Guide to Setup Bangladesh Business
Human Resource Immigration
Bangladesh Industry Digital Plan
Corporate Compliance Requirement
Finances and Grants
Save Your Precious Time To Take Our Guidelines For Automotive Business
It is extremely useful to seek assistance from NetworkBD if you are searching for starting an automotive business in Bangladesh. NetworkBD offers a fantastic and knowledgeable crew that can help you set up your automobile business quickly and easily. NetworkBD’s legal experts can help clients with any form of business incorporation through consultations and meetings, as well as providing them with guidelines. So contact us now if you feel lonely while starting an automotive business in Bangladesh. Bangladesh’s automotive industry has been quickly expanding in tandem with the country’s development. Today, Bangladesh’s automotive industry is one of the country’s most important industrial sectors. The industry contributes to the country’s economy.
The demand for transportation has been rapidly expanding as the employment rate, population, industrialization, and enterprises have all increased. Individual demand for cars, motorcycles and other vehicles is expanding as a result of economic expansion and improved financial capabilities of individuals.
We Are Expert On The Following Automotive Business Sector
The following are the different types of automotive firms in Bangladesh:
- Importing vehicles from a variety of manufacturers (includes reconditioned cars)
- Making buses, minibusses, trucks, and sedans
- Auto-rickshaws and scooters are manufactured
- Motorcycle manufacturing
- Production of three-wheeled automobiles
- Assembling a variety of car brands.
The expansion of this sector is enticing both domestic and foreign corporations to engage in Bangladesh’s automotive industry.
Successful And Bright Future Of Starting An Automotive Business
One would question how large the car sector is in Bangladesh. However, everybody can observe that Bangladesh still has market strength for automobile demands without blinking. Her neighbors could quickly satisfy automobile orders if it weren’t for the residents. The automobile business is appealing since the country has one-of-a-kind vehicle legislation that is not seen anywhere else.
You must be willing to adapt to the local culture when starting an automotive business in Bangladesh. Owning a vehicle should, in theory, be as simple as taking a test drive (if applicable) and paying the requisite vehicle price and taxes. The vehicle’s driver would also need to obtain the necessary driver’s license. After that, one can go on the road trip of their dreams. If a customer wants it, the car dealer can assist with some aspects of the vehicle ownership process.
Section 84 of the Motor Vehicles Ordinance, 1983 governs the automotive industry in Bangladesh. The government may enact rules governing the construction, equipment, and maintenance of automobiles and trailers, as well as the establishment, registration, operation, and monitoring of automobile repair shops.
We Have Expert Assistance To Ensure Legal License & Registration
The automobile industry can be run through the formation of a company:
A company that has been lawfully registered in Bangladesh may 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 are 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 for its shares, whereas a public firm can make its shares available to the general public. In actuality, foreign and local entrepreneurs prefer a private firm to a public company. There are no restrictions on foreign equity participation in foreign direct investment, 100 percent foreign equity is permitted. Foreign investment, like other locally invested companies, is fully protected and secure in Bangladesh. Bangladesh’s rules ensure non-discriminatory treatment of international and domestic investment, as well as the repatriation of revenues from stock and profit transactions.
We Simplified the Registration Process For Starting An Automotive Business
Bangladesh’s automotive industry is poised to become the country’s next significant economic sector. It is currently the third largest country in South Asia. With the rise of industrialization and establishments, the need for cars is rapidly expanding. A number of procedures must be followed in order to create a factory. A corporation must first be registered with the RJSC, and then general licenses such as the TIN, VAT, and Trade License must be obtained. The next stage is to apply for a license from DIFE to build a cement mill. First, the manufacturing license must be secured, followed by the approval of the building layout designs. An Import Registration Certificate is essential since the cement mill has to import raw materials for the production of cement. Because it is an export-oriented industry, it also requires a Ship Registration Certificate in order to export cement outside of Bangladesh. Other permits are required, such as an Environment Clearance Certificate, a Fire License, and a Trade Mark. As a top corporate law firm in Bangladesh, Network BD can undoubtedly assist its clients in establishing a business in this field.
The firm’s experienced corporation lawyers provide comprehensive legal services to their clients. Creating a Memorandum of Agreement and a Letter of Intent for the proposed firm; drafting Forms IX and XII; completing registration and receiving TIN and VAT registration certificates; IRC and ERC, Trade License, Work Permit, Factory License, ECC, Fire License, Trade Mark, CM License, and so on. Furthermore, services such as executing various types of commercial agreements (e.g., Partnership Agreements, Lease Deeds, etc.) and providing legal opinions on numerous subjects are available (such as labour).
The Permits or Licenses to Start an Automotive Business
The following are the 12 additional licenses needed when starting an automotive business:
- Trade License
- TIN Certificate
- VAT Registration Certificate
- Industrial Investment Project Registration
- Factory Layout Approval
- Factory License
- Membership Certificate
- Import Registration Certificate (applicable for Import Business)
- Export Registration Certificate (applicable for Export Business)
- Environmental Clearance Certificate
- Fire License
- Trademark Registration
Why Choose NetworkBD As Your Services Partner?
It is necessary to initially choose a good piece of land before forming a company entity. NetworkBD can assist the client by locating a suitable site for the client’s business to be established. Furthermore, we can assist with the development of leasing agreements, land vetting from the appropriate land registry office, and land acquisition preparation, including registration.
NetworkBD may also help with paying government fees to the appropriate body, such as BIDA or RJSC, as well as liaising 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. So feel free to contact us to get the trustworthy services of starting an automotive business in Bangladesh.
FAQs For Starting An Automotive Business
Is automotive business profitable?
When compared to other small business sectors, the vehicle industry is the most profitable of them all, especially when money is short. The only thing to remember is that you must know the best field in which to invest your money!
How much does it cost to start an automotive business?
Your initial costs, including equipment, leasing fees, and insurance, should be roughly $50,000. These are the fundamentals: Between $5,000 and $10,000 for a diagnostic gadget. Depending on the size and location of your facility, rental prices can range from $1,500 to $15,000 per month.
What does it take to start an automotive company?
Decide on the type of automotive franchise you desire first…
Make a business plan
To get money, you’ll need to
Make a location scout
Make sure you have all of the essential permits and licenses
Purchase any equipment that is required.