Doing Business in Bangladesh

Bangladesh has made significant strides in electrification, achieving 100% coverage by 2022. The country is now focusing on renewable energy to meet its growing power demands sustainably. Opportunities exist in solar energy projects, as the nation aims to balance energy needs with climate change mitigation efforts. Recently, the Bangladesh government declared 15-year tax holidays in the […]

Bangladesh’s manufacturing sector, particularly the ready-made garments (RMG) industry, has been a cornerstone of its economy. To sustain growth, there is a pressing need to enhance productivity through technology adoption and innovation. A World Bank report emphasizes that firms with higher technology levels in Bangladesh’s manufacturing sector perform better, suggesting that strengthening innovation and technology

To effectively manage legal risks in Bangladesh, businesses should consider the following strategies:   Incorporate ADR Clauses: Including arbitration or mediation clauses in contracts can provide more control over dispute resolution processes, potentially reducing the time and costs associated with litigation.   Understand Local Laws: Familiarity with Bangladesh’s legal framework, including specific regulations pertinent to

Bangladesh’s approach to enforcing foreign judgments is selective, primarily recognizing those from jurisdictions with reciprocal arrangements. The process involves filing a certified copy of the foreign judgment in a Bangladeshi district court, followed by standard enforcement procedures. However, the enforcement of foreign judgments is relatively rare, with parties often opting for local litigation or arbitration.

To enhance the efficiency of dispute resolution, Bangladesh has integrated ADR methods into its legal system:   Arbitration: The Arbitration Act of 2001, which aligns with the UNCITRAL Model Law, governs arbitration, which serves as a binding method to resolve disputes outside traditional courts. This act facilitates both domestic and international arbitration and provides a

Commercial disputes in Bangladesh are primarily addressed within the civil court system, governed by the Code of Civil Procedure of 1908. While there is not a distinct hierarchy of commercial courts, certain courts handle cases based on the dispute’s monetary value and jurisdiction. This structure can sometimes lead to prolonged proceedings due to caseloads and

Bangladesh’s judicial framework for commercial disputes encompasses both traditional court litigation and Alternative Dispute Resolution (ADR) mechanisms, such as arbitration and mediation. Understanding these avenues is crucial for businesses aiming to navigate legal challenges effectively and mitigate potential risks.

Bangladesh has strengthened its regulatory framework to combat money laundering and terrorism financing. The Bangladesh Financial Intelligence Unit (BFIU), under the Money Laundering Prevention Act, 2012 (amended in 2015), issues guidelines and circulars to enforce compliance. Financial institutions are mandated to implement Know Your Customer (KYC) policies, establish Central Compliance Committees (CCC), and develop transaction

Bangladesh’s auditing standards are aligned with international benchmarks to ensure the reliability of financial reporting. The Institute of Chartered Accountants of Bangladesh (ICAB) has adopted International Standards on Auditing (ISA) to guide the auditing process. Companies are required to conduct annual audits by qualified professionals to verify the accuracy of financial statements. The audit process

In Bangladesh, companies are mandated to adhere to annual filing and reporting obligations as stipulated by the Companies Act of 1994. Key requirements include the submission of annual financial statements, tax returns, and other statutory documents to regulatory bodies such as the Registrar of Joint Stock Companies and Firms (RJSC), the National Board of Revenue