How to Start a Small Business in Bangladesh: A Beginner’s Guide

Ideation and Research:

 

  • Begin by brainstorming business ideas. Consider your interests, skills, and market demand.
  • Research the local market to understand consumer needs, competition, and trends.


Business Plan and Strategy:

 

  • Develop a solid business plan. Outline your business goals, target audience, marketing strategy, and financial projections.
  • Seek advice from management accounting specialists or third-party consulting organizations to create a comprehensive plan.


Company Name and Registration:

 

  • Choose a unique company name. Ensure it complies with the guidelines set by the Joint Stock Companies and Firms.
  • Register your business with the relevant authorities. Prepare necessary documents and submit them for approval.


Legal Requirements:

 

  • Obtain a trade license from the local authority.
  • Apply for a Business Identification Number (BIN) and Tax Identification Number (TIN).
  • Rent an office space in a non-residential location.
  • Prepare a blueprint and map for factory setup permission if applicable.


Capital and Funding:

 

  • Consider your investment strategy. Determine how much capital you need to start and operate your business.
  • Explore funding options such as personal savings, loans, grants, or investments from family and friends.


Adhesive Stamps and Documentation:

 

  • Purchase adhesive stamps from the Treasury for the memorandum and articles of association.
  • Attach the adhesive stamp (worth BDT 500) to the memorandum of association.
  • Obtain special adhesive stamps for payment receipts to the Bangladesh Bank.


Additional Considerations for Foreign Investors:

 

  • If you’re a foreign investor, follow specific guidelines for starting a business in Bangladesh:
  • Register a private limited company as a foreigner.
  • Register a branch office or project office.
  • Consider franchise agreements if applicable