Limited Company Registration Fee in Bangladesh
Steps of Bangladesh company registry are easier but not simple for foreigners. As there are some steps must follow for limited company registration although it is not familiar with foreigners. However, let see, why do the foreigners invest in Bangladesh? The main reasons are population, huge opportunity of sales, transport facility , low labor cost, many economic zones and so on. Do you like to start service, export import or manufacture business in Bangladesh? The way of company formation are unlike of local LLC. Limited company registration fee in Bangladesh is Taka 14000 to above as fee depend on capital.
Company name application
Yes, as promoters must apply for a unique name registration paying Taka 200 in bank. The approval name is valid for 30 days unless apply for extension before expiry. There is option of name search in ROC site to check availability. Although, after name approval sometimes company registration application is modified showing reason of similar name is found. The system of online search is not sufficient to confirmation until company is incorporated finally.
Now, you may go for limited company registry as name registration is already approved by RJSC. Hire the person who is expert on company Act and knowledgeable on RJSC submission though online. The procedure of limited company registration is bit complicated than local shareholding companies. So, it is recommended to complete all submission in proper way so that no mistake is made. There are some documents required to submit through online, fill up forms and upload files as required file size as guideline of RJSC. No one can rectify if any single mistake is made and after submission only RJSC officer can rectify. However, pay RJSC fees to schedule bank and wait for some times to check the name of officer who will look into. Many of the clients are concern about limited company registration fee in Bangladesh, visit http://188.8.131.52:7781/ to check it pls.
There are some costs and rules after company registry must follow by the directors. Each registrant must submit annual return with audit report, whether do business or not. Every company must update to RJSC if any changes are made as like directors, AoA, share transfer, address, increase shares and so on. Besides, income tax lodgement, collection of tax clearance certificate and pay taxation if any in yearly basis. Without preparation of financial statement and audit of the accounts unable to submit return in RJSC and income tax department. Trade and other license fees are separate from limited company registration fee in Bangladesh. There are some responsibilities too in yearly basis as like renew trade license, import export certificate, environment, fire and many more as needed. You may find more information on post company registration guideline in Bangladesh for foreign investors.
After company registry must focus on paying taxation if profit is there. 30 percent income tax is applicable for the foreign shareholding companies as FDI law in Bangladesh. And VAT (Value Added Tax 5 to 15 percent) is must for all of the companies if any goods and services are sold. In case of profit declaration, additional 10 percent tax will be imposed. 5 percent tax is incurred for foreign technician, who is working in Bangladesh. 10 percent tax applied on agent of foreign buyers for remuneration or commission. At a glance: https://nbr.gov.bd/uploads/publications/107.pdf
Accounts and audit
Financial year is 30 of June in Bangladesh so all company will must close the book of accounts dated from 1st July of previous year to 30 June of current year. Auditor of accounts is appointed by AGM and board of meeting every year by declaring of remuneration. Profit and loss, balance sheet, income statement and complete FS is prepared by qualified chartered accountants or other accountants. Auditor look into the FS and supporting papers of income and expenses and signed on papers. Tax rate of local investors are unlike of limited company registration in Bangladesh for foreigners. Accounts and audit fee depend on number of banking transactions and others documents.
Repatriate is restricted for the companies those have no permission from BIDA, NBR and central bank. Directors may take profit out of country after paying taxation properly, taking permission from BIDA and Bangladesh bank (Central bank). No banks allow to remit from Bangladesh to any other country without permission from authorities. As a result, a huge number of money goes out of country through back door (black market). Government of Bangladesh loose the benefit from taxation because of out dated policy. It must be open (through banking channel), of money to come in and out, after paying taxation and hassle free system, keeping economy sustainable and attract the foreign investors. If the tax rate stand 10% to 15% on repatriation of foreign shareholding companies FDI might boom in Bangladesh and repatriate system must be easier as like Singapore and other development countries. The owner of limited company registration and their foreign staffs are concern about repatriation.
After all, Bangladesh is one of the best place of investment as huge number of population, low labor cost, business friendly infrastructure, and dedication of present government to develop the country. Next 5-10 years, the picture of country must be changed as big investment projects of infrastructure and mega projects will be visible to all. Bangladesh will be model of quick development country unless interrupt the speed of working progress. Bangladesh company registry system is faster and easier too and government is friendly. To let you know that subsidiary in under limited company registration, so no confusion. Registration fees are not only incorporation services but other business licenses fees are there too must consider.