Company Incorporation in Bangladesh

The participation of the company in Bangladesh can be a difficult process if nobody knows the right and enforced procedure. There are savings and provisions attached to the company's engagement in Bangladesh. The follow-up process should be understood and what Bangladesh needs to be associated with.

According to the Companies Act 1994, there are mainly three types of companies:

·       Limited by company shares,

·       Limited by company; And

·       Company with unlimited liability.

The most common form of Bangladesh's company is limited by the stock company. The Bangladeshi Companies Act, 1994, does not provide steps to the process of establishing a company for a company to incorporate it because it is mainly registered by the Company House of United Stock Companies and Firms (RJSC), Bangladesh. Steps are detailed for the registration or formation of a private company in Bangladesh: 

Name Clearance:

This is an online process where the applicant should apply for name clients. The RJSC website has collected an enrollment amount in the bank fixed. Name caution is valid for 180 days and it is recommended that Bangladesh's company is included within this time, otherwise, a new name client will be operated.

Documentation

The following documents should be submitted to RJSC for their verification.

·       Agreements and Articles of Company Association;

·       Proposals of promoters to open the company in Bangladesh;

·       Receiving and implementing the following forms to register the company with the RJSC:

·       Form I Filled: Announcement in Company Registration;

·       Form filled with Form: Information of registered office status;

·       Form Filled in IX: Consent to Work Director;

·       Form filled with Form: List of the consent of list directors;

·       Form Filled in XII: Details of Management, Manager, and Management of Agencies.

Banking Formalities

·       The the promoter will open a temporary bank account in the name of the proposed company with any scheduled bank, according to the condition, the company will be regularly regulated while registered with the RJSS company.

·       Capital contribution to a bank account

·       Receive encryption certificates from the bank that the amount necessary for capital the contribution has been pre-approved to the temporary bank account of the proposed company.

Return Filing

Registered entities are liable to file return on fixed forms and programs and RJSC is approved in satisfaction and saves such records. There are two types of returns:

a) Annual returns: Every year the company has the following documents RJSC-

·       Schedule X: This is an annual summary of share capital and is a list of shareholders; S.36;

·       Balance sheet within 30 days of the annual general meeting (AGM) date;

·       Profit and loss accounts account within 30 days from the date of AGM;

·       Form 23B: There is a letter of approval by the auditor to submit within 30 days from the date of appointment.

B) Return to any change to the unit: In the event of any change in the company, a relevant return to the prescribed form should be filed with the RJSC.