Top Law Firm in Bangladesh
Leading Law Firm in Chittagong
Leading Law Firm in Bangladesh
Leading Law Firm in Dhaka
Trade Lawyers in Bangladesh deals with the matters relating to Trade as such takes place between entities within an economy or in multiple economies. In Bangladesh, the ambit and definition of trade can be quite liberal. It can range from a business by a retailer to a multinational company. It can include an entity doing a particular business that has been formed as a company or a partnership or a sole proprietorship.
The Types and Form of a Business Entity that can do Trade Businesses in Bangladesh
The most basic form of business is usually operated under sole proprietorships. A sole proprietorship business can be started with simply acquiring a Trade License. Partnership is another form of arrangement for doing business in Bangladesh, where the number of partners can range from two to twenty. Partnerships can be created through an agreement stipulating the rights and ownership of the partners registered with the Registrar of Joint Stock of Companies.
Company can be incorporated as a public or private limited company. To learn more about Company incorporation in Bangladesh click here. The fundamental difference is that public limited companies have the option of raising funds from the public by selling shares where as private limited companies have their set list of shareholders. The process starts with the Name Clearance Certificate, followed by local shareholders submitting the draft of their Articles and Memorandum of Association with the other requisite identity documents and submit the same to RJSC for registration of the company. For foreign shareholders who have the option of full ownership in the company, they would require a bank account with their part of the capital documented through an encashment certificate which has to be submitted with the rest of the documents. Foreign companies if they want to conduct business in Bangladesh other than forming a company have two options, i.e. through a Branch Office or a Liaison Office which have the same name as the parent company. Branch offices are able to engage in commercial activities Liaison Office can be created only for the purpose of maintaining liaison and cannot generate any local income.
Services for Trade Lawyer in Bangladesh
Some registrations are required for taxation purposes such as the Tax Identification Number (TIN) and Value Added Tax (VAT) with the National Board of Revenue. Also, some licenses depend on the requirement of the particular trade. For example, for export and import business, an entity will require an Import Registration Certificate (IRC) and/or an Export Registration Certificate (ERC) which can be obtained by applying to the Office of Chief Controller of Imports and Exports (CCI&E). There are some specific licenses required for particular businesses. For example, if a company wants to conduct business in the Telecommunications Sector, particular licenses would be required from the Bangladesh Telecommunication Regulatory Commission (BTRC). If such a trading company is operating as a factory, they would also require Factory license, Fire License and Environment Clearance Certificate from the respective authorities.
The law of contract plays a major role as all business and transactions are done through a contract be it written or verbal. The Trading business is also extremely dependent on the banks since most of the transactions take place through the banking systems. Companies require account for general transactions, salary accounts, encashment certificates for foreign investors etc. Some businesses take cash credit loans from the banks while a lot of businesses take small medium enterprises loans against a collateral. There are also loans taken against mortgages. Some of these loans are also taken from the non-banking financial institutions. Banks also provide major loans for implementation of different projects to companies and also sometimes to the Government. Because of some of the inter-country transactions for trading business, the foreign exchange regulations also come in to play in a major way. Legal issues often arise from default of loans taken or from L/Cs where the payment has been stopped. A major matter which banks take very seriously is money laundering which can take place by illegal means of foreign transactions.
Issues with labour laws are prominent in the Trading business. It can give rise to all sorts of legal conundrums such as wages & leaves, benefits, employment contracts, appointment letters, gratuity, provident funds etc. It is necessary to comply with the working hours, number of leaves, all employment benefits, termination benefits, trade union issues, workers’ welfare matters etc. under the labour laws of Bangladesh. Because of the growth of such businesses, a lot of foreign employees are also residing in Bangladesh who require work permit to stay in Bangladesh. All these legal conundrums can be sorted with the right type of legal assistance.
FM Associates, the Leading Law Firm in Bangladesh and work of Trade Lawyer in Bangladesh
FMA is a full service law firm with excellent expertise in providing all types of legal solutions to Trading businesses. FMA can provide assistance with regards to incorporation of company, obtaining Trade License, I.R.C, E.R.C, VAT, TIN etc. and any type of drafting with regards to such work including Articles and Memorandum of Association etc.
The FMA team also specializes in labour issues including termination, payments, wages, trade union issues, workers’ welfare matters etc. FMA’s legal team consists of some excellent lawyers who can efficiently represent any aggrieved in the court system of Bangladesh and also outside court for any alternative dispute resolution.
FMA’s proficiency also includes immigration matters with regards to expatriates and provides support in obtaining the E-visas, FE visas and the Work Permit. FMA works with some of the biggest firms both local and foreign with regards to their expatriates. In addition, FMA has a whole wing dedicated to the financial and taxation issues which can take care of all the tax matters, payroll etc.