Enhance Future By Starting A Company In Bangladesh With NetworkBD
Are you considering starting a company in Bangladesh that is the world’s most convenient location? NetworkBD is here to help your company succeed by providing specialized advice on the most critical business issues. Here are some of the benefits of forming a Bangladesh corporation and why you should consider doing so. There are numerous advantages to beginning a business in Bangladesh. The country is one of the most potential rising markets in the world, as foreign investors are gradually realizing. We’ll show you what advantages there are to starting a company in Bangladesh.
Bangladesh is the world’s second-largest exporter of clothing and a rising star in the pharmaceutical industry. To stimulate Bangladesh’s rapid economic growth, the government has implemented an “Open Door Policy” to attract foreign investment. Furthermore, the country’s location is suitable for international trade, with access to international sea and airlines. We are a leading firm in Bangladesh who help you to start a business in Bangladesh easily. Our skilled team is very dedicated and offers you all the important information.
Get 8 Special Advantages of Starting a Business in Bangladesh
There are certain advantages to launching a business in Bangladesh since it continues to be an appealing destination for foreign enterprises. The key advantage is that items are produced at a lower cost of labor. Let’s have a look at some of the additional advantages of starting a company in Bangladesh.
1. Consistently High Rates Of Economic Growth
One of the most noticeable signs of Bangladesh’s rapid economic progress is its soaring GDP. Bangladesh’s gross domestic product (GDP) increased by 7.3 percent in 2017. According to the Asian Development Bank’s current forecasts, it will increase at a rate of 7% and 7.2 percent in 2018 and 2019, respectively.
According to IMF estimates, the average GDP growth rate for emerging and developing countries is 4.9 percent. As a result, Bangladesh’s GDP growth has been exceptional when compared to other emerging markets.
2. The Ideal Position
Due to its location on the border of South and Southeast Asia, Bangladesh is close to other important markets in the region, including China. Bangladesh’s major city, Dhaka, also has significantly easier connectivity to its neighboring countries.
The capital is the country’s commercial and financial hub, as well as the main economic center in Eastern South Asia. Because of its location on the Bay of Bengal’s shore, it provides favorable trading circumstances in Asian and Middle Eastern markets.
3. A Large, Young, & Well-Trained Workforce
Another draw for investors is the large, young, and well-trained workforce. In actuality, Bangladesh’s median age in 2018 is only 26.0 years old. There is also the possibility of technical education. Every year, over 15,000 Bangladeshi fresh graduates are hired by leading IT companies like IBM, Microsoft, and Google. Moreover,
The European Commission has designated Bangladesh as an appropriate outsourcing destination. The Tech Parks in Dhaka and Jessore are promoting the development of the ICT sector in order to achieve a Digital Bangladesh.
4. A Large Number Of People
According to the United Nations, Bangladesh has a population of 166,340,956 people as of June 2018. As a result, it is Asia’s fifth-most populous country and the world’s eighth. Furthermore, according to UN estimates, it will reach 265 million by 2050. Furthermore, by 2025, Bangladesh’s middle class is predicted to rise to 34 million people, more than tripling the current 12 million.
5. The Most Affordable Labor Expenses
The lowest is $63 (BDT 5300), which is the average monthly income for Bangladeshi garment workers. However, in China, it costs around $347 each month. The main reason that many corporations are shifting their manufacturing to other countries is because of rising expenses in industrialized countries like China. One of the most important advantages of starting a company in Bangladesh is the low cost of doing so.
6. Honesty When It Comes To Foreign Investment
Bangladesh has displayed a fairly welcoming attitude towards foreign investors, allowing foreign investment in most areas and giving advantageous business circumstances. Various advantages are available to foreign investors, some of which are listed below:
- They are given tax breaks and exemptions.
- Importing raw materials and machines is simple.
- Utility hookups can be made quickly and easily.
7. Various Trade Agreements
Bangladesh is not only a member of the World Trade Organization, but it has also inked memberships and agreements with the following organizations:
- Free Trade Area of BIMSTEC
- Pakistan-Bangladesh Free Trade Agreement
- The Islamic Conference agreement on the Organization of Islamic Cooperation’s Trade Preferential System
- Asia-Pacific Trade Agreement (APTA)
- SAFTA is the Preferential Tariff Arrangement for the Group of Eight Developing Countries.
Furthermore, the European Union is one of Bangladesh’s most important trading partners. The EU-Bangladesh Cooperation Agreement offers duty-free exports.
8. The Number Of People Using The Internet Is Increasing
According to the latest estimates from the Bangladesh Telecommunication Regulatory Commission, almost 80 million Bangladeshis used the Internet in 2018. (BTRC). It means that the internet is available to more than 49% of Bangladesh’s population.
As a result, Bangladesh came in third place in South Asia, after the Maldives and Nepal, in terms of Internet penetration percentage. In fact, Bangladesh’s Internet penetration has surpassed the Southern Asia average of 36 percent, which is close to the global average of 53 percent.
NetworkBD Your Trustworthy Partner For Reducing Time & Cost
There’s no better spot in Asia to start an afresh experience than in this city. Allow your work trip to be as exciting and exciting as the city itself. Allow us to assist you in establishing your company in three days. Contact us immediately for more information about our Bangladesh company formation services.
Why NetworkBD For Starting A Company In Bangladesh?
1. We Can Communicate in Your Language
We concentrate on assisting businesses that operate in our specialized fields. This implies we can communicate in their language and swiftly grasp technical concepts. Clients may be confident that any recommended solutions will be integrated into the context of the company and industry drivers because the principal consultant contact is an experienced marketing specialist.
2. Low Overhead & High Quality
Customers have saved up to 35% compared to completely office-based industrial marketing companies. Our service is built around the knowledge of our Chartered Consultant (who assures consistent high levels of service quality) and our freelancing partner specialists, who are brought in as needed. We provide a seamlessly integrated solution that has consistently outperformed expectations.
4. Chartered Marketer Embedded (CM)
Clients can select whether or not to have an industrial marketing specialist embedded within their company using our simple concept. This arrangement is suitable for start-ups or small enterprises that need a professional to manage marketing and growth as part of their management team.
5. Our Client-Centered Strategy
When it comes to your business, we recognize that there is no “one-size-fits-all” answer. A CM will do a comprehensive Wants-Needs Analysis to determine how we can best assist your company’s development phase and structure, objectives, and goals, all while staying on budget and on schedule. So contact us today for starting a company in Bangladesh.
FAQs For Starting A Company in Bangladesh
1. Is it easy to establish a business in Bangladesh?
2. What are the most significant obstacles to doing business in Bangladesh?
- Risk in the workplace
- Corruption and bribery.
- Intellectual property protection.
- Bangladesh’s currency risks
- Money transfer from Bangladesh.
3. In Bangladesh, which industry is the most profitable?
Bangladeshi firms that are profitable:
- Bangladesh’s Fintech Business Opportunities
- For the entire country of Bangladesh, a logistics and delivery system
- Bangladesh’s online news portal
- Bangladesh’s Ride-Sharing Industry
- A food delivery service in a Bangladeshi city.
- In Bangladesh, a digital advertising firm.
- Bangladesh’s e-commerce industry
- Universities and Colleges
- Financial Institutions
- Enterprise Information Technology
4. What are the major export challenges that Bangladesh faces?
Bangladesh’s poor port and road infrastructure causes significant delays in product import and export. It’s also an energy-short country, with problems like insufficient supply, outdated infrastructure, and poorly managed energy companies.
5. What seems to be the most popular product in Bangladesh?
Wheat, rice, soya-bean oil, and dried shelled vegetables are among the most valuable Bangladeshi imports. Other areas where Bangladesh has a strong demand for imports include refined petroleum oils, automobiles, and mobile phones.