Foreign enterprises wishing to develop abroad will find Bangladesh to be an interesting place to do so. There are several significant laws that a corporation must follow in order to enter the Bangladesh market and develop a local presence. Many foreign enterprises looking to break into the Bangladeshi market may find it challenging owing to a lack of understanding of local legislation and requirements. We are a trustworthy foreign enterprise service company (FESCO). Small businesses may find it difficult to find all of the services they require in one location. Getting firms up and operating smoothly is no longer a challenge with our extensive support offerings.
For your business plans, we will advise you on the optimal company structure to adopt. We can set up a corporation in a matter of days and establish accounting systems as well as take care of financial and tax compliance on a daily basis. However, because there are so many additional factors to consider, our assistance does not end there.
Bangladesh has been a major rising market in the world for the past two decades, thanks to its educated and well-spoken population, which has provided strong backend staff to big corporations looking to set up shop in Bangladesh. Bangladesh’s presence has become even stronger since the introduction of a unified Goods and Services Tax and the creation of a single-window registration and compliance system. With our high-quality business setup services in Bangladesh, Eicra.com can help you start a business.
Bangladesh, being a developing economy, provides a fairly stable environment for a variety of industries. We are strengthening its infrastructure in terms of roads and internet access in rural regions, making Bangladesh an ideal place to do business and creating a favorable business environment for a variety of industries to operate in.
When it comes to the consumption of commodities, the expanding population and a better-off middle class have expressed an interest in a global approach. The need for basic facilities is increasing in tandem with the growing population. This enables a variety of enterprises with a competitive advantage to expand and sell to a more educated public.
When compared to industrialized countries, Bangladesh has cheaper labor, food, electricity, and infrastructure, which encourages manufacturers to set up shop there, not only to take advantage of the large markets it offers, but also to save money on production costs. Another economic advantage to run the units in Bangladesh is the availability of skilled low-cost labor.
International professional services businesses have approached us for our experience in these areas, as they seek the finest solutions for their clients. We make an effort to understand our clients’ businesses and collaborate closely with them in order to give tailored tax advice that results in the most effective and efficient discharge of their tax liabilities.
When doing business overseas, value added tax (VAT) can affect practically every transaction and can be a significant component in a company’s cash flow as well as a genuine bottom-line cost. As more businesses operate globally and conduct cross-border transactions involving the delivery of goods or the provision of services, there is a growing desire to be VAT compliant in a foreign country and to obtain information about VAT treatment during business case planning, including VAT rates, VAT registration obligations, simplifications, and refund options.
A foreign subsidiary is a legal entity that is established in another country. Legal entities have the ability to promote their goods and services to the general public. We have the ability to import and export commodities as well. Furthermore, businesses with a local presence can spread their brand recognition into new markets, thereby increasing earnings.
By establishing a legal entity in Eicra.com, a business can make new business relationships with local partners and set up joint ventures that take advantage of localized knowledge.
We encourage foreign investment and make the process of forming a business as straightforward as possible. We even offer financial incentives to attract foreign investment, such as:
There is no requirement for a minimum amount of capital.
Zones of special economic significance
Zones of free trade
Integration procedures that are more efficient
There are no or little limitations on foreign company ownership.
The contribution used to be computed based on the participating employee’s average monthly pay income from the preceding year, therefore the greater the salary, the higher the contribution. Because employers are required to match employee contributions, businesses must set aside more money when salaries climb. Individual income taxation does not apply to contributions.
The main indirect tax is VAT, which is levied at rates of 16 percent, 10%, and 6%. Different sectors or activities may have lower rates. There are also consumption taxes ranging from 1% to 56%, land appreciation taxes ranging from 30% to 60% of gain, customs charges, stamp duty, and environmental taxes.
Bangladeshi personnel might be hired directly by FIEs or through local employment service centers. Foreign nationals, on the other hand, must obtain permission from the local Human Resources and Social Security Bureau, and the business must show why local employees are unable to fill the post or are otherwise ineligible. Expatriates must meet a number of criteria, including an academic degree, a professional certification, a post, and a contract period, among others.
Only legislative grounds allow employers to terminate an employee’s contract. Employers must pay an employee a severance payout equal to one month’s average wages for each year of service, subject to legislative limits. Employees can easily end their employment contracts by giving 30 days written notice (or three days during the probationary period).