Bangladesh has now established itself as a major destination for foreign direct investment, with numerous international companies successfully establishing businesses here each year. To set up a business in Bangladesh, a foreign corporation must meet certain standards and get permits from several government authorities. The procedure is as follows:
Step 1: Obtain name clearance from the Registrar of Joint Stock Companies and Firms (RJSC).
Step 2: Open an NRT bank account (Temporary).
Step 3: Apply for incorporation to the Registrar of Joint Stock Companies and Firms (RJSC).
Step 4: Open a bank account. (After the incorporation the NRT bank account will be converted into the permanent bank account of the company).
Step 5: Obtain a TIN certificate from the National Board of Revenue (NBR).
Step 6: Obtain a Trade license.
Step 7: Rent or purchase space for setting up the industry (If applicable).
Step 8: Obtain BIDA’s registration if the industry is located outside BEZA, BEPZA, BHTPA, or BSCIC, otherwise follow the procedure of BEZA, BEPZA, BHTPA, and BSCIC.
Step 9: Obtain fire license from FSCD, environmental clearance from DOE, approval of layout plan from DIFE, and VAT registration from NBR (If applicable).
Step 10: Obtain membership in business or trade bodies in Bangladesh such as DCCI, BCI, IBFB, FBCCI, FICCI, MCCI, BGMEA, BKMEA, and so on.
Step 11: Obtain NOC from the relevant Ministry/division to set up controlled industries.
Step 12: Follow the RAJUK/CDA/RDA processes for building/plant construction approval (If applicable).
Step 13: Obtain ad hoc IRC approval from the Office of the Chief Controller of Imports and Exports (CCI&E) (If applicable).
Step 14: Import capital machinery and raw materials (If applicable) and start operation.