Many foreign companies choose to set up a legal entity in Bangladesh to take advantage of the growing and developing economy. The procedure for setting up a legal entity in Bangladesh can be a complicated and long process. By understanding a company’s requirements and goals of setting up a new company, NNRoad can design the best solution to assist the setup in a timely manner.
- Confirm the selection of your business entity type, i.e. Incorporation of Representative, Liaison, or Branch office.
- Advise on the initial capital amount, if applicable.
- Guidance with business name search.
- Guidance with and drafting of the registration documents for the Business Incorporation certificate.
- Filing of documents with RJSC for incorporation.
- Support with mandatory registration of income tax, value-added tax, and trade licenses.
- Support with Secretarial and Compliance services.
- Registered address service support.
- Bank Account Opening assistance.
Employer of Record, or Employee Leasing, in Bangladesh, is a great option for small and medium-sized businesses. Hiring staff in Bangladesh via Employer of Record provides more flexibility than setting up a new foreign-owned legal entity and is quicker than setting up your own entity. NNRoad takes care of hiring in compliance with local laws and regulations so even if you are unfamiliar with the Bangladesh legal system and employment laws we work on your behalf and handle all matters of Bangladesh employment compliance so that you can focus on building your company in Bangladesh. Employee Leasing services provide an easier way for scaling up and down before finalizing commitment of investment in the Bangladesh market.
- The hiring of and termination of employees/local labor contracts, including contract administration: engagement, extension termination and conversion to a permanent hire.
- On-boarding and off-boarding employees following Bangladesh labor law.
- Complete payroll solution and mandatory benefit administration.
- Employee management, including employee record, timekeeping, bonus and allowance management, expense and claims, and leave employee database management according to the local law.
- Payment management, i.e. invoicing customers/clients and salary payments.
- Business visa application assistance, if needed.
Complying with local Bangladesh labor laws and regulations are vital to business success. NNRoad can assist by acting as your company’s HR department through our customized solutions for payroll needs in Bangladesh. NNRoad works with local, vetted experts to support our client’s companies and make sure they operate in compliance with Bangladesh labor laws and regulations, avoiding costly penalties.
- Registering the necessary employment and personnel information for payroll calculation to the custom payroll software.
- Calculation of gross salary, salary deductions (e.g. social insurances, unpaid leaves, provident fund deductions, withholding tax deductions etc.), and net salary based on information provided by the Company including irregular payments such as incentive/bonus, allowance, severance etc. if applicable.
- Calculation and submission of income tax statements of an employee and annualized for the current fiscal year, if required.
- Calculation and submission of the payments to Government Treasury.
- New employee registration and Pro-rata calculation for people who join/resign.
- Providing a monthly payroll summary to the Company.
- Monthly generation of pay-slips and sending to employees on email.
- Preparation of annual payroll related reconciliation report.
- Preparation of annual individual income tax calculation and contribution.
The Bangladesh accounting standards and policies are constantly changing. Without experience and highly skilled accountants and CPAs, mistakes are likely to be made. It can be both time-consuming and costly for a company to set up a qualified workforce in Bangladesh that can handle accounting tasks in compliance with local standards and policies. NNRoad, with its local experience and skilled accountants, provides a complete range of financial, accounting, and reporting services.
- Accounting for all transactions in compliance with Bangladesh Financial Reporting Standards (BFRS).
- Entering bookkeeping data records into accounting software.
- Sorting and matching transaction documents against bank statements/ preparation of bank reconciliation.
- Preparation of year-to-date balance sheet.
- Consolidation accounting and preparation of group financial statements on a quarterly and annual basis.
- Taxation planning and tax dispute resolution services.
- Tax compliance service support.