Expand Your Company’s Geographic Footprint With Our Foreign Entity Setup Services

Payroll2Bangladesh simplifies the process of forming a foreign entity setup by offering world-class global entity services that help both the company and its employees throughout the process. Partnering with Elements for entity formation assures compliance in a jurisdiction while allowing your organization to focus on its bigger business goals and strategy. We offer foreign Entity Setup & Support services from a team of experts so that you can focus on what matters most: growing your business. Our experts will help determine the best structure for your business and craft a growth plan that ensures long-term success.

A Single platform Of Foreign Entity Setup

We Simplify A Complicated World With The Best Foreign Entity Setup Services

A foreign entity is one that was formed in a state apart from that in which the company was originally incorporated. As an example, if you have a registered corporation, but want to expand into Bangladesh, then your corporation would have to file as a Foreign Entity within Bangladesh. This is also called “foreign qualification” or “applying for authority to conduct business” in Bangladesh.

Penalties

There are penalties for transacting business without a Certificate of Authority, right?

Definitely. Without an authority certificate:

  1. Once the entity is registered, it cannot maintain an action, suit, or proceeding in court.
  2. It may be enjoined from conducting business in the state by the Attorney General.
  3. If the entity had registered when first required, it would have been subject to a civil penalty equal to all fees and taxes.
  4. An entity that has transacted business in the state for more than ninety (90) days may have to pay a late filing fee equal to the registration fee for each year or part year it has been delinquent. 

 How Do We Register Foreign Entity Properly?

You need to file an application with the relevant authorities and pay a fee in order to register a foreign entity. Most states require the disclosure of the company’s name, state of incorporation/organization, and the name and address of the registered agent in the state for which the application is being made. The process was simplified for the convenience of our clients.

Bangladeshi VISA

Work Permit Processing

Branches and liaison offices

Individual Consultations

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Export Processing

Foreign Entity Setup can be incorporated with your original registered name as long as it is available in your state of registration. Any company name that conflicts with another company name will have to be avoided.

We Help You Establish A Compliant Foreign Entity Setup

We can help you get your Foreign Entity filed quickly and easily. Our services include:

1. Check the availability of a name for free.

2. Preparing documents for your review related to foreign qualifications,

3. Those documents should be forwarded to the appropriate state agency in any state where you plan to form a foreign entity.

4. Complete any additional filings necessary, such as newspaper publications, filing of initial reports or statements of information.

We Assist You In Making A Smooth Transition To The Next Level In Expansion

 

You can rely on a strategic partner to assist you throughout the entire process, from initial setup to ongoing maintenance and reporting. To help you establish a presence in your desired country, we utilize our expertise and relationships with local partners in over 150 countries. From initial setup and registration to ongoing maintenance and reporting, rely on a dedicated strategic partner to ..

We Support Your Entire Foreign Entity Setup Strategy & Establish a global presence

Creating a foreign legal entity offers tremendous opportunities for growth-and a unique set of challenges. A team of experienced partners will guide you through every step of entity establishment, so you don’t have to be frustrated.

1. Company Registration

Work with local governments to set up your entity with a team of local experts, saving you time and resources.

2. Payroll Services

Payroll management should be accurate, efficient, and country-compliant, and international employees should be supported.

3. Accounting Assistance

Maintain compliance with local authorities by using accounting and bookkeeping expertise.

4. Advisory Services

Concentrate on business growth while a dedicated team handles employment contracts, benefits enrollment, and intercompany agreements.

With Successful 5 Process We Complete Foreign Entity Setup In Bangladesh

Our team of experts uses their extensive knowledge and intelligence tools to help firms move smoothly from working with an EOR partner to forming their own company, guiding them along the route. A specialized Client Success Manager will walk you through the process from beginning to end, ensuring that your company’s incorporation and registration go smoothly and legally. Subject matter specialists with extensive experience in entity setup and management will be available to you.

1. Investment Board Approval (BoI)

Documents should be submitted to the Board of Inquiry physically or online. If all documents are submitted according to the requirements, your request will be evaluated by the Inter-Ministerial Committee. Reviewing the documents, the Committee may request more documents or a presentation in person. They will approve the project if they are satisfied. Meetings of the Inter-Ministerial Committee typically take place every two months. A typical timeline is one month or less. An initial approval for the opening of a branch or liaison office is typically granted for a period of three years.

 An approval from the BoI requires a fee of Tk. To be paid to the Bank of Bangladesh or Sonali Bank.

2. Bank Account Opening

After the bank account has been opened in any Bangladeshi bank, the branch or liaison office can begin operating. Within two months from the date of issuance of the Board of Investment permission letter, foreign exchange equivalent to US$ 50,000 or more must be remitted into Bangladesh as inward remittances. The Bangladesh Bank must be contacted within thirty days of obtaining permission from the BoI.

3. Registration with the Registrar of Joint Stock Companies and Firms (RJSC)

It is necessary to obtain approval from both the Bangladesh Bank and the BoI before registering with the RJSC.

4. TIN number from the National Board of Revenue

Taxes and other taxes owed to the government by the permitted office are governed by the laws of Bangladesh. According to Bangladesh Income Tax Ordinance, 1984, when paying office/house rent, salary, and bills for purchased goods, services, and contract work, taxes are deducted at source and deposited in designated government accounts. Enterprises are required to obtain a Taxpayer Identification Number (TIN) from the National Board of Revenue before they can deduct taxes at source and charge VAT.

Remote HR Staffing

Work Visa processing

Payroll Outsourcing

Remote HR Staffing

You can rely on a strategic partner to assist you throughout the entire process, from initial setup to ongoing maintenance and reporting. To help you establish a presence in your desired country, we utilize our expertise and relationships with local partners in over 150 countries.

Enter Your New Markets With Our Foreign Entity Setup expertise

Ensure compliance with your existing global distribution operations while setting up and managing new ones.

We can also help you to open a Representative office in Bangladesh

For an application to open a representative office the following documents are required:

  • 1. Establishment of a branch/liaison/representative office application on prescribed form signed by the authorized representative - four copies.

  • 2. Certificate of Incorporation and Memorandum of Association of the principal entity.

  • 3. The name of the principal company's directors and the nationality of the promoters.

  • 4. The principal company's audited accounts for the previous financial year.

  • 5. Resolution of the company's board of directors regarding opening an office in Bangladesh.

  • 6. A proposed organizational chart showing the posts to be filled by expatriates as well as locals.

  • 7. Details of the proposed activities Bangladesh branch/liaison/representative office.

FAQ – Frequently Asked Questions For Foreign Entry Setup

1. How long does it take to set up an entity?

Establishing an entity can take a considerable amount of time, depending on a number of factors. The process usually takes 3-4 months before you can begin operating in your new market. The timeframe often increases exponentially due to delays in banking, filing errors, and other administrative tasks.

2. Why should I hire payroll2bangladesh to help with entity setup?

No matter what market you’re in, forming a company takes a long time and costs a lot of money. Using our frees up valuable internal resources, allowing you to concentrate on day-to-day operations and managing your global expansion initiatives.

3. Which entity setup and support services do payroll2bangladesh provide?

Our team of professionals can help you with every step of the process, from initial setup to continuous maintenance, including:

  1. Navigating the intricacies and regulations unique to each country
  2. Keeping in touch with local governments to save time and money
  3. Observance of local laws and regulations
  4. Ensure that monthly and annual financial statements, reports, taxes, payroll, and statutory returns are prepared in accordance with local regulations.

4. Are you able to provide ongoing support for our local entity?

Yes. We can supply continuous services such as human resources, payroll, and benefits administration for your local entity. We can also make sure your company is in compliance with local tax and corporation rules.

Are you Looking for Expatriate HR Management?

Our team of regional experts is ready to assist you with your global expansion plans. We offer HR management services at a cost-down way.