corporate secretarial services • 24 Sep, 2023
Registration and Licensing Services in Bangladesh
Registration and licensing are essential steps for businesses and individuals looking to establish legal entities, engage in specific activities, or practice certain professions in Bangladesh. These processes are critical for ensuring compliance with local regulations, protecting the rights of stakeholders, and fostering a transparent and accountable business environment. In Bangladesh, various government agencies oversee registration and licensing across different sectors. Here's an overview of the key aspects of registration and licensing services in the country:
- Company Registration: For individuals or entities looking to establish a private limited company, registration with the Registrar of Joint Stock Companies and Firms (RJSC) is mandatory. This process involves the preparation of the company's Memorandum and Articles of Association, obtaining a Tax Identification Number (TIN), and completing necessary documentation.
- Trade License: Local municipalities or city corporations issue trade licenses to businesses operating within their jurisdictions. The requirements and fees may vary from one area to another.
- Partnership and Proprietorship: Sole proprietorships and partnerships should also register with the RJSC or respective local authorities, depending on the business structure.
- Professional Bodies: Many professions, such as medical practitioners, lawyers, engineers, and accountants, require individuals to obtain licenses from their respective professional bodies or councils. For instance, doctors must register with the Bangladesh Medical and Dental Council (BMDC).
Tax and VAT Registration:
- Tax Identification Number (TIN): All individuals and businesses must obtain a TIN from the National Board of Revenue (NBR) to meet tax compliance requirements. It is a crucial element for conducting financial transactions legally.
- Value Added Tax (VAT): Businesses with a certain level of annual turnover must register for VAT with the NBR and maintain proper VAT records for tax assessment and payment.
Import and Export Licenses:
- Import Registration Certificate (IRC): Importers in Bangladesh require an IRC to bring goods into the country. The Bangladesh Investment Development Authority (BIDA) issues these certificates.
- Export Registration Certificate (ERC): For businesses engaged in exporting, an ERC from the Export Promotion Bureau (EPB) is necessary.
Intellectual Property Registration:
- Trademark Registration: Individuals or businesses looking to protect their brand identities can register trademarks with the Department of Patents, Designs, and Trademarks (DPDT).
- Patent and Copyright Registration: DPDT also handles the registration of patents and copyrights to safeguard intellectual property rights.
Environmental and Regulatory Compliance:
- Certain industries, such as manufacturing, may need environmental clearances and permits from the Department of Environment (DoE) to ensure adherence to environmental laws.
Renewal and Compliance:
- Most licenses and registrations require periodic renewals to maintain legality. Non-compliance can lead to penalties, fines, or even revocation of licenses.
Navigating the registration and licensing process in Bangladesh can be intricate due to varying requirements across sectors and regions. It is advisable to seek professional guidance or legal assistance to ensure a smooth and compliant registration process. Additionally, staying informed about updates and changes in regulations is crucial for maintaining business operations within the bounds of the law in Bangladesh.