Why Register Company in Bangladesh Now?
The country of Bangladesh has been rocked by politically-motivated chaos and signs of climate change in recent years. But, nowadays, Bangladesh has been more stable politically and is on civil terms with its neighbours. This shows that the push for Bangladesh’s independence is alive and strong in the country.
Some of Bangladesh’s neighbours, such as long time ally India, are also its most loyal trading partners. Bangladesh is also on good terms with countries in the Middle East, which is good economically for the former. Foreign investors may see this time of peace as an opportunity to invest directly in Bangladesh. This means you may register company in Bangladesh now since the timing is good.
Investors Should Register Company in Bangladesh Industries for Profit
There are certain industries that foreign investors ought to look into before bringing in foreign investments. The industries you should consider investing in are:
- Agriculture (soil is very fertile since Bangladesh is on a delta)
- Processing of leather goods
- Food processing
- Construction materials
- Energy (power is badly needed to spur more economic activities)
There is also the financial services industry, which is very important since many citizens remit funds overseas to their families. Microfinance is alive and well in Bangladesh. Related to this industry is telecommunications, which is equally important for Bangladesh citizens (local and abroad). And since Bangladesh has a long cultural history, tourists want to visit and see the sights (especially those with religious significance).
You should also pay attention to other industries like transportation. This encompasses aviation, rail networks, and shipping.
These and other smaller industries are the main reason you should register company in Bangladesh now.
Register Company in Bangladesh Due to Demographics
One great reason to register company in Bangladesh is that the educational system prioritizes regular English use among students. This means your new company may be able to secure local labour rather than bring over staff from your country.
The Bangladesh government heavily subsidizes schooling starting from the primary grades up to tertiary education. Even some private schools receive funding from the government. In connection, the government also imposes examinations at certain educational levels. Students have to pass these examinations to be allowed to enter higher education.
Because many citizens’ main occupation is agriculture, it is good that many educational institutions prioritize agricultural science courses. This gives knowledge to the next generation so that the agriculture industry will improve. Naturally, this benefits everyone.
Healthcare is also a priority for the educational sector. Because of this, the Ministry of Health and Family Welfare is in charge of the medical colleges. These are either government-supported or private institutions. Many poor citizens, particularly the children, badly need better nutrition. It was suggested that the government should subsidize health programs too.
How to Register Company in Bangladesh
As the first step when you register company in Bangladesh, you have to reserve a unique company name with the government. This name should also not be indecent or obscene. This unique company name is yours for six months, which gives you time to register the company.
You are then required to set up a local bank account using the unique name you reserved. This bank account will contain the amount necessary for your company registration and business operation requirements.
You will then submit the fully-accomplished corporate documents to the Registrar of Joint Stock Companies and Firms’ Office. Among these documents are the Articles of Association, the Memorandum of Association, and its list of directors. You must pay certain registration fees before the Registrar of Joint Stock Companies and Firms releases the certificate of incorporation.
There may be some incorporation steps that seem difficult to process. If so, you may want to tap 3E Accounting to get the assistance you need for processing company registration. Contact us today so that we may provide the necessary help you need. We offer different business services (including taxation services).