Guide to Setup Bangladesh Business
Human Resource Immigration
Bangladesh Industry Digital Plan
Corporate Compliance Requirement
Finances and Grants
Profitably Start A Fishing Business In Bangladesh With NetworkBD
NetworkBD is a full-service corporate law practice that attempts to provide customers with a wide variety of services rather than specializing in a single field of law. We provide any local or foreigner with the opportunity to starting a fishing business in Bangladesh. It is one of Bangladesh’s largest and most well-known law companies, providing legal assistance that fits the needs and expectations of both domestic and international clients. We offer a wide range of services, including company formation, sole proprietorship, partnership, and foreign company registration.
11 Special Benefit You Get From Fishing Business In Bangladesh
Bangladesh’s cultural heritage and economy are heavily reliant on fish and fisheries. The sector is important in the country since it provides a vital source of foreign exchange, creates jobs, and contributes to the country’s economic progress.
According to research by the Food and Agriculture Organization, Bangladesh has one of the best fisheries zones in the world, with the world’s largest flooded wetland and the third-highest marine biodiversity among Asian countries (FAO). Fishing has become one of the most successful business sectors due to the availability of low-cost labor, resources, and rising demand.
- Bangladesh’s climate and surroundings make it ideal for fish aquaculture.
- There are many different sorts of fish species that can be used to start a prosperous fish farming business.
- Water and other essential elements are readily available.
- Low labor costs and other management expenses are also kept to a minimum.
- A suitable market for the products’ sale. The people of Bangladesh have a high need for fish. As a result, you won’t have to worry about product marketing.
- You can start a fish farming business on a small scale or on a huge scale.
- Fish farming is already an important source of employment in Bangladesh, and a high-tech commercial fish farming system can produce a lot more jobs. Even unemployed educated people can contribute to this business and turn it into a profitable venture and source of income.
- Bangladesh has been exporting fish products for a long time and has made a considerable profit. Fish farming methods that have been improved can produce more fish and help earn more foreign currency.
- There are a number of government and non-government fish farming training centers available. So, if you wish to establish a fish farming business, you may easily get training at those training facilities.
- The industry of fish farming necessitates some upfront capital. There are numerous local and international banks that are willing to grant a loan. Some government banks also provide low-interest loans for this type of enterprise.
- In a nutshell, fish farming in Bangladesh offers numerous advantages and chances. You can use these earning chances to start a fish farming business and make a good profit.
Starting a Fishing Business Firm That We Assist With The Legal Process
Under the Ministry of Fisheries and Livestock, the Department of Fisheries (DoF) is the central department having administrative authority for aquaculture in Bangladesh. The Director-General oversees this department, which is divided into two sub-departments: inland and maritime. It focuses on both regulatory and development activity, including the formulation of schemes and the coordination of national policy in the areas of fisheries, fish disease prevention, fisheries resource conservation, management, and development, fish farm management, and training.
The Bangladesh Fisheries Research Institute (BFRI), which is tasked with performing fishery research and providing essential training to entrepreneurs and interested persons in the fishery industry, supports the work of this department. The Bangladesh Fisheries Development Corporation (BFDC) also assists DoF in the development of the fishing industry. The establishment of fishing units for the gathering, processing, distribution, and sale of fish and fisheries products are among the BFDC’s responsibilities.
Our Complete Guidelines For License And Registration Process
In Bangladesh, a fisheries business might be run in one of the following ways:
i. Sole Proprietorship
1. Sole Proprietorship:
A sole trader, also known as a proprietorship, is an unincorporated firm in which one shareholder pays personal income tax on the company’s profits. It is the most basic sort of business structure, and it is only suitable for small businesses that are limited to a specific geographic area. Foreign investors who want to create a business in Bangladesh cannot do so with this type of firm.
Documents Required to Form a Sole Proprietorship Business:
- A copy of the rental or lease agreement.
- The owner’s national identification card.
- A photograph of the owner is the size of a passport.
- Payment of governmental fees received.
In a partnership firm, two or more people share ownership. In this type of business, the partners will have a legal agreement that lays out the regulations for the partnership. It is a common practice to start a business with only a few shareholders and a small budget. Every partner, however, is jointly and severally accountable for all acts of the firm committed while he is a partner of the firm, even if the erroneous act or omission was committed by another partner in the regular course of the firm’s business.
Documents Required to Form a Partnership Business:
- The Partnership Business’s Name Clearance.
- Application Form I is completely filled out.
- A partnership agreement that has been notarized.
- Personal information of the company’s partners.
- The Partners’ residential address.
- Percentage of each partner’s profit share in the business.
- A copy of the partnership’s rent/lease agreement against the registered address.
- Copies of the partners’ national identification cards
- Photographs of the partners at passport size.
- Payment of governmental fees received.
A company that has been lawfully registered in Bangladesh can participate in any business activity that the company’s Object Clause stipulates in its Memorandum of Association. A firm in Bangladesh might be either public or private. A minimum of seven shareholders is necessary to create a public business. A private business, on the other hand, requires a minimum of two stockholders. A private corporation cannot invite the public to subscribe to its shares, whereas a public firm can make its shares available to the general public. Bangladesh’s rules ensure non-discriminatory treatment of international and domestic investment, as well as the repatriation of revenues from stock and profit transactions.
Documents Required to Form a Corporation:
- A copy of the proposed company’s valid name clearance
- Copy of the Company’s Memorandum and Articles of Association
- An executed copy of Form I: Declaration On Registration Of Compan;
- A printed copy of Form VI: Notice Of Change In Registered Office
- A printed copy of Form IX: Director’s consent to act
- A printed copy of Form X: List of Individuals Consenting to Act as Directors
- An executed copy of Form XII: Information about directors, managers, and managing agents
- Copies of shareholders’ and directors’ national identification cards (for Bangladeshi nationals)
- Copies of shareholders’ and directors’ TIN certificates (for Bangladeshi nationals)
- Copies of shareholders’ and directors’ passports (for foreign nationals)
- Shareholders and directors’ passport photographs
- Certificate of Bank Encashment for each foreign shareholder
- Payment of governmental fees received
Depending on the expansion/scope of the business, extra licenses or permits may be necessary after setting up the appropriate business format to begin the fisheries business. A 100 percent foreign-owned corporation can register as a Branch Office to start a fishing business in addition to setting up the above-mentioned format. However, a branch office can only undertake the functions that the parent business has specified after receiving prior clearance from the Bangladesh Investment Development Authority.
Why Choose NetworkBD For Setting Up A Fishing Business In Bangladesh
1. NetworkBD offers a strong and capable team that can help you build up a fishing business quickly and efficiently. FMA’s legal experts can help customers with consultations and meetings, as well as provide instructions on the appropriate type of business incorporation.
2. Several deeds, agreements, and documents must be created in order to incorporate any form of business. Our legal staff can assist clients with document preparation and drafting.
3. It is critical to locate a suitable site before establishing a Fish Hatchery or a corporate company. We may assist the customer by locating a suitable place for the client’s business to be established. We can also help with drafting lease agreements, land vetting from the appropriate land registry office, and assistance with the registration of the lease or transfer of ownership documentation, among other things.
4. NetworkBD can also help with paying government fees to the appropriate body, such as BIDA or RJSC, and liaise with them to get necessary documentation for business incorporation. Our legal specialists have outstanding working relationships with government offices, making obtaining any certificate or license much easier.
5. NetworkBD additionally offers services for obtaining or renewing any form of license; managing fisheries business necessitates the acquisition of various licenses. The legal experts at NetworkBD can help you obtain those licenses and, if necessary, renew them on time.
6. We provide clients with labor-related services such as preparing employment agreements, resolving labor-related issues, and delivering legal opinions on labor law, among other things
FAQs For Starting A Fishing Business
Which seafood certificates do you believe are the most credible?
We endorse any seafood certification that makes an accurate claim that can be backed up by publicly available data. We also demand high levels of public reporting and participation from a variety of interest groups in the development of excellent standards.
Isn't it the responsibility of governments to control fisheries and aquaculture?
Governments are the only ones that can enact laws that regulate fisheries, yet many lack the ability or data needed to efficiently manage these resources. Even when a country has the potential, short-term political goals can trump long-term sustainability concerns. The seafood sector is an obvious candidate for spearheading this effort since it has both the will and the capacity to assist make fisheries more sustainable.
Is fisheries a good business in Bangladesh?
The fish farming industry has numerous advantages. While farming fish in Bangladesh, it is said to have a significant role in the country’s total national income. In Bangladesh, a river and numerous other water sources are accessible to begin fish farming. Bangladesh is surrounded by rivers and numerous forms of water sources, to put it succinctly. We also know that fish farming is involved in the lives of a large portion of Bangladesh’s population, either directly or indirectly.
Is fishing a profitable business?
Customers are always enthusiastic about fish goods. As a result, the fish farming industry is a promising direction in the agricultural sector. Beginning farmers will be able to make a good living by raising fish in artificial ponds, and fish farms are unquestionably profitable.