With the development of Bangladesh’s biomedical sciences industry, the biomedical sciences manufacturing sector emerges as the fourth pillar of the manufacturing economy, prompting the Bangladesh government to establish a strategic futuristic healthcare system. As a result, better jobs and skills have been created, increasing productivity and catalyzing innovation, which is a significant benefit to those considering starting a biomedical business. Bangladesh’s biomedical landscape is made up of major research institutes and biomedical behemoths, not to mention a slew of local businesses. Dealing in cutting-edge medical technology, biopharmaceuticals, and complementary and alternative medicine, such as supplements and traditional medicine.

A company that has been duly registered in Bangladesh may engage in any business activity that the company’s Object Clause stipulates in its Memorandum of Association. A company in Bangladesh can be either public or private. A minimum of seven shareholders are required to form a public company. A private company, on the other hand, requires a minimum of two shareholders. A private company cannot invite the public to subscribe for its shares, whereas a public company can make its shares available to the general public. In practice, foreign and local entrepreneurs prefer a private company to a public company. There are no restrictions on foreign equity participation in foreign direct investment, i.e. 100 percent foreign equity is permitted. Foreign investment, like other locally invested companies, is fully protected and secure in Bangladesh. Bangladesh’s laws guarantee non-discriminatory treatment of foreign and domestic investment, as well as the repatriation of proceeds from stock and profit sales.

Following Are The 8 Steps To Starting A Biomedical Business in Bangladesh:

1. The proposed company’s name must be cleared with the Registrar of Joint Stock and Companies.
2. Drafting and signing the following documents Memorandum and Articles of Association of the company
3. Establishing a temporary bank account for the Proposed Company in any Bangladeshi scheduled bank
4. Transfer the paid-up capital amount from each foreign shareholder’s account to the proposed company’s Bangladesh bank account

5. Obtain an encashment certificate from the proposed company’s bank for each foreign transaction

6. Send all required documents to the Company House

7. Pay the registration fees to the government

8. Obtain a certificate of registration from the Company House

Because of its contribution to economic growth and a significant reduction in mortality rates, Bangladesh’s healthcare industry can be considered one of the most important sectors. The country has made significant progress toward the Millennium Development Goals (MDGs). The Bangladesh government adopted a liberalized business approach to the growth of the private sector, resulting in the establishment of hundreds of private hospitals and clinics in accordance with the open market policy. It is necessary to obtain permission from the relevant authority or department before starting a healthcare business in Bangladesh.

It is possible to start a healthcare business by forming a corporation. To incorporate a business, you must obtain licenses such as a trade license, a fire license, an environmental license, and a factory license, among others. The DGHS’s online portal, which is run by the Ministry of Health and Public Welfare, will be used to obtain a license and register. Through an online portal, DGHS manages the licensing and renewal process for private hospitals, clinics, blood banks, nursing homes, and diagnostic centers throughout Bangladesh. To protect against infringement and add value to the company, trademark and patent registration should be obtained.

Foreign entities or individuals interested in investing in Bangladesh will find that the country’s liberalized Industrial Policy and export-oriented, private-sector-led growth strategy provide ample opportunities. The healthcare sector is open to private investment, and the government’s goal is to act as a facilitator in helping to create an enabling environment for domestic and international private investment. The ‘Foreign Private Investment (Promotion and Protection) Act. 1980,’ which ensures legal security for foreign investment in Bangladesh against nationalization and expropriation, serves as the policy framework for foreign investment in Bangladesh.

To ensure quality outcomes from both the private and public health care industries in Bangladesh, effective policy guidelines with strong implementation are required. In Bangladesh, as the population grows, so will the demand for high-quality health care. As a result, the number of hospitals and clinics will grow. This will entice foreign investors to invest in the healthcare industry for financial gain. 

NetworkBD can be a huge help in producing various services related to business incorporation if you want to move forward with your healthcare business. Our company has a strong and capable team that can successfully establish a business in this industry.

In any industry, the process of starting a business can be complicated. Starting a biomedical business in Bangladesh may seem daunting, but our company formation experts can help you get your business off the ground. If you require any assistance or services, please contact us. These services are provided to ensure a smooth transition into Bangladesh’s economy.