Better Understanding Of Bangladeshi Market
A Liaison Office (LO) assists companies in facilitating communication between their headquarters (head office) and entities in Bangladesh to gain a better understanding of the Bangladeshi market.
For companies entering the Bangladeshi market for the first time, this option is commonly chosen, and it often precedes a bigger presence in the country. Bangladesh does not allow LOs to engage in direct or indirect commercial activity.
Get 4 Activities currently available to LOs include:
- Market research.
- Prospective Bangladeshi customers are informed about the company and its products.
- Events and meetings that can lead to business at a later date can promote the head office’s activities.
- Facilitating technical/financial collaboration between parent companies and subsidiaries.
Our Assistance in General Office Permission of 9 Conditions
1. As per section 18(B) of the Foreign Exchange Regulations Act, 1947, the Bangladesh Bank Liaison/Branch Office requires permission from the Bangladesh Bank in order to process foreign exchange transactions.
2. Bangladeshi Foreign Exchange Regulations must be strictly adhered to by liaison and branch offices.
3. The Liaison/Branch Office must apply for renewal at least two months before the initial approval expires if it intends to operate beyond the initial approval period.
4. The Liaison/Branch Office must contact the Bangladesh Investment Development Authority (BIDA) if it plans to hire foreign nationals. It is important for the company to appoint five local employees for each foreign national, preferably in executive positions and with an appropriate pay structure.
5.To register company in Bangladesh like Liaison/Branch Offices must adhere to the rules, regulations, orders, and instructions that are already in effect or will be issued by the Government of Bangladesh during their operations in Bangladesh.
6. Bangladesh does not permit financial remittances.
7. You must open an account with a scheduled bank to receive the remittance and cover the aforementioned expenses.
8. It is required to submit the Quarterly Return of Remittances from Abroad to Bangladesh Investment Development Authority (BIDA), Deputy Commissioner of Taxes, and Bangladesh Bank.
9. The Board should be informed before any changes are made to the current address.
How NetworkBD Helps?
The process of incorporating your company with us is straightforward and painless. Our skilled professionals will take over once you’ve provided us with the necessary information about yourself and your company. And if you have any questions at any point during the process, we’re available to assist you day or night.