Setting up a business requires detail procedure in line with the local laws. We provide assistance to process registration documents as well as documents relating to post-registration permissions/licenses required to float a Private Limited Company in Bangladesh.
At an early stage we will give an indication relating to advantages and disadvantages of different form of business entity in Bangladesh which is usually required to obtain government incentives.
We provide the following services relating to formation of a Private Limited Company, post-registration permission/licenses and reporting under local corporate laws:
Registration
- Booking a name of the proposed company;
- Drafting MEMART and processing prescribed forms relating to incorporation of a company;
- Filing of registration documents with the relevant Govt. agency; and
- Obtaining the Certificate of Incorporation
Post-registration general permissions/licenses
- Processing, filing of Trade Licenses application documents with the authority and obtaining the License;
- Processing, filing of documents relating to registration with Tax Authority and obtaining Taxpayer’s Identification Number, i.e. TIN Certificate;
- Processing, filing of documents relating to registration with Board of Investment [BOI], Bangladesh and obtaining the BOI Registration Certificate;
- Processing, filing of documents relating to membership of a Chamber and obtainingChamber Membership Certificate
- Processing, filing of documents relating to registration with VAT Authority and obtainingVAT Certificate;
- Processing, filing of document relating to Import & Export registration and obtainingImport Registration Certificate [IRC] & Export Registration Certificate [ERC];
Issuance of Share Certificate against initial Subscription
- Drafting Board Meeting minutes relating to issuance of share certificate against initial subscription;
- Designing, printing & completing the share certificate;
- Preparation of Share Register, Share Transfer Register;
- Intimating Central Bank regarding issuance of any share to a non-resident; and
- Preparation of books/registers relating to minutes of Board Meeting, Extra-Ordinary General Meeting and Annual General Meeting.
Handling withholding tax on salary and payments to vendors and others
- Advising on applicable rate of income tax to withhold at the time of payment;
- Preparation of documents relating to depositing the withholding tax into Govt. Exchequer; and
- Depositing withholding tax amount into Govt. Exchequer and collecting acknowledged bank chalan.
Handling Value Added Tax collected at source
- Advising on applicable rate of vat to withhold at the time of payment
- Preparation of documents relating to depositing the vat amount into Govt. Exchequer; and
- Depositing vat amount into Govt. Exchequer and collecting acknowledged bank chalan.
VAT Reporting
- Preparation of documents relating to depositing the VAT amount collected from the customer into Govt. Exchequer;
- Preparation of monthly VAT Report and filing with the VAT authority; and
- Obtaining attested copy of the VAT Report.
Payroll
- Calculation of payroll numbers;
- Computation of tax liability of the employee;
- Preparation of payroll statement and bank advise;
- Issuance of Pay Slip;
- Processing final settlement bill of an outgoing employee; and
- Preparation and filing of annual salary statement with the tax authority.
Work Permit & Employment Visa
- Processing, filing documents relating to request for recommendation for issuance of Employment Visa for the foreign national to be engaged by the company and obtaining the Recommendation for E Visa
- Processing, filing documents relating to Work Permit for expatriate employee of the company and obtaining the Work Permit; and
- Processing, filing documents relating to Multiple E Visa according to the Work Permit and obtaining the visa.
- Canceling Work Permit in case of early separation of the expatriate with the company.
Company Secretarial Services
- Drafting minutes of the first Board meeting;
- Drafting minutes of Board meeting, EGM and AGM;
- Preparation and filing of Annual Return;
- Preparation and filing of documents on allotment of shares;
- Preparation and filing of documents on any change to the Registered Address of the company;
- Preparation and filing of documents relating to any change to the Board of Directors of the company;
- Preparation and filing of documents relating to any change to Article of Association of the company and obtaining approval from the authority;
- Preparation and filing of documents relating to increase of Authorized Capital of the company and obtaining approval from the authority;
- Creation of new classes of shares. There can be advantages in having different types of shares in order to divert income but not capital;
- Preparation and filing of documents relating to change in the name of the company and obtaining the relevant Certificate; and
- Obtaining certified copy of Annual Return and documents filed with the authority.
Taxation
- Preparation of Income Return, Tax Computation and relevant schedules;
- Filing of Income Tax Return with the tax authority;
- Responding to any query from tax authority; and
- Obtaining Tax Certificate from up to Deputy Commissioner Level.
Others
- Renewal of Trade License, Chamber Membership and Import Export License;
- Extension of Work Permit and visa of the expatriate employee; and
- Maintenance of Employees Provident Fund Account.