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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