Get The Help Of HostBangla For Start To Set up a Liaison Office
It is easier and simpler to Liaison Office Setup in Bangladesh as opposed to forming a branch or a company. We explain how to open a liaison office/representative office in Bangladesh in this article. We at HostBangla offer secure & legal foreign entity setup services affordably.
Ensure the bank and branch where your account will be opened.
Apply to the Reserve Bank of Bangladesh with all necessary documents
Get obtain the Reserve Bank of Bangladesh approval.
You must apply to the BIDA for a Certificate of EPB in Bangladesh .
Apply to the Income Tax Authority
Register for TIN to Income Tax authority.
Take a receive account number.
For location, apply Establishment Act.
Know More About Liaison Office Setup In Bangladesh From Us!
There is no difference between the Liaison Office and Representative Office in Bangladesh. An international company’s Liaison Office is limited in its abilities, including:
1. Keep in touch/coordinate with principals, local agents, distributors/exporters’ institutions through personal contracts, and other electronic media.
2. According to the letter of approval, gather, analyze, and disseminate information pertaining to its field of activities.
3. There is no source of income for a Liaison/Representative office in Bangladesh. All setup and operational costs, including salaries of expatriates and local employees, are the responsibility of the parent company aboard.
The activities of a Branch and Liaison office shall be limited to the areas specified in the approval letter from BIDA, and shall not be carried out outside of those areas or within those time frames. If the company wishes to continue their office beyond the period approved, they will have to apply for renewal/extension in the prescribed form and with the proper documents at least 2 (two) months before the end of the current term.
The BIDA, the concerned bank, the National Board of Revenue, and the Bangladesh Bank shall be required to receive quarterly returns of remittances received from abroad with documentary evidences.
Before the proposed change is carried out, any changes to the current address must be notified to BIDA for action and approval.
In accordance with the rules of the country, the permitted office must obtain clearances and licenses from the appropriate government agencies.
A foreign company’s branch office can engage in commercial activities with BIDA’s approval.
Business activities approved by BIDA may generate local income through branch offices in Bangladesh.
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The name of the Bangladeshi branch or liaison office must be the same as that of the foreign company.
Articles of Association
The Branch and Liaison Office have no separate Memorandum and Articles of Association.
All Bangladeshi branches and liaison offices must have a Bangladeshi address.
Limitations of Liaison Office Setup in Bangladesh
Liaison offices in Bangladesh are not legally recognized as corporations, so they cannot make money. These activities include entering into a strictly binding contract, leasing space for other businesses, providing technical services, issuing receipts, and even shipping / storing goods without a local agent in Bangladesh.
Representative or liaison offices of foreign companies are permitted if the foreign corporate applicant has had a track record of profitability for the past 3 years, and its financial standing is strong. If a foreign company has a representative or liaison office in Bangladesh, we mean it has a net worth of USD 50,000 or its equivalent. The parent company’s financial statement must be properly certified by its statutory auditor.
The Branch or Liaison Office is registered with BIDA as a legal entity. It is called a multinational business extension and not a legal entity. As opposed to a subsidiary of Bangladesh, the parent company of the branch or liaison office is indirectly responsible for the debts and liabilities of the branch or liaison office.
It is possible for foreign nationals to become a director, shareholder, or secretary of a Bangladeshi company. It is even not necessary that you live in Bangladesh.
- It takes between 30 and 45 days from the date of application
- One meeting per month, sometimes two meetings if there are more applications submitted
- If the application is denied for lack of documents, additional time or a second meeting might be required.