HOW TO OPEN A BUYING HOUSE IN BANGLADESH

HOW TO OPEN A BUYING HOUSE IN BANGLADESH

How to Start a Bangladeshi Buying House

Clothing Purchasing House is becoming a crucial component of Bangladesh’s apparel industry. You may learn how to establish a buying house in Bangladesh by reading this post.

Foreign purchasers occasionally do not place orders directly with clothing factories. They decided to have Buying House get the clothing items for them.

Step One:

You must first establish a firm in Bangladesh in order to set up a buying house. It could be a corporation, partnership, or sole proprietorship. To learn more about launching a business in Bangladesh, kindly follow this link.

Step Two:

Updated September 15, 2015: The Foreign Exchange Regulations Act 1947 has been revised by the Bangladeshi Parliament recently. The need for Bangladesh Bank’s 18A approval is no longer necessary.

The amendment is available for reading here.

You should get in touch with your bank as soon as you have signed the buyer’s agreement.

Following the establishment of the firm, the Bangladesh Bank’s 18A Permission for Buying House is needed.

It is necessary to provide the aforementioned documents for approval:

• application of the business on letterhead or pad addressed to the Bangladesh Bank’s head of the relevant department or office;
• A required form must be correctly completed, signed by the designated signatory, and contain the signatory’s name and title;
• a contract with a foreign principal;
• updated trade license; bank solvency certificate; partnership deed (for partnership firms); attested copy of TIN;
• the articles of association, the memorandum of association, and the certificate of incorporation (for businesses registered with the Registrar of Joint Stock Companies and Firms);
• the foreign national’s work permit issued by the Board of Investment (for joint ventures or businesses that are 100% foreign owned);
• Certificate of VAT Registration (optional);

Among other things, the contract (agreement) between the foreign principal(s) and the buying house should include:

• Complete names of both parties, complete address including country names, product description, commission rate, signature, and agreement expiration date
• Every page of the agreement must be signed by both parties, and Bangladesh Bank should get two sets of the aforementioned documents.

The following paperwork will be needed for renewal or the addition of new overseas principal(s):

• Application of the company; (if applicable) Agreement with foreign principal(s);
• Revised Trade License
• updated foreign national’s work permit(s) issued by the Board of Investment (for enterprises that are 100% foreign owned or joint ventures);
• The applicant’s application and the bank’s sending should both include the approval number that Bangladesh Bank gave them.
• Please get in touch with us if you require expert assistance with setting up a buying house.