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Legal Procedures To Starting A Business

826 words - 4 pages

Bangladesh positioned 122 among 183 countries in the ranking of ‘Ease of the Doing Business’ by the World Bank. Bangladesh dropped from 118 in 2011 to 122 in the year 2012, it means coming days are becoming business unfriendly. Economic growth of a country is largely indebted to business. A business friendly environment is critical for motivating the growth of small and medium size enterprises. Unfortunately, our authority is paying very little heed to the issue.

Here is a list below -a detailed summary of the bureaucratic and legal hurdles a startup entrepreneur must overcome in order to incorporate and register a new firm means starting a business in Bangladesh, along with their ...view middle of the document...

Applicants do not need any-more to buy physical special adhesive stamps. Payment can be made to the designated bank accounts of the Treasury. Previously all the fees were supposed to be deposited only in selected branches of Sonali Bank. RJSC has now allowed one of the leading private sector banks with extensive national coverage —the BRAC Bank—to collect fees.

For an authorized capital of between BDT 100,000 to BDT 1,000,000 the adhesive stamps of total value BDT 2000 is required – BDT 500 is required for the memorandum of association and BDT 1500 for the articles of association.

Time Duration: 1 day

Estimated Associated Costs: BDT 2000

Step 03: File documents with the Registrar of Joint Stock Companies and Firms for registration.

For filing the memorandum and articles of association, the company pays fees based on the company’s authorized capital. For a company with a capital of BDT 318320, the cost is BDT 4125 (BDT 2925 registration fees + 1200 registration filing fees). The fees are paid at the designated banks.

The following documents to be submitted to the registrar:

(a) name clearance certificate;
(b) memorandum of association;
(c) articles of association
(d) forms I, VI, IX, X, and XII;
(e) proof of payment (i.e. receipt from the designated bank) for Treasury Stamps;
(f) encashment certificate (for nonresident subscribers); and
(g) tax identification number (for resident subscribers).

Time Duration: 1 day

Estimated Associated Costs: BDT 2925 registration...

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