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Bangladesh

 

Bangladesh, officially known as the People’s Republic of Bangladesh, is a country located in South Asia. Here is an overview of its history, culture, economy, and politics:

History:
Bangladesh has a rich and complex history that dates back several millennia. It was part of various ancient empires and kingdoms, including the Maurya Empire and Gupta Empire. The region later came under the rule of Muslim rulers, including the Delhi Sultanate and the Mughal Empire. In the 18th century, European colonial powers, primarily the British, began exerting their influence over the region, which eventually led to British India.

During the partition of India in 1947, Bangladesh, then known as East Bengal, became part of Pakistan. However, growing demands for autonomy and cultural identity led to a protracted struggle for independence. In 1971, Bangladesh successfully gained independence from Pakistan after a nine-month-long liberation war, with the help of Indian forces.

Culture:
Bangladesh is known for its vibrant and diverse culture. The population is predominantly Bengali, and Bengali is the official language. The country has a rich literary tradition, with prominent poets and writers like Rabindranath Tagore and Kazi Nazrul Islam. Traditional music, dance, and theater play an important role in the cultural fabric of Bangladesh. The national dress for men is the lungi, while women often wear sarees or salwar kameez.

Religion also plays a significant role in Bangladesh’s culture, with Islam being the predominant religion. Mosques and Islamic festivals, such as Eid-ul-Fitr and Eid-ul-Adha, are widely celebrated. However, Bangladesh is also home to other religious communities, including Hindus, Buddhists, and Christians, who contribute to the country’s cultural diversity.

Economy:
Bangladesh’s economy has experienced significant growth in recent years. The country has made notable progress in sectors like agriculture, textiles and garments, pharmaceuticals, and information technology. It is one of the world’s largest exporters of garments, with the textile industry playing a crucial role in employment and export earnings. Agriculture also contributes significantly to the economy, with rice being the staple crop.

Bangladesh has seen improvements in various social indicators, including poverty reduction, literacy rates, and healthcare. However, challenges such as income inequality, infrastructure development, and climate change impact the country’s economic progress.

Politics:
Bangladesh is a parliamentary democracy with a multi-party system. The President is the head of state, while the Prime Minister is the head of government. The political landscape has been dominated by two major parties, the Awami League and the Bangladesh Nationalist Party (BNP).

The country has faced political challenges, including periodic political unrest, disputes, and issues surrounding governance and human rights. However, Bangladesh has made strides in terms of women’s political representation, with the country having had female Prime Ministers.

In recent years, Bangladesh has focused on issues such as development, poverty reduction, and infrastructure development. The government has implemented various initiatives to boost economic growth, improve social welfare, and address environmental concerns.

 

Types of companies in Bangladesh

 

Sole Proprietorship:
A sole proprietorship is the simplest form of business entity and is owned and operated by a single individual. The owner has unlimited personal liability for the company’s debts and obligations. This type of company does not have a separate legal identity from its owner.

Partnership:
A partnership is formed when two or more individuals or entities come together to carry out a business. Partners share the profits, losses, and responsibilities according to the terms of the partnership agreement. Like a sole proprietorship, a partnership does not have a separate legal identity.

Private Limited Company:
A private limited company, often referred to as Sendirian Berhad (Sdn Bhd), is a separate legal entity with limited liability. It requires a minimum of two shareholders and can have a maximum of 50 shareholders. The liability of shareholders is limited to their share capital contribution. This type of company is regulated by the Companies Act and offers benefits such as continuity, separate legal identity, and limited liability.

Public Limited Company:
A public limited company, known as Berhad (Bhd), can offer its shares to the public and is subject to stricter regulatory requirements compared to a private limited company. It must have a minimum of seven shareholders, and the company’s shares can be freely traded on a stock exchange.

Foreign Branch Office:
Foreign companies can establish a branch office in Brunei to conduct their business activities. The branch office operates as an extension of the foreign company and is subject to local regulations and reporting requirements.

Representative Office:
A representative office is a non-trading entity that serves as a liaison between a foreign company and its clients or business partners in Brunei. It is limited to performing promotional, marketing, and support activities but cannot engage in commercial operations.

Limited Liability Partnership (LLP):
An LLP combines the features of a partnership and a company, offering limited liability to its partners. It provides flexibility in terms of management and is suitable for professionals such as lawyers, accountants, and consultants.

 

Advantages of companies in Bangladesh

 

Sole Proprietorship:
A sole proprietorship is the simplest form of business entity and is owned and operated by a single individual. The owner has unlimited personal liability for the company’s debts and obligations. This type of company does not have a separate legal identity from its owner.

Partnership:
A partnership is formed when two or more individuals or entities come together to carry out a business. Partners share the profits, losses, and responsibilities according to the terms of the partnership agreement. Like a sole proprietorship, a partnership does not have a separate legal identity.

Private Limited Company:
A private limited company, often referred to as Sendirian Berhad (Sdn Bhd), is a separate legal entity with limited liability. It requires a minimum of two shareholders and can have a maximum of 50 shareholders. The liability of shareholders is limited to their share capital contribution. This type of company is regulated by the Companies Act and offers benefits such as continuity, separate legal identity, and limited liability.

Public Limited Company:
A public limited company, known as Berhad (Bhd), can offer its shares to the public and is subject to stricter regulatory requirements compared to a private limited company. It must have a minimum of seven shareholders, and the company’s shares can be freely traded on a stock exchange.

Foreign Branch Office:
Foreign companies can establish a branch office in Brunei to conduct their business activities. The branch office operates as an extension of the foreign company and is subject to local regulations and reporting requirements.

Representative Office:
A representative office is a non-trading entity that serves as a liaison between a foreign company and its clients or business partners in Brunei. It is limited to performing promotional, marketing, and support activities but cannot engage in commercial operations.

Limited Liability Partnership (LLP):
An LLP combines the features of a partnership and a company, offering limited liability to its partners. It provides flexibility in terms of management and is suitable for professionals such as lawyers, accountants, and consultants.

“Our team can provide assistance if you need help registering a company in Bangladesh”

 

Common questions

 

What is the process of company registration in Bangladesh?

The process of company registration in Bangladesh involves several steps, including name reservation, obtaining necessary licenses, preparing documents, filing applications with the Registrar of Joint Stock Companies and Firms (RJSC), and obtaining the Certificate of Incorporation.

What are the types of companies that can be registered in Bangladesh?

Various types of companies can be registered in Bangladesh, including private limited companies, public limited companies, sole proprietorships, partnerships, and branch offices of foreign companies.

What is the minimum capital requirement for company registration in Bangladesh?

The minimum capital requirement for company registration in Bangladesh varies depending on the type of company. For example, private limited companies need a minimum authorized capital of BDT 1 lakh, whereas public limited companies require a minimum authorized capital of BDT 50 lakh.

Can a foreigner register a company in Bangladesh?

Yes, foreigners can register a company in Bangladesh. However, certain restrictions and regulations may apply based on the type of company and the foreign investor’s nationality.

What are the documents required for company registration in Bangladesh?

The required documents for company registration in Bangladesh include the company’s memorandum and articles of association, Form-I, Form-V, Form-VIII, Form-IX, Form-X, Form-XI, and various other supporting documents such as the national ID/passport copies of directors and shareholders, utility bill copies, etc.

Can I register a company online in Bangladesh?

Yes, Bangladesh has an online company registration system called “e-Registration” that allows individuals to register a company online.

How long does it take to register a company in Bangladesh?

The registration process in Bangladesh typically takes around 7 to 10 working days, assuming all the required documents are in order and there are no complications.

Do I need a local partner to register a company in Bangladesh?

No, a local partner is not mandatory for company registration in Bangladesh. However, certain types of companies, such as branch offices of foreign companies, may require a local agent.

What is the role of the Registrar of Joint Stock Companies and Firms in the registration process?

The Registrar of Joint Stock Companies and Firms (RJSC) is responsible for overseeing the registration process, maintaining company records, issuing certificates, and ensuring compliance with company laws and regulations in Bangladesh.

Can I reserve a company name before starting the registration process?

Yes, it is possible to reserve a company name before starting the registration process in Bangladesh. The reserved name remains valid for a certain period, allowing the applicant to proceed with the registration.

Are there any specific industry licenses required for certain types of businesses?

Yes, certain types of businesses in Bangladesh may require specific industry licenses or permits depending on the nature of their operations. Examples include trade licenses, environmental clearances, import/export licenses, and sector-specific permits.

Do I need a physical office space for company registration in Bangladesh?

Yes, a physical office space is required for company registration in Bangladesh. The office address must be mentioned in the registration documents, and it is subject to verification by the authorities.

Can I register a sole proprietorship in Bangladesh?

Yes, individuals can register a sole proprietorship in Bangladesh. It is a simple business structure where the owner is personally liable for all the business obligations.

How many directors are required for a company in Bangladesh?

A private limited company in Bangladesh requires a minimum of two directors, whereas a public limited company must have at least three directors.

Can I register a company with a virtual office address in Bangladesh?

No, registering a company with a virtual office address is not allowed in Bangladesh. A physical office address is required for company registration.

What are the ongoing compliance requirements for registered companies in Bangladesh?

Registered companies in Bangladesh have ongoing compliance requirements, including filing annual returns, maintaining accounting records, conducting audits, holding annual general meetings, and fulfilling tax obligations.

Can I change the company name after registration?

Yes, it is possible to change the company name after registration in Bangladesh. The process involves obtaining approval from the Registrar of Joint Stock Companies and Firms and updating relevant documents.

Can I register a company with a foreign currency as the share capital?

No, companies in Bangladesh are required to have their share capital denominated in Bangladeshi Taka (BDT), the local currency.

Is it mandatory to have a company secretary in Bangladesh?

Yes, it is mandatory for certain types of companies in Bangladesh, including public limited companies, to appoint a company secretary.

Can I register a company with different classes of shares?

Yes, companies in Bangladesh can be registered with different classes of shares, such as ordinary shares, preference shares, or redeemable shares, based on the company’s requirements.

Can I register a company without being physically present in Bangladesh?

Yes, it is possible to register a company in Bangladesh without being physically present. However, certain documentation and processes may require the presence of authorized representatives or agents.

Are there any restrictions on the nationality of directors and shareholders?

No, there are no specific restrictions on the nationality of directors and shareholders in Bangladeshi companies. Both Bangladeshi and foreign nationals can hold these positions.

What are the fees associated with company registration in Bangladesh?

The fees for company registration in Bangladesh vary depending on the type and authorized capital of the company. The fees cover application processing, name reservation, registration, and other related services.

Can I register a company with a nominee shareholder in Bangladesh?

Yes, it is possible to register a company with a nominee shareholder in Bangladesh. A nominee shareholder holds shares on behalf of another person or entity and is legally registered as the shareholder.

Can I register a branch office of a foreign company in Bangladesh?

Yes, foreign companies can register branch offices in Bangladesh after obtaining approval from the relevant authorities. The branch office operates as an extension of the foreign company.

What are the rules regarding the appointment and removal of directors?

The appointment and removal of directors in Bangladesh follow the guidelines outlined in the Companies Act. The directors are usually appointed through a resolution passed by the shareholders and can be removed by a similar process.

Can I register a non-profit organization in Bangladesh?

Yes, non-profit organizations can be registered in Bangladesh under the Societies Registration Act or the Companies Act, depending on the type and nature of the organization.

Can I register a partnership firm in Bangladesh?

Yes, partnership firms can be registered in Bangladesh under the Partnership Act. The process involves drafting a partnership deed and registering it with the Registrar of Joint Stock Companies and Firms.

What are the tax obligations for registered companies in Bangladesh?

Registered companies in Bangladesh are subject to various tax obligations, including income tax, value-added tax (VAT), and other applicable taxes. The specific tax requirements depend on the nature of the business and its annual turnover.

Are there any incentives or benefits for registered companies in Bangladesh?

Yes, there are various incentives and benefits available for registered companies in Bangladesh, including tax exemptions, tax holidays, reduced import duties, access to special economic zones, and incentives for investments in specific sectors.

Can I register a company with multiple business activities?

Yes, companies in Bangladesh can register with multiple business activities, provided that the activities are permissible under the relevant laws and regulations.

What are the restrictions on foreign ownership in certain industries?

Certain industries in Bangladesh have restrictions on foreign ownership. These restrictions vary depending on the sector and may include limitations on the percentage of foreign ownership or the requirement for prior approval from relevant authorities.

Can I register a company without a local shareholder in Bangladesh?

Yes, it is possible to register a company in Bangladesh without a local shareholder. However, certain types of companies may require a local shareholder, such as branch offices of foreign companies.

Is it necessary to have a local bank account for a registered company in Bangladesh?

Yes, it is mandatory for registered companies in Bangladesh to have a local bank account. All financial transactions of the company should be conducted through the local bank account.

Can I register a company with only one director?

Yes, a private limited company in Bangladesh can be registered with only one director. However, a public limited company requires a minimum of three directors.

What are the disclosure requirements for registered companies in Bangladesh?

Registered companies in Bangladesh are required to make various disclosures, including annual financial statements, annual returns, changes in directors/shareholders, share capital structure, and other relevant information, to the Registrar of Joint Stock Companies and Firms.

Can I register a company with a non-resident director?

Yes, it is possible to register a company in Bangladesh with a non-resident director. However, there may be additional requirements and compliance obligations for non-resident directors.

Are there any restrictions on the transfer of shares in Bangladeshi companies?

Yes, there are certain restrictions on the transfer of shares in Bangladeshi companies. These restrictions may include pre-emptive rights for existing shareholders, approval requirements, and compliance with relevant laws and regulations.

Can I register a company without a trade license?

No, a trade license is a mandatory requirement for conducting business in Bangladesh. Companies must obtain a trade license from the respective local government authority.

What are the accounting and bookkeeping requirements for registered companies?

Registered companies in Bangladesh must maintain proper accounting records, prepare financial statements in accordance with applicable accounting standards, and undergo annual audits by approved auditors.

Can I register a company with a foreign director and a local shareholder?

Yes, it is possible to register a company in Bangladesh with a foreign director and a local shareholder. The company’s structure should comply with the relevant laws and regulations.

Is it possible to change the registered address of a company after registration?

Yes, it is possible to change the registered address of a company after registration by following the prescribed process and obtaining approval from the Registrar of Joint Stock Companies and Firms.

What are the restrictions on company names in Bangladesh?

Company names in Bangladesh must comply with certain guidelines and restrictions. Names should not be identical or similar to existing companies, should not violate trademarks or copyrights, and should not be misleading or offensive.

Can I register a company with a foreign director and a foreign shareholder?

Yes, it is possible to register a company in Bangladesh with both foreign directors and foreign shareholders. The company should fulfill the necessary requirements and comply with relevant regulations.

What are the annual filing requirements for registered companies?

Registered companies in Bangladesh are required to file annual financial statements, annual returns, and other relevant documents with the Registrar of Joint Stock Companies and Firms. The filing deadlines and specific requirements may vary based on the company’s type and size.

Can I register a company with a foreign office address?

No, companies registered in Bangladesh must have a local office address as their registered address. A foreign office address is not acceptable for company registration.

Are there any restrictions on the use of certain words or phrases in company names?

Yes, there are restrictions on the use of certain words or phrases in company names in Bangladesh. The use of words that imply government sponsorship, illegal activities, or offensive content is prohibited.

Can I register a company with a foreign trademark or brand name?

Companies in Bangladesh are generally registered under unique names, and the use of foreign trademarks or brand names may require additional approvals or registrations with the relevant authorities.

Can I register a company with a digital signature?

Yes, digital signatures can be used for various purposes in company registration and filing processes in Bangladesh. The digital signature must be obtained from an authorized certification authority.

What are the restrictions on the use of company seals?

The use of company seals in Bangladesh is not mandatory or required by law. However, if a company chooses to use a company seal, it must comply with the regulations regarding its use and keep it securely.

Can I register a company with a residential address?

Generally, a residential address is not acceptable as the registered address for a company in Bangladesh. The company should have a commercial or office address as its registered address.

Can I register a company with a P.O. Box address?

No, a P.O. Box address is not acceptable as the registered address for a company in Bangladesh. The registered address should be a physical address where the company’s activities can be carried out.

Are there any specific requirements for the company’s memorandum and articles of association?

Yes, the company’s memorandum and articles of association must be prepared in compliance with the Companies Act and should contain necessary provisions related to the company’s structure, objectives, management, and shareholder rights.

Can I register a company with a provisional name?

No, a company cannot be registered with a provisional name in Bangladesh. The company must have a final, approved name at the time of registration.

Can I register a company with a trademark or patent?

Registering a company in Bangladesh does not automatically provide trademark or patent protection. Separate registrations or applications must be made with the appropriate authorities to protect trademarks or patents associated with the company’s products or services.

 

Major Banks in Bangladesh

 

Bangladesh Bank – The central bank of Bangladesh
Website: https://www.bb.org.bd/

Agrani Bank Limited
Website: https://www.agranibank.org/

Janata Bank Limited
Website: https://www.jb.com.bd/

Sonali Bank Limited
Website: https://www.sonalibank.com.bd/

Islami Bank Bangladesh Limited
Website: https://www.islamibankbd.com/

Dutch-Bangla Bank Limited
Website: https://www.dutchbanglabank.com/

BRAC Bank Limited
Website: https://www.bracbank.com/

Prime Bank Limited
Website: https://www.primebank.com.bd/

Eastern Bank Limited
Website: https://www.ebl.com.bd/

United Commercial Bank Limited
Website: https://www.ucb.com.bd/

Standard Chartered Bank Bangladesh
Website: https://www.sc.com/bd/

The City Bank Limited
Website: https://www.thecitybank.com/

 

The top universities in Bangladesh

 

University of Dhaka – Location: Dhaka, Website: http://www.du.ac.bd/ – Major Courses: Various disciplines including Arts, Science, Engineering, Medicine, and Business.

Bangladesh University of Engineering and Technology (BUET) – Location: Dhaka, Website: http://www.buet.ac.bd/ – Major Courses: Engineering and Architecture.

Bangladesh Agricultural University (BAU) – Location: Mymensingh, Website: http://www.bau.edu.bd/ – Major Courses: Agricultural Sciences and related fields.

Bangladesh University of Professionals (BUP) – Location: Dhaka, Website: http://www.bup.edu.bd/ – Major Courses: Various disciplines including Business, Public Administration, Security Studies, and Arts.

Bangladesh University of Textiles (BUTex) – Location: Dhaka, Website: http://www.butex.edu.bd/ – Major Courses: Textile Engineering and related fields.

East West University (EWU) – Location: Dhaka, Website: http://www.ewubd.edu/ – Major Courses: Business Administration, Computer Science, Economics, and related fields.

University of Chittagong – Location: Chittagong, Website: http://www.cu.ac.bd/ – Major Courses: Various disciplines including Arts, Science, Business, and Engineering.

North South University (NSU) – Location: Dhaka, Website: http://www.northsouth.edu/ – Major Courses: Business Administration, Computer Science, Economics, and related fields.

Independent University, Bangladesh (IUB) – Location: Dhaka, Website: http://www.iub.edu.bd/ – Major Courses: Business Administration, Computer Science, Economics, and related fields.

University of Rajshahi – Location: Rajshahi, Website: http://www.ru.ac.bd/ – Major Courses: Various disciplines including Arts, Science, Business, and Engineering.

“If you need assistance registering for college or university, our team is here to help.”

 

Strange or unusual to visitors in Bangladesh

 

Rickshaw Culture: The prevalence of cycle-rickshaws as a popular mode of transportation in urban areas might be a unique sight for visitors. The colorful and decorated rickshaws, often with elaborate designs and artwork, can be fascinating to see.

Traffic and Road Conditions: The traffic in major cities like Dhaka can be chaotic and congested, which may be overwhelming for visitors accustomed to more organized traffic systems. Additionally, the condition of roads and infrastructure in some areas may vary and differ from what visitors are used to.

Street Food Culture: Bangladesh has a vibrant street food culture, and visitors might find the variety and flavors of street food intriguing. However, it’s important to exercise caution and choose vendors that maintain proper hygiene standards.

Hospitality and Generosity: Bangladeshis are known for their warm hospitality and generosity towards guests. Visitors may experience unexpected acts of kindness and genuine friendliness from locals, which can be both surprising and heartwarming.

Crowded Markets and Bazaars: Local markets and bazaars can be bustling and crowded, especially during festivals and special occasions. Navigating through the vibrant chaos of these markets can be an exciting and unique experience for visitors.

Traditional Attire: The traditional attire of Bangladesh, such as the saree for women and lungi or dhoti for men, might be unfamiliar to some visitors. Observing people wearing traditional garments adds to the cultural diversity and richness of the country.

Betel Leaf Chewing: Chewing betel leaf, locally known as paan, is a common practice in Bangladesh. It involves wrapping various ingredients like betel nuts, spices, and tobacco in a betel leaf and chewing it. Visitors might find it unusual to see people with reddish-stained mouths due to the consumption of betel leaf.

 

“Tips for Newcomers: Adjusting to Life in Bangladesh”

 

Learn the Local Language: While many Bangladeshis speak English, learning some basic Bangla (Bengali) phrases will go a long way in daily interactions and building connections with locals.

Embrace the Culture: Immerse yourself in the vibrant culture of Bangladesh. Participate in local festivals, try traditional cuisine, visit historical sites, and explore the arts and crafts to gain a deeper understanding of the country.

Respect Local Customs and Etiquette: Familiarize yourself with the social norms and customs of Bangladesh. Show respect to elders, remove shoes before entering homes or religious places, and dress modestly in appropriate attire, particularly in conservative areas.

Build Relationships: Bangladeshis are known for their warmth and hospitality. Take the initiative to build relationships with locals, colleagues, and neighbors. Engage in conversations, join community events, and accept invitations to tea or meals to foster connections.

Adjusting to the Climate: Bangladesh has a tropical monsoon climate with hot and humid summers and mild winters. Be prepared for the weather by dressing appropriately, staying hydrated, and adapting to the seasonal variations.

Transportation: Familiarize yourself with the local transportation system, including buses, rickshaws, and ride-sharing services. Be prepared for traffic congestion in urban areas and plan your travel accordingly.

Food and Water Safety: Enjoy the delicious local cuisine, but also take precautions for food and water safety. Stick to bottled water, eat freshly cooked food, and be cautious about street food hygiene.

Health and Safety: Ensure you have appropriate health insurance coverage and familiarize yourself with medical facilities in your area. Take necessary precautions to prevent mosquito-borne illnesses, such as using insect repellent and wearing protective clothing.

Embrace Patience: Adjusting to a new environment takes time. Be patient with yourself as you navigate through the cultural differences, language barriers, and administrative processes. Seek support from local communities and fellow expatriates who can provide guidance and advice.

Stay Informed: Stay updated on local news, events, and any safety advisories. Register with your embassy or consulate to receive important updates and emergency information.

 

Top recruitment agencies in Bangladesh

 

The Recruiter (www.therecruiter.com.bd)
Bdjobs.com (www.bdjobs.com)
Prothom Alo Jobs (jobs.prothomalo.com)
UNDP Bangladesh Jobs (jobs.undp.org/country/bangladesh)
Careerjet Bangladesh (www.careerjet.com.bd)
JobsA1.com (www.jobsa1.com)
Everjobs Bangladesh (www.everjobs.com.bd)
Chakri.com (www.chakri.com)
Skill.jobs (www.skill.jobs)
Rupayan Group (www.rupayangroup.com/career)

 

Necessary phone numbers in Bangladesh

 

Emergency Services: 999 (Police, Fire, Ambulance)
Police Control Room: 100
Fire Service & Civil Defense: 101
Ambulance Services: 102
National Helpline for Women and Children (Nari-o-Shishu Helpline): 10921
Dhaka Metropolitan Police (DMP) Control Room: +880 2 9514444
Rapid Action Battalion (RAB) Control Room: +880 2 8961100
Anti-Corruption Commission (ACC) Helpline: 106
Bangladesh Telecommunication Regulatory Commission (BTRC) Helpline: 2872
Emergency Medical Assistance (Apollo Hospitals): 10678

 

The best way to immigrate to Bangladesh

 

Employment: Obtain a job offer from a Bangladeshi employer who will sponsor your work permit. The employer will need to demonstrate that there are no local candidates suitable for the position.

Investment: Invest a significant amount of capital in Bangladesh by establishing a business or making a substantial financial contribution. This can qualify you for a business visa or investor visa.

Marriage or Family Sponsorship: If you have a Bangladeshi spouse or immediate family member who is a Bangladeshi citizen, you may be eligible to apply for a visa based on family ties.

Study or Research: Enroll in a recognized educational institution in Bangladesh and obtain a student visa or research visa. This pathway allows you to stay in the country for the duration of your studies.

Specialized Skills or Talents: If you possess exceptional skills or talents in certain fields such as arts, sports, or academia, you may be eligible for a visa under the relevant category.