When you start a business, there are some important things you must do to make sure everything is legal and protected. You also need these to get a bank loan, fundraise, sell your products in supermarkets, or sell corporate goods. Here are five important registrations you should know about:
Business Registration / Trade license:
Before you start your business, make sure to get a license. This shows that your business is legal and allowed to operate. Here are all the steps you need to take to obtain a trade license for your business.
Tax Registration:
You also need to register for taxes. This means getting a number called a Tax Identification Number (TIN). It helps you pay your taxes correctly. If you want to add Value Added Tax (VAT), you’ll need another number called a Business Identification Number (BIN).
It’s important to note that obtaining a BIN certificate means you must submit VAT returns monthly, as failing to do so may result in significant penalties. On the other hand, for TIN, filing tax returns once a year is sufficient.
Company Registration:
If you’re starting a company with limited liability (like a private limited company), you need to get the certificate of incorporation from Joint stock. This gives your company a legal identity and protects its owners from certain financial risks.
Trademark Registration:
Business owners looking to establish a unique brand identity with a special name, logo, or symbol for their business should consider registering it as a trademark with the Department of Patents, Designs & Trademarks. Typically, this process incurs a fee ranging from 5,000 to 6,000 Taka. This makes sure that nobody else can use your brand, keeping it safe.
Membership:
If your business involves buying or selling things from other countries (Export & Import), you’ll need join a group called the Chamber of Commerce. You’ll also need special certificates called Import Registration Certificate (IRC) and Export Registration Certificate (ERC). Get these certificates from the Office of the Chief Controller of Imports and Exports (CCI&E). These certificates make it easier for you to trade internationally.
Starting a business involves a lot of paperwork, and believe me I know how overwhelming it can be. But don’t worry, you don’t have to do it all alone. You can make your life easier by getting help from professionals. Relin Consultants can take care of everything related to your company registration, while Shahin’s Helpline offers excellent legal services. Good luck with your business journey! 💪