Have you ever felt like you want to invest in a high risk high reward developing country like Bangladesh, but didn’t know where to turn for help? Look no further than Tahmidur Rahman, a respected law firm in Bangladesh dedicated to protecting the rights of its clients. With their expertise in various areas of law and successful track record of defending their clients, this is a team you can trust. In this blog post, we’ll explore what makes Tahmidur Rahman stand out as a top law firm in Bangladesh and how they can help you protect your legal rights. So sit back, relax, and get ready to learn more about this exceptional team of lawyers.
How to find the perfect international law firm in Bangladesh for me?
For international investors looking to establish a presence in Bangladesh, a branch or liaison office in Bangladesh is one of two choices. Another alternative is to establish a Bangladeshi subsidiary firm.
If you are a foreign investor, we urge that you read our international investment article. It will assist you in understanding the legal framework governing foreign investment in Bangladesh.
The information provided below explains how to open a branch or liaison office in Bangladesh.
A law firm is essentially a business entity formed by one or more lawyers to engage in the practice of law.
In Bangladesh, there are many different types of law firms, ranging from small boutique firms to larger international conglomerates. These firms may specialize in certain areas of law such as criminal law, family law, corporate and commercial litigation, or intellectual property rights.
Law firms act as problem solvers for their clients by offering legal advice and representation when needed. They work tirelessly to protect the rights and interests of their clients, using their knowledge and expertise in various areas of the law to achieve positive outcomes.
Tahmidur Rahman Remura is an international, full-service law firm in Bangladesh, led by eminent Bangladeshi attorneys, barristers, and Supreme Court of Bangladesh advocates. The majority of the firm’s clients are multinational corporations, funds, and financial institutions.
Concentrations / specializations
The firm is renowned for its corporate practice in Bangladesh, which focuses on providing international clients with superior commercial legal advice and company law services. The scope of the firm’s practice includes real estate, technology, construction, and transportation.
A good law firm in Bangladesh can be your best advocate when it comes to protecting your legal rights – so don’t hesitate to seek out expert assistance from reputable international law firms like Tahmidur Rahman Remura!
How to start your business in Bangladesh
Liaison or subsidiary in Bangladesh
One of the two alternatives for foreign investors wishing to establish a presence in Bangladesh is a branch or liaison office. The alternative option is to incorporate a Bangladeshi subsidiary.
If you are an international investor, you should read our article on international investment. It will assist you in comprehending the legal framework governing foreign investment in Bangladesh.
The specifications provided below pertain to establishing a Branch or Liaison office in Bangladesh.
The approval of the Bangladesh Investment Development Authority (BIDA) is essential for establishing a Branch or Liaison office in Bangladesh.
KEY FACTS ABOUT LIAISON OFFICE IN BANGLADESH
In Bangladesh, Liaison office and Representative office are identical.
A Liaison/Representative Office of a foreign company is limited to performing the following tasks: maintaining liaison/coordination between principal and local agents, distributors/exporters’ institutions via correspondences, personal contracts, and other electronic media.
Collect, compile, analyze, and disseminate business information pertinent to its field of operations, as specified in the letter of sanction.
In Bangladesh, a Liaison/Representative office will have no local source of income. The parent company must cover all costs associated with establishing and operating the Liaison or Representative office, including the salaries of expatriates and local workers.
Except for the quantity brought in from abroad (the unspent portion), no outward remittances of any kind will be permitted from Bangladesh.
KEY FACTS ABOUT BRANCH OFFICE IN BANGLADESH
With the prior sanction of BIDA, a branch office of a foreign company may engage in commercial activities.
With the prior sanction of BIDA, a Branch office may have a local source of income from an approved field of business activities in Bangladesh.
KEY FACTS ABOUT BOTH BRANCH AND LIAISON OFFICE IN BANGLADESH
The activities of a Branch and Liaison office must be confined to the geographical areas and time period specified in the BIDA approval letter. If the company intends to maintain its office beyond the period of approval, it must submit an application for renewal/extension on the prescribed form with the required documentation at least two months prior to the expiration of the current term.
If the authorized company intends to employ foreign nationals in their office, they must obtain work permits from the BIDA.
Within two months of the date of issuance of the BIDA permission letter, an inward remittance of foreign currency equal to at least US$ 50,000 or its equivalent must be brought into Bangladesh to cover the estimated initial establishment costs and six months’ operational expenses of the office. In order to receive remittances, the Office must establish an account with any Bangladeshi scheduled bank in accordance with the instructions outlined in the Guidelines for Foreign Exchange Transactions.
Quarterly returns of incomes and expenses from remittances received from abroad must be submitted to the BIDA, the concerned bank, the National Board of Revenue, and the Bangladesh Bank with supporting documentation.
Any changes to the current address must be reported to the BIDA for mandatory action and approval prior to implementation.
The permitted Office must obtain clearances/licenses from the relevant government agencies, as and when required by the country’s existing laws.
The permitted Office must pay all applicable duties, income taxes, value-added taxes, revenues, and other taxes to the government in accordance with Bangladeshi law.
According to the Bangladesh Income Tax Ordinance of 1984, taxes must be deducted at source when paying office/house rent, salaries, and bills for purchased commodities, services, and contract work, and then deposited to the designated government accounts. In order to deduct taxes at source and VAT, businesses must obtain a Taxpayer Identification Number (TIN) from the National Board of Revenue.
The approval of Branch and Liaison Offices and the issuance of work permits for foreign nationals are contingent upon the Ministry of Home Affairs’ security clearance. In accordance with the extant Visa policy, the Ministry of Home Affairs shall provide a security clearance within 45 days of the issuance of a permission letter. Otherwise, it is assumed that the relevant agencies have no objections to the visa’s issuance.
Under section 107 of the Income Tax Ordinance, 1984, expatriates operating in the manufacturing industry, private sector businesses, educational institutions, Branch and Liaison Offices, etc. in Bangladesh must submit an income tax clearance certificate or income tax exemption certificate.
Branch and Liaison Offices will generally be discouraged for sole proprietorships.
In order to establish more than one Branch or Liaison Office in Bangladesh, the foreign company must obtain prior approval from the Bangladesh Investment Development Authority.
BRANCH/LIAISON OFFICE AS A TYPE OF ENTITY IN BUSINESS
When a Branch or Liaison Office is registered with the BIDA in Bangladesh, it becomes a valid legal entity. It is not regarded as a separate legal entity, but rather as an extension of the foreign company. Unlike a Bangladeshi subsidiary company, the parent company of a Branch or Liaison Office is implicitly responsible for all of its debts and liabilities.
OTHER INFORMATION
Name: The name of the Bangladeshi Branch or Liaison Office must match the foreign company’s name.
Constitution and Activities: The shareholders, company structure, and activities of a foreign company are governed by its Memorandum and Articles of Association. There is no separate Articles of Incorporation or Memorandum of Association for the Branch or Liaison Office.
A Branch or Liaison Office is required to have a Bangladesh-based office address.
DOCUMENTS REQUIRED FOR BIDA APPROVAL
For certification of a Branch or Liaison Office in Bangladesh, the following documents/information are generally required:
- Application for the establishment of a branch/liaison/representative office on the prescribed form, signed by the authorized signatory – four copies.
- The principal/parent company’s Memorandum and Articles of Association and Certificate of Incorporation.
- Names and nationalities of the principal company’s directors and promoters.
- Last year’s audited financial statements for the primary company.
- The resolution of the company’s board of directors regarding the establishment of an office in Bangladesh.
- The proposed office organogram displays the positions to be filled by both expatriates and locals.
- The activities to be performed by the proposed Bangladesh branch, liaison, or representative office.
Forwarding Letter
Documents (items 2-5) must be attested by the concerned Bangladesh mission/mission of the respective country in Bangladesh/apex business chamber of the respective country/local business chambers.
All non-English documents must be translated into English prior to submission.
Four copies of each document must be provided to BIDA.
After examining the above-mentioned documents, BIDA may request additional files.
GOVERNMENT FEES:
The fee of BDT 25.000 (twenty-five thousand) must be paid via bank Pay Order, and the authentic Pay Order must be submitted to the BIDA.
PROCEDURE FOR REGISTRATION AND TIMELINE
The procedure has moved online. All documents must be transmitted to BIDA’s online portal, and physical copies must be submitted subsequently. Officials from BIDA will submit the application and supporting documentation to the Interministerial Committee following a thorough examination of all documents. The Committee will examine the submitted documents and may request additional information or a physical presentation. If the committee is content, approval will be granted. Typically, the Interministerial Committee meets twice per month. The typical timeframe is one month or less.
Why Tahmidur is considered as the most elite Law firm in Dhaka to take help to initiate your business
Dhaka, the capital city of Bangladesh, is home to several law firms. However, it can be challenging to find a reliable and experienced law firm that caters to your legal needs. As such, it is important to do your research before settling on any particular law firm in Dhaka.
The best way to find an excellent law firm in Dhaka is by asking for referrals from friends or family members who may have used the services of a reputable lawyer. You can also check online reviews and ratings of different law firms in Dhaka before making your decision.
A good law firm should have lawyers who are knowledgeable about different areas of the law and are committed to offering personalized legal solutions for their clients. It’s essential that you choose a team that has years of experience handling cases similar to yours.
Moreover, location matters when choosing a suitable Law Firm in Dhaka since traffic jams are rampant here; selecting one close by will help avoid potential transportation issues.
Finding the right Law Firm in Dhaka could mean all the difference between winning or losing your case. So take time with due diligence while considering factors such as experience, expertise, and proximity when making this crucial decision!
Conclusion
Tahmidur Rahman and Associates is a well-respected law firm in Bangladesh that specializes in protecting your rights. From corporate to family law, the team of experienced lawyers can help you navigate through legal complexities with ease and confidence. Their reputation for providing quality services speaks volumes about their commitment to delivering justice to their clients.
Whether you are facing a legal dispute or seeking legal advice, Tahmidur Rahman and Associates can provide personalized solutions tailored to meet your specific needs. With an impressive track record of successfully handling complex cases both domestically and internationally, the firm has established itself as one of the most reliable names in the field.
So if you want trusted representation from a respected law firm in Bangladesh that prioritizes your interests above all else, do not hesitate to get in touch with Tahmidur Rahman and Associates today!
