A large number of foreign companies are working in Bangladesh with success and the number is growing. Diverse sectors offer opportunities for foreign companies, including agribusiness, water, information technology, logistics, energy and infrastructure and consulting services to name just a few.
Bangladesh has set an ambitious task of climbing in to the World Bank's top 100 ranking of economies in ease of doing business in the next five years.
The ease of doing business report is based on 10 parameters, such as, starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
Here are some of the reforms the Bangladesh Investment Development Authority announced 2017.
All process of starting a business would be completed by seven days in place of 19.5 days now as government agencies promised to remove red-tapes to facilitate investment in the country.
In line with the reform, the agency like RAJUK would give construction permits within 60 days instead of current 278 days and processes of getting electricity connection would be completed by 28 working days in place of 404 days.
Certified copy of registered deed will be made available right at the time of registration while a copy of the deed will be sent to the AC land for mutation immediately after registration.
Process, time and cost of paying taxes and trading across borders would be reduced with the international best practice and in a coordinated way.
Registering property, which is a cumbersome task in Bangladesh, will be made easy and simple for investors. According to the BIDA plan, the certified copy of a registered deed will be made available right at the time of registration and a copy will also be sent to the AC Land office for mutation immediately after the registration.
Bangladesh is now trying to establish itself as the next rising star in South Asia for foreign investment. The government has implemented a number of policy reforms designed to create a more open and competitive climate for private investment, both foreign and local.
As elsewhere in Asia, business builds to a large extent on personal networks. exporters and investors will do well by establishing a personal network with potential partners, stakeholders and relevant authorities.
In general, English is understood by most business people in Bangladesh. Formal meetings in the presence of expats are conducted in English both in private and the public sector.
Implementing a wholly owned or joint venture industrial project in Bangladesh is a fairly simple process.
The Bangladesh Investment Development Authority offers a range of valuable business-related services to the international and national investment community. The office helps prospective investors and promoted firms in obtaining official permits and documents required for conducting business, including visas, work permits and permanent residency permits. The BIDA [Bangladesh Investment Development Authority] also assists investors in gaining access to utilities such as water, electricity, gas, land and telecommunications.
To do any business or setting up a business you need to register your business first. It’s most important to start any kinds of legal business. As like as other countries Bangladesh govt. has some rules to run or setting up business within Bangladesh.
An entrepreneur has to follow some specific procedures and legal steps to set up a business in Bangladesh.
Check how to SETTING UP A BUSINESS in Bangladesh – Step by Step > http://bida.gov.bd/doing-business
Now, the cost of setting up a business in Bangladesh is very convenient comparing to the other countries of the world. It has been seen that it is even cheaper and less time consuming then that of China and India.
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