Liaison office setup in Bangladesh

Liaison office setup in Bangladesh – Setting up a liaison office in Bangladesh involves several steps and requirements. A liaison office is a representative office of a foreign company that serves as a communication channel between the parent company and local businesses or government agencies.

Legal Counsel draws from a solid knowledge of the local business environment and an in-depth understanding of the country’s complex socio-political climate. Commercial law includes within its compass such titles as principal and agent, carriage by land and sea, merchant shipping, guarantee, marine, fire, life, and accident insurance, bills of exchange and partnership. It also comprises of regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. 

Here are the steps to set up a liaison office in Bangladesh:

1. Obtain a valid passport and visa: The first step is to obtain a valid passport and visa to travel to Bangladesh.

2. Choose a local agent: A foreign company is required to appoint a local agent or a law firm to act as their liaison in Bangladesh. The agent will submit the application and complete the necessary paperwork on behalf of the foreign company.

3. Submit the application: The agent will submit the application for setting up a liaison office to the Bangladesh Investment Development Authority (BIDA). The application should include details about the foreign company, the proposed activities of the liaison office, and the duration of the office’s operations.

4. Obtain approval: BIDA will review the application and grant approval if all requirements are met. The approval process can take up to three months.

5. Register with the Registrar of Joint Stock Companies and Firms: After obtaining approval from BIDA, the foreign company must register with the Registrar of Joint Stock Companies and Firms (RJSC) within 30 days. The company must provide a certified copy of the BIDA approval along with other required documents.

6. Obtain tax identification number: The liaison office must obtain a tax identification number from the National Board of Revenue (NBR) to conduct financial transactions in Bangladesh.

7. Open a bank account: The liaison office must open a bank account in a local bank to conduct financial transactions.

8. Obtain work permits: The foreign staff of the liaison office must obtain work permits from the Department of Immigration and Passports.

Once these steps are completed, the liaison office can start its operations in Bangladesh. It is important to note that liaison offices are not allowed to conduct commercial activities and are restricted to representational purposes only.

Liaison office setup in Bangladesh