Expand Business in Bangladesh
Global Upside helps businesses expand into Bangladesh by providing talent acquisition, human resources, accounting, payroll, tax, incorporation, and professional employer organization (PEO)/employer of record (EOR) services. Our comprehensive offerings create an end-to-end solution that helps you establish your business and optimize your operations, all while maintaining compliance with Bangladesh’s laws and regulations.
The hiring and incorporation processes in Bangladesh are often complex, time-consuming, and involve numerous legal and compliance challenges. Global Upside simplifies these processes and lifts the compliance burden from your business. Our teams have the experience and expertise required to help you establish a legal entity in Bangladesh. We also offer PEO/EOR solutions to companies interested in hiring employees quickly, without setting up a legal entity in the country.
Over the past few years, Bangladesh’s economy has seen a rise with garments being the backbone of the nation’s export industry. Though more than half of GDP is produced through the services sector, approximately half of the working populace are engaged in the agriculture sector, with rice as the most important merchandise.
- Bangladesh ranks as the 41st largest economy in the world in terms of nominal GDP.
- Bangladesh ranks as the 16th largest economy in Asia.
- Bangladesh is one of the largest garment exporters in the world.
- Bangladesh has a potential market in the furniture industry with a great demand for wood products.
A limited liability company (LLC) is an individual entity that is the most common form of establishment. There must be at least two investors and two directors who can either be individuals or legal bodies. They can be of any nationality and need not necessarily be from Bangladesh.
A public limited company (PLC) is a form of establishment that requires at least 7 investors who can either be individuals or legal bodies. The PLC needs to appoint three directors of any nationality.
A branch office is a form of establishment that needs to register with the Board of Investment, Bangladesh and comply with its guidelines. It also needs to appoint a legal auditor.
A representative office is a type of entity set up that is not permitted to perform any commercial activities. It can only execute activities related to market research and promote the services and products of the parent company within the country.
It takes approximately five to six weeks to establish a legal entity set up in Bangladesh.
All employers in Bangladesh are required to adhere to the federal labor laws that lay out the conditions of employment, working hours, salary, leave policies, health and medical conditions, and insurance for injured employees.
According to the 2006 Bangladesh Labor Act the terms to be included in employment contracts are:
- Name and address of both parties
- Working hours
- Weekly offs
- Leaves and benefits
- Gratuity benefits
- Provident funds
The Financial Reporting Standards set by the Institute of Chartered Accountants in Bangladesh also referred to as the ICAB, is known as Bangladesh Financial Reporting Standards BFRS which includes Bangladesh Accounting Standards, BAS. These laws are based on International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
The General Data Protection Regulation (GDPR) governs the collection and use of personal information in Bangladesh. Under the GDPR, the personal data of individuals can be collected for specific and legal purposes, and while collecting data, the individual’s consent is necessary.
Anti-Bribery & Anti-Corruption Law
The Bangladesh government enacted an autonomous Commission named the Anti-Corruption Commission (ACC) to prevent corruption and bribery practices in the country. The ACC conducts investigation and inquiry for distinct offenses and to formulate other relevant issues via section 3 of the Anti-Corruption Commission Act, ACCA, 2004.
Bribery for Public Officials
- Imprisonment for at least 1 year
- Monetary fine