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Shark Tank Bangladesh: The legality and everything you need to know

Shark Tank Bangladesh: The legality and everything you need to know

Shark Tank Bangladesh

Shark Tank in Bangladesh is a television show that need no introduction. We’ve all witnessed the business negotiations between the Sharks and their pitchers. These negotiations are simple to understand for someone with a commerce background or who has studied how businesses are built and run, but for someone who does not have a degree in commerce or accounting and is a layman in the business world, the concepts and terminologies used in the show can be difficult to understand most of the time, which is where this article comes in. It is my endeavor to break down the show’s nits and bits so that even the average viewer can grasp them.  

History and background of Shark Tank Bangladesh

Let us begin by discussing the show’s history and context. “Shark Tank” debuted in the United States in 2009 and rapidly became a hit show. This show is originally based on an international show called “Dragon’s Den,” which aired in 2005 in Britain, and is again based on a Japanese show launched in 2001, “The Tigers of Money.” When it comes to “Shark Tank,” the format has been successfully adopted in numerous nations, including Canada, the United Kingdom, Australia, and even Bangladesh. 


Concept of Shark Tank in Bangladesh

This show’s popularity stems primarily from its theme. It’s a reality TV show in which aspiring entrepreneurs, known as “pitchers,” take risks to gain money by inventing something new or providing a service that others demand. They are frequently portrayed as people who generate new ideas and take risks to make those ideas a reality, as opposed to businessmen, who are typically more concerned with managing existing firms and optimising old systems. In the show, they offer their company ideas or goods to a panel of affluent investors, known as “sharks.”

The show has five sharks who are accomplished businesspeople. These entrepreneurs are looking for investments in exchange for a share of their company’s equity. The show offers an opportunity for ambitious entrepreneurs to seek investment capital and experience to help them expand their enterprises. 

Pitchers typically have 2-3 minutes to present their ideas or business models to the sharks, and it is only during this pitching time that they must tell the sharks how much money/investment they are looking to raise from them and what equity stakes they are willing to give the sharks in exchange for that investment. This provides sharks an indication of the company’s valuation. 

Let’s understand the different terminologies used in the previous text. 


• Equity refers to the ownership stake in a corporation. 
• Equity stake refers to the percentage of ownership granted to an investor. 
• Valuation is the estimated worth of a firm. 

Let’s use an example to better grasp this. 


Mr. X appears on the television and gives a fantastic pitch about his firm, ABC, which creates breathable fabric shoes. Mr. X tells the sharks that he wants to raise BDT 50,00,000/- for a 20% equity investment in his company.


If we consider that Mr. X has 100% equity in his company, which means he owns 100% of the company’s shares or stocks, he is asking the sharks to invest fifty lakh BDT in his company, and in exchange for that investment, he will give them a 20% equity stake, which means the shark who invests fifty lakh BDT in ABC will become a 20% shareholder in the company. As a result, once the transaction is completed, Mr. X will lose 20% of his ownership yet retain 80% of the shares or stocks. If the value of giving 20% shares of Mr. X’s firm is 50 lakh, then by basic multiplication, the value of 100% shares of ABC’s company is 2.5 crore, which is the company’s current valuation. 


When the pitcher finishes pitching, sharks begin asking questions of the pitchers, and the significance of these inquiries cannot be stressed. These questions assist sharks in determining the risks and potential benefits of an investment. Sharks invest their hard-earned money, therefore it is critical to make informed selections.

Questions that you might expect from Sharks in Bangladesh –

These questions appear like this: 

What is your sales and profit margin? 


Sharks frequently inquire about the financial performance of the business. They inquire about current sales numbers and profit margins to assess the company’s revenue and profitability. 


What are your plans for growing the firm with this investment? 


When entrepreneurs seek finance, sharks want to know how the money will be used to expand the business. They inquire about the precise strategies and projects that will be sponsored with their investment
Tell me about your background. 


Sharks frequently inquire about the entrepreneur’s expertise and qualifications, as well as their personal relationship to the business idea. 


Sharks pay close attention to the pitcher’s background because they want to know who they will be working with. It is not always just about the business; it can also be about the entrepreneur who runs it. They want to make sure the pitcher is dedicated and competent of pushing the business to the next level.

Many times we have seen on the show that the sharks were not moved by the pitch; they were not interested in the business either, but then they asked about the background of the entrepreneur and got so impressed by the qualifications, the life history of the entrepreneur, or the future and vision of the entrepreneur that they got convinced of the fact that although the pitcher’s business is not profitable now, it is not big enough, but the pitcher has the potential.

Similarly, we’ve seen numerous situations where the pitcher produced a wonderful pitch, but when the sharks began interrogating him, he was unable to provide a suitable explanation, and as a result, he was unable to close the deal. There is a phrase that goes, “Unless there is a skilled rider on the back of the horse, even the fastest horse cannot win the race,” and these lines are appropriate for this presentation. 

Finalising a deal on Shark Tank. 

After listening to the pitch, the sharks grill the pitcher until they are pleased. They extend an offer to the pitcher. This offer could be the same as what the pitcher requested, or it could be something else. 
Let us comprehend this by an example: 
In response to the invitation to offer, Mr. X is asking 50 lakh BDT for a 20% ownership in his company ABC. 


• A shark can agree to Mr. X’s requirements and offer 50 lakh BDT for a 20% ownership, keeping the firm valuation at 2.5 crore. 
• A shark can present Mr. X with three different offers: 

  1. It could have a lower value. The pitcher has the choice of declining the offer or counter-offering the shark. It is now up to the shark to accept the counteroffer, decline it and stick with their initial offer, or make a new offer with a different valuation. Mr. X invited Sharks to invest 50 lakh BDT in his firm ABC for a 20% equity stake, valuing it at 2.5 crore BDT. After the pitch, the sharks asked several questions and discovered that revenues and scalability did not match the firm valuation; thus, the company was overvalued. Sharks say, “Okay, I’ll give you 50 lakh BDT for 33% of the equity stake.”

This bid lowers the company’s valuation because the Sharks’ offer values the company at 1.51 crore. Following this, the pitcher may remark that 33% is a lot to give, so how about 50 lakh at 25% stake? With this counter offer, the pitcher attempts to negotiate at a higher valuation of 2 crore, and this is how negotiations take place in the program, and once the negotiations are completed, a deal may or may not occur. 


2. Sharks can offer both stock and credit. Shark offered 30 lakh taka for a 20% stake and gave the remaining 20 lakh as credit for 5 years at 10% interest per annum, which means that not only is the company now undervalued by Shark at 1.5 crore, but Mr. X also has to return 20 lakh after 5 years along with the interest amount, so he must return 30 lakh taka. This type of offer can now take many different forms and combinations. Again, the pitcher must decide whether to accept or counteroffer this make. 


3. The shark can agree to the pitcher’s valuation or undervalue it with his offer, while also charging a royalty fee. Shark offers to invest 50 lakh for a 20% interest in ABC, but imposes a BDT. 20 royalty fee on each shoe sale. This means that whenever ABC sells a shoe, the shark will get 20 bdt from the sale. This royalty charge can be in perpetuity, or until ABC sells shoes. BDT. 20 will be credited to Shark on each sale, or it can be for a set period of time, such as five years, which means ABC will not be obligated to pay a royalty fee to the shark after five years, or it might be until a particular agreed-upon amount is recovered. Let’s assume Shark proposes a royalty of BDT. 20 on each pair of shoe sales until I receive 20 lakh bdt. ABC will no longer be obligated to pay the shark any royalties after the sum of 20 lakh BDT has been paid. There can be numerous permutations and combinations of this. Again, the pitcher has the option of accepting the offer or countering.  


The show focuses on how successfully you can negotiate a contract. On the one hand, sharks see a scalable business and want as many stakes as they can in it because the more stakes they have, the more profit they will make, whereas pitchers look for big investments and the sharks’ expertise but do not want to lose too many stakes in their company, so in a way, this show teaches us a lot about negotiations and their power. 

Shark Tank Bangladesh Best Law Firm In Bangladesh Tahmidur Rahman
Shark Tank Bangladesh: The Legality And Everything You Need To Know 2

Legal Terms in Shark Tank Bangladesh

  • A contract is a legally binding agreement between two or more parties that defines the terms and circumstances of their relationship.
  • Patents, trademarks, copyrights, and trade secrets are examples of intellectual property (IP) legal rights that protect creative works.
  • A non-disclosure agreement (NDA) is a legal contract that describes the secret information that parties intend to disclose with one another for specific purposes but not with other parties.
  • Liability refers to the legal accountability for one’s conduct or debts.
  • Corporate governance is the set of rules, policies, and processes that direct and regulate a firm, and it frequently involves the interaction of a company’s management, board of directors, shareholders, and other stakeholders.
  • Compliance: Ensuring that a company adheres to all applicable laws, regulations, and industry standards.
  • Arbitration is a way of resolving disputes outside of the judicial system in which a neutral third party issues a binding ruling.
  • A lawsuit is a legal action brought by a plaintiff against a defendant based on a complaint or petition.
  • Tort is a civil wrong that causes suffering or loss for which the aggrieved party may seek compensation.
  • Indemnity is the legal responsibility to compensate another party for certain losses or damages.
  • Force Majeure: A contract clause that excuses a party from carrying out its contractual duties owing to unanticipated occurrences beyond its control.
  • Regulatory Compliance: Adherence to laws, rules, and regulations established by government authorities that apply to a particular industry.
  • Antitrust laws govern and prohibit anticompetitive behavior in the marketplace.
  • Due diligence is the process of thoroughly studying and verifying the specifics of a commercial deal or investment.
  • Corporate veil: A legal concept that distinguishes a corporation’s acts and liabilities from those of its shareholders, thereby protecting personal assets.
  • A power of attorney is a legal document that empowers one person to act on behalf of another in legal problems.
  • A preliminary injunction is a court order that restricts specific actions or activities until a legal dispute is resolved.
  • Bankruptcy is a legal position that occurs when a person or business is unable to repay their debts, prompting a court-supervised process.
  • The statute of limitations is a legally determined time limit within which legal procedures must be launched.
  • Regulatory Compliance: Adherence to laws, rules, and regulations established by government authorities that apply to a particular industry.


A handshake deal is not a deal. 


As we all know, a handshake transaction is not a deal unless it is formalized with paperwork specifying the parties’ rights and duties. The same is true for this show. Following the handshake agreement, the Sharks must complete paperwork, which requires them to conduct due diligence on the pitcher’s company. Before the presentation starts, the sharks have no idea who will pitch them or what the business will be about.

It is during the pitch that only sharks get to know about the company and their business, and it is upon the beautifully presented pitch and after looking at the numbers of sales and scalability that sharks decide to invest in the business. However, there is a possibility that the pitcher might have lied or disclosed some facts that can harm the business, so sharks need to perform due diligence to check if all the facts that were told by the pitcher align perfectly. 


This show’s popularity stems primarily from its theme. It’s a reality TV show in which aspiring entrepreneurs, known as “pitchers,” take risks to gain money by inventing something new or providing a service that others demand. They are frequently viewed as individuals who generate new ideas and take risks to make those ideas a reality, as opposed to a businessman, who is typically more concerned with managing existing firms and optimizing established processes. In the show, they offer their company ideas or goods to a panel of affluent investors, known as “sharks.” The show has five sharks who are accomplished businesspeople. These entrepreneurs are looking for investments in exchange for a share of their company’s equity. The show offers an opportunity for ambitious entrepreneurs to seek investment capital and experience to help them expand their enterprises. 


Pitchers typically have 2-3 minutes to present their ideas or business models to the sharks, and it is only during this pitching time that the pitchers must tell them how much money/investment they are looking to raise from the sharks, as well as what equity stake they will offer the sharks in exchange for the investment. This provides sharks an indication of the company’s valuation. 


Let us comprehend this by an example: 


Mr. X provided the valuation of his company as BDT. 2.5 crore. When Shark inquired about last year’s and current year’s sales, they discovered that the company had been presented as overvalued and asked the same question to the pitcher If the sales numbers did not align with the valuation, why have you presented your company in the overvalued figure to this Mr. X says that he has received an order to manufacture 1 lakh shoes from DMart as they want to sell my shoes in their store, and this order can take the valuation of ABC to the figure Based on this information, one of the sharks closed the transaction via handshake, but during due diligence, it was discovered that the order for manufacture was only for 25,000 shoes. Now, this fact, and others like it, can have a significant impact on the shark and pitcher’s future collaboration, thus due diligence is undertaken, and the deal is closed or not. 


Common words used on Shark Tank and their meaning 


Some popular terms used in the program and their definitions are: 


• Gross margin is the gap between revenue and cost of goods sold. 
• Patent provides legal protection for an invention. 
• Crowdfunding involves raising funds from a big number of people. 
• Angel investors are wealthy individuals who invest in companies. 
• Venture capitalists are professional investors who handle pooled cash from others. 
• Royalty: Payment for using a product or idea. 
• Dilution: A decrease in ownership proportion owing to new investments. 
• B2B = Business-to-Business. 
• B2C: Business-to-Consumer. 
• D2C means direct-to-consumer. 

The purpose of Shark Tank show 


“Shark Tank” benefits both investors (the “sharks”) and entrepreneurs in numerous ways. 
Benefits for Investors (Sharks) 
Various investing alternatives. 


The show introduces investors to a variety of company concepts and industries they may not have explored before, which frequently leads to profitable investments. 


Brand visibility 


Being a shark on the show can help raise an investor’s public visibility and personal brand. It can result in improved visibility, speaking engagements, and networking possibilities. Before Shark Tank Bangladesh, few people were familiar with Anupam Mittal (Shadi.com), Aman Gupta (Boat), and Ashneer Grover (BharatPe), but after the show, these successful businessmen appeared on numerous talk shows and podcasts, and they went viral all over the internet via YouTube shorts or Instagram reels. 


Access to fresh ideas. 


Investors gain access to novel products and concepts, which may be enticing to individuals trying to stay ahead in their businesses or diversify their investment portfolios. We’ve seen this happen many times: all of the other sharks decline the offer, but one shark believes in the product or idea and invests. 


Expertise and mentoring 


Sharks may help entrepreneurs grow and flourish by investing in their enterprises and providing them with their knowledge and advise. This mentorship role can be both personally enjoyable and financially lucrative. 


Benefits for Entrepreneurs 


Access to Capital 


Entrepreneurs frequently require funds to establish or grow their enterprises, and “Shark Tank” provides a forum for obtaining investment cash from seasoned investors. 


Exposure and Marketing 


Appearing on the show can provide entrepreneurs with valuable exposure to a big audience, resulting in improved sales, brand recognition, and marketing opportunities. 


Expertise and mentoring 


In addition to the funding, entrepreneurs can benefit from the sharks’ business acumen and industry experience. This mentorship can help people make better decisions and overcome obstacles. This is why pitchers may accept a lower price from the shark, because the shark is delivering not only an investment but also his experience. 


Validation 


Getting an investment from one or more sharks can help validate an entrepreneur’s business idea, making it more appealing to other possible investors and partners. 


Negotiation practice 


The show’s negotiation process can be a beneficial learning experience for entrepreneurs, allowing them to hone their negotiation abilities for future business deals. 


Entertainment and Publicity 


Even if entrepreneurs do not land a transaction, their involvement on “Shark Tank” might pique the curiosity of the general public and other investors, resulting in prospective prospects outside of the show. We observed numerous situations where a product or idea did not excite the sharks to invest in it, but after the program, the product or idea got quite popular and finally evolved into a profitable business. 


Finally, “Shark Tank” is a well-known platform that entertains while also providing genuine opportunities for businesses to gain critical funding. For entrepreneurs, it is a one-of-a-kind opportunity to learn, acquire funding, and gain exposure. Investors benefit from a varied choice of investment opportunities as well as mentoring. “Shark Tank” is a platform where dreams come true, emphasizing that with the right concept and effort, anyone can enter the business sector and be successful. 

Project Mobilisation in Bangladesh

Project Mobilisation in Bangladesh

Project Mobilisation in Bangladesh

The mobilization phase is a brief period between the completion of construction documents and the start of construction. During mobilization, the primary attention is on two areas:

  • Finalizing General Contract award and contract issuance (small project); Finalizing GMP (large project)
  • Securing full Building Permit ‐ all projects

During the Mobilization phase, bids are solicited after the drawings and RFP are issued at the end of the construction papers. The General Contract or GMP is then negotiated. Although projects are fully funded, the Provost and CFO consider a contractor or GMP recommendation, as well as an updated budget projection, before approving the contract issue or GMP modification orders.

The permit drawings will have been submitted during the Construction Documents phase, thus the building permit will be issued at the same time or shortly after the construction contract is awarded. For modest projects, the permit cannot be obtained until the General Contractor has been chosen, as they must submit forms to finalize the construction permit.

Once the contract or GMP is granted, the Contractor/CM mobilizes to the site, arranges temporary utility service, and makes arrangements to preserve accessible channels of travel within the refurbished building or around the construction site’s perimeter.

Sample of Project Mobilisation in Bangladesh

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Project Mobilisation In Bangladesh 5

Project Controls
Description of Project Mobilisation in Bangladesh
Governance
OrganizationN/A
CommunicationsIssue notice to project neighbors or affected departments confirming start of construction and logistics information
ReportingContinue project reporting; Monthly budget report contains updated budget based on contract/GMP awards
Approvals
Board of TrusteesN/A
Capital Projects CommitteeN/A
Provost/CFOApprove General Contractor selection for Small Projects; Approve GMP recommendation for Large Projects
FundingN/A
Steering CommitteeApprove updated OPR, GMP recommendation/budget allocations
User GroupN/A
Procurement
Economic ImpactReview General Contractor proposals for compliance with M/WBE and workforce goals (small projects)
Vendor ManagementGeneral Contractor selected (small projects); major subcontracts awarded (large projects)
Cost Management
BudgetUpdate project budget and contingency management plan after award of GC contract (small projects)
Construction CostN/A
Cash FlowN/A
Schedule Management
Project ScheduleUpdate schedules
Regulatory/PermittingReceive building permit
Quality Management
Design ReviewsN/A
Construction QualityN/A
Risk Management
Project InsuranceN/A
FM GlobalN/A
Program and Design Management
ProgramN/A
Planning
Zoning/Planned DevelopmentN/A
Master Planning ConsiderationsN/A
HeritageN/A
AccessibilityTemporary accessible reroutes implemented, signage posted
Space ManagementN/A
Landscaping/SiteworkN/A
Bird SafetyN/A
Sustainability
GeneralN/A
EnergyN/A
Engineering and Utilities
UtilitiesTemporary utility services to project site established if required
MechanicalN/A
Building AutomationN/A
ElectricalN/A
Fire ProtectionN/A
PlumbingN/A
CommissioningN/A
Operations and Maintenance
Building EnvelopeN/A
Interior FinishesN/A
ElevatorsN/A
Technology
IT ServicesN/A
SecurityN/A
Key Deliverables
OPRN/A
Design DocumentsN/A
BudgetN/A
PresentationsN/A
Contracts/VendorsGeneral Contractor contract issued (small projects), GMP agreement for large projects

Mobilisation checklist

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Project Mobilisation In Bangladesh 6

Mobilisation checklist are the process of ensuring that everything is in order and ready to go for the duration of the project. This includes creating deadlines, budgets, and other essential components. Mobilization checklists help you complete tasks faster, on budget, and with less risk by ensuring that no steps are overlooked or neglected.

What is mobilization?

Mobilization is the process of getting a project ready for implementation. This includes bringing the project team on board, getting them to start working together, and ensuring they’re prepared to tackle the responsibilities ahead of them.

The first stage in mobilizing a project is to identify all of the activities that must be completed before it can begin. Once you know what needs to be done, this list will help you assign responsibility for each task and set deadlines/milestones as needed.

Once these main activities have been determined, it is time to organize your resources, which includes ensuring that all equipment and tools are ready for use, gathering all assets required for the project, scheduling pickups and deliveries from suppliers, and so on.

Steps for Mobilizing a Project

There are five steps in the project mobilizer checklist:

Step 1: Define the project.
Step 2: Assess your resources.
Step 3: Define the scope of work (SOW).
Step 4: Define the project management plan (PMP).
Step 5: Define the timetable and budget.

  • When should you use a project mobilization checklist?
  • What is a mobilization plan?
  • What are the steps in creating an effective checklist?
  • Why do project mobilizers require a checklist?
  • When should a checklist be used to mobilize team members in the workplace?
  • Why Do You Need a Mobilization Plan?

A detailed plan is required to ensure that the project remains on track, is successful, and is completed to the satisfaction of the client. This is your mobilization plan. A strong mobilization strategy will save you time, money, and resources by assisting you

Ensure project delivery on schedule and under budget. Ensure all stakeholders are aligned with tasks at each phase. Avoid missed deadlines and cost overruns by ensuring everyone understands expectations at each stage.


Project Mobilization Checklist Template:

This template is used to plan, organize, and carry out the project mobilization process. It outlines all of the tasks that must be completed in order for the project to be successful. It also contains a section where you may record the actual hours spent on each work as well as any issues found along the road, ensuring that they do not occur again when utilizing this template in future projects.

How to source products for your business in Bangladesh

How to source products for your business in Bangladesh

How to source products for your business

If you want to buy things for your business in Bangladesh or how to source products for your business, you may be wondering how to get started and do it right. 
Don’t worry at all. This article will walk you through everything you need to know to get your product made and sourced in Bangladesh. 

Sources to find products for your business in Bangladesh


First, let’s look at how to find producers or sellers of your goods. 
How to Find the Right Suppliers to Get Your Product Made and Sourced in Bangladesh 
It can be done in more than one way. Here are some ways you can use their help. 


How to find products in Retail stores and a market 


For sellers looking for suppliers who can get their goods made and sourced in Bangladesh, there are a few websites like Daraz and Bikroy that can help. But in the end It’s just a marketplace where you can find many suppliers of the same product, sort them by your needs, and then get in touch with them, but you can not necessary get them in bulk supply. 


If you need any kind of parts to be sourced and made in Bangladesh at the best price, “উদ্দোক্তাদের প্রথম ঠিকানা” has great sources that will make your job easier than ever. Find out why Uddoktader Prothom Thikana is the best place to source, what kinds of products they can offer, information about their suppliers, and, most importantly, their low prices. And we will talk about in this article today কেন “উদ্দোক্তাদের প্রথম ঠিকানা” বইটি আপনার কাছে থাকা উচিত !

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How To Source Products For Your Business In Bangladesh 12


Any trade shows


The trade show is a great place to meet a lot of different suppliers who are showing off their goods right in front of you. You may talk to them in person. You can also talk to each supplier about the specifics of their minimum or maximum order quantities. 


At trade shows, you can also touch and feel the goods yourself and find products just like you would in retail stores. 


The Export Promotion Bureau (EPB) of the Government of Bangladesh and the Ministry of Commerce set up the FBCCI and BIDA to make it easier to find products to buy and have them made in Bangladesh. There are also export promotion councils for other types of goods. You can talk to them about your questions. Their database is very big and has most of the suppliers for all kinds of products. 


It’s better to know ahead of time that the council might take a while to respond. Before you go there, be ready to wait for a long time. 


Outsourcing of Purchasing 

উদ্দোক্তা হওয়ার শুরুতেই মানুষ ভুল জায়গা থেকে পণ্য সোর্সিং করে,এতে অন্যদের থেকে পিছিয়ে পড়তে হয় এবং প্রচুর অর্থ-সময় নস্ট হয়ে যায়।এই সমস্যার দারুণ সমাধান হতে পারে “উদ্যোক্তাদের প্রথম ঠিকানা” বইটি।

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How To Source Products For Your Business In Bangladesh 13


Some people say it’s a pain to get your products made and sourced in Bangladesh. It includes things like looking for the right suppliers, visiting factories to see how skilled the suppliers are, getting quotes from suppliers and then negotiating with them, signing a contract with the chosen supplier, and checking the quality of all the items that were ordered, among other things. 
Think about how long and boring the whole process of sourcing can be. You might have a hard time getting through all of these steps if this is new to you.  


Now the question is, “Would you rather spend your time marketing and selling products to your customers than going through the trouble of finding the products yourself?” 
Let us give you another idea: “What else can you do to skip this painful sourcing process?” 

Inspection of the Supplier Audit 

  • The quality of the goods that come from the supplier should be very good. 
  • When looking for a supplier, you need to check out the supplier’s factory and see what kinds of risks are there. It’s also important to check the quality assurance. 
  • Also, you need to check the quality of your goods before shipping them when they are delivered. 
  • All of these quality audit checks, though, take a lot of time and a lot of people. 
  • sources and makes things in Bangladesh effectively 


Through networking with other people 

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How To Source Products For Your Business In Bangladesh 14
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How To Source Products For Your Business In Bangladesh 15


Because your product will be made and sourced in Bangladesh, try to get along well with your supplier. Order from the same supplier over and over. 


This will help you and your supplier trust each other, which will pay off in the long run by getting you better prices, better payment terms, longer credit terms, and other benefits. 
Hierarchy is very important. 


In Bangladesh, there is a clear order of things. A lot of the important business decisions are made by people at the top of the company. 
So, if you want to talk about the deal before you make it, talk to the most senior person who can make all the important decisions. 
Ask questions to learn more about the worst things that could happen. 
If you want your product to be sourced and made in Bangladesh, you can’t say for sure that everything will go as planned. In this case, you need to get direct information from your supplier(s) about what will happen in case of an emergency. 

Once you find the correct suppliers then the next stage starts!

Before the deal, you should ask your supplier these questions: 


The following are some of the most important questions you should ask your supplier to get a better understanding of how the deal works. 


What are the payment terms and how do I make the payment? 


You can talk to your supplier about the terms of payment and the INCOTERMS. Bangladeshi suppliers usually want to be paid in advance and deliver goods “Ex-factory.” This means that you need to have someone in Bangladesh take care of everything for you. 


What will happen if the goods don’t get there on time? 


Your supplier can’t promise that your product will be ready exactly when you need it. So, your supplier should tell you ahead of time about the worst-case scenarios. 

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How To Source Products For Your Business In Bangladesh 16


Are there any chances that the product’s price might change in the future? 


You should know what events can cause the price of the item to change. How are we going to let you know? 
How does your supplier handle quality problems that are found when the goods get to your country? 


Your supplier should make this very clear. And it would be best if you kept this in mind when choosing the supplier. 
Find out how to start a Private Limited company in Bangladesh by reading this. 
There is a chance that something bad could happen if you have never bought something from Bangladesh before. 

Cooperative Society Registration in Bangladesh

Cooperative Society Registration in Bangladesh

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Simplifying the 

Process of Cooperative society Registration in Bangladesh

Establishing a Cooperative Society in Bangladesh:

Process of registering a cooperative society is a frequently asked question among those who wants to establish a society. Legal issues, the procedure, and the cost associated with establishing a cooperative society are all crucial components to understand when establishing one. This article describes in detail the procedures and guidelines for establishing a cooperative society.

In order to establish a society under this Act, seven or more individuals who are affiliated for literary, scientific, or charitable purposes, or for any other purpose specified in section 20, may do so by subscribing their names to a memorandum of association and submitting it to the Registrar of Joint Stock Companies.

 

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Private Limited Company

In Bangladesh, a sizable portion of businesses are registered as private limited companies. Only the shared capital of the shareholders is subject to liability. In Bangladesh, private limited companies may be entirely owned by foreign entities. In Bangladesh, anyone over the age of eighteen may register a company.

Branch Registration

An extension of a parent company is referred to as a branch. The branch isn't a distinct organization. All of the branch's debts must be paid for by the parent company. A branch is permitted to conduct business in accordance with BIDA.

Liaison office / Representative

The liaison office's limited operations serve as a means of coordination and communication for Bangladesh's business resources. In Bangladesh, the representative office is unable to generate any local revenue.

Public Limited Company

A public limited company allows anyone to become a member. A Public Limited Company can have as few as seven members, and there is no upper limit to the number of members.

Sole proprietorship

The owner and the business entity are the same in a sole proprietorship. The owner’s liability is unlimited, and the owner is personally liable for all the liabilities. A sole proprietor is not required to register with RJSC.

JV Company

A joint venture or JV comprises two or more businesses or corporations linking their resources and knowledge to accomplish a specific objective.

Key Components of a Society

A minimum of ten members is required to constitute a registered cooperative society in Bangladesh  whose purpose is to advance the economic interests of its members in accordance with cooperative principles. A detailed description of the society registration procedure is provided below:

 

A minimum of ten members (10 Members) is required to constitute a registered society whose purpose is to advance the economic interests of its members in accordance with cooperative principles.

The identities, postal addresses, and professional roles of the governors, council, directors, committee members, or any other governing body entrusted with the management of the society's affairs in accordance with its bylaws.

In addition to the memorandum of association, a copy of the society's rules and regulations, at least three of which are members of the governing body, shall certify as to its accuracy.

 

Annually, no later than the fourteenth day following the day the annual general meeting of the society is convened as per the regulations of the organization is held, or January if the regulations do not stipulate an annual general meeting, a list including the names, addresses, and professions of the governors, council, directors, committee, or other governing body entrusted with the management of the company shall be submitted to the Registrar of Joint-stock Companies.

Section 2 requires the registrar to affix a memorandum and certified copy of the society's rules and regulations. In response, the registrar shall attest with his hand that the society has been duly registered in accordance with this Act.

For the registration of a society and for matters mentioned in the Schedule to this Act, remit payment to the registrar of the fees specified in that Schedule or such reduced fees as the Government may direct.

Step by step process of Registering your cooperative society in Bangladesh with the help of TRW

In Bangladesh, part of the society registration process is computerized.

The step-by-step process of cooperative society registration has been explained below: 

Step 1- Name Clearence

Selecting a distinctive name for the cooperative society is the initial phase in its formation. Once the name has been selected, an application for name clearance must be submitted to the Registrar of Joint Stock Companies and Firms (RJSC) in order to obtain the name approval certificate. One to two days is the typical delivery time for the certificate. The current name clearance fee imposed by the government is $3 USD.

You can read this RJSC-prepared guide for name clearance.

Use Internet Explorer and Mozilla Firefox to access the RJSC website. Other browsers might not function properly.

To increase your chances of getting your name approved quickly, make sure that:

  • The name must not be identical or too similar to any existing society names,
  • not infringe on any trademarks,
  • not obscene or vulgar,
  • and not already reserved.

An approved name will be reserved for six months from the date of clearance. You can extend the name by submitting an extension request shortly before its expiration date.

Step 2: MoA and AoA

MOA: Memorandum of Association

Subsequently, the Memorandum of Association (MOA) would be formulated, encompassing the Society's fundamental objectives. Furthermore, the cooperative society's MOA may encompass the subsequent provisions:

  • Address and nam of the society
  • Membership category: information regarding the membership classifications that the society will administer. Under this heading of the MOA, the territory or jurisdiction of the society is specified.
  • Obligations and privileges of the members
  • Subscription membership: this consists of the membership application procedure, fees, subscription duration, and more.The organization of the society encompasses particulars pertaining to its executive committee.
  • Election of the executive committee: this comprises the election procedure and regulations.
  • Additionally, the responsibilities of the advisers and executive committee members are delineated.
  • Information is provided regarding general and executive meetings, including the duration of each meeting and the specific details that are discussed.
  • Financial power: under this heading, information regarding the society-maintained bank, including its operations, funding source, and more, will be provided.

Arbitration: specifics regarding the resolution of disputes.

AOA: Articles of Association

The Articles of Association (AOA) serve as the organization's constitution. An AOA outlines the procedures for operating a Cooperative Society, including the election of officers such as the President, Secretary, Treasurer, and others. Furthermore, an AOA specifies the operational procedures for the cooperative society's bank account, the decision-making process to be followed by executive committee members, and the minimum quorum requirement for decision-making.

Opening Bank Account

In order to administer the funds of the Cooperative Society, it is necessary to establish a bank account in its name.

The following documents are required to be submitted:

  • Photocopy of the certificate of name clearance
  • Mock-up MOA
  • Passport photocopy required (applicable to foreign nationals)
  • NID (applicable to citizens of Bangladesh)

Upon receipt of the aforementioned documentation, the bank shall establish a provisional account in the society's name.

Step 4: Registration

To register a cooperative society, an application must be submitted to the registrar. The application must be accompanied by three copies of the proposed rules of the society and the MOA, and the persons making the application must provide any information about the society that the Registrar may require. The application must be accompanied by the prescribed registration fee.

In order for any such society to obtain registry under the Societies Registration Act of 1860, it shall be sufficient that the governing body file with the Registrar of Joint-stock Companies a memorandum showing the name of the society, the objects of the society, and the names, addresses, and occupations of the governing body, together with a copy of the rules and regulations of the society certified and a copy of the report of the proceedings of the general meeting at which

Cost of Registration

When the Registrar is satisfied with the aforementioned matters, he or she may register the society and its rules and immediately notify the Governor, who will publish a Government Notice. The registration of a society converts it into a body corporate under the name under which it is registered. In addition, the body will have perpetual succession and the authority to hold property, enter into contracts, institute and defend suits and other legal proceedings, and do whatever is necessary to carry out the purpose of its constitution.

Applying for  Trade License, TIN and other license!

After incorporation, you should either purchase or rent commercial space in any commercial area.

Then you must apply for a Trade License and Tax Identification Number. Depending on your company’s business activities, you may require additional business licenses.

 

Dissolving the Cooperative Society.

Any number of not less than three-fifths of the members of any society may vote to dissolve it, and it shall be dissolved immediately or at the time agreed upon. All necessary steps must be taken to dispose of and settle the society’s property, claims, and liabilities in accordance with any applicable society rules. It should be noted that no society may be dissolved unless three-fifths of its members vote in person or by proxy at a general meeting called for that purpose. Furthermore, if the Government is a member, contributor, or otherwise interested in any society registered under this Act, the society may not be dissolved without the Government’s consent.

BASIS FOR COMPARISONNGO and SocitiesNot For Profit Association
MeaningAn NGO refers to a non-governmental organization formed by ordinary citizens, that operates autonomously of government.An organization set up to provide goods and services to people, and operates on the principle that no member will receive share profits or losses of the entity is known as NPO.
RegistrationThe registration of the INGO or the NGO must be carried out by the body of the NGOAB concerned. Application in the specified form shall be made to the NGOAB along with payment of the required fee and all related documents such as operation report, letter of intent, constitution, copy of the Treasury Challenge with respect to payment of registration fees, etc.The “non-profit association” or Club may be registered under the Companies Act of 1994.Both types of companies (i.e. “association not-for-profit”) shall enjoy all of the advantages of a limited liability company and be subject to all of its obligations. Both types of businesses are registered as Limited by Guarantee Companies. Company Limited by Guarantee refers to a company that may not have a share capital and whose members promise to pay the company’s debts up to a predetermined limit in the event of liquidation.
Area of operationLargeLimited
ObjectiveTo work for the betterment of society and economy as well, bring awareness of human rights, women empowerment etc.To promote art, science, research, commerce or any other useful purpose.
Cooperative Society Registration In Bangladesh

Any company or society established for a literary, scientific, or charitable purpose and registered under Act XLIII of 1850, or any such society established and constituted prior to the passing of this Act but not registered under the said Act XLIII of 1850, may at any time hereafter be registered as a society under this Act; provided that no such company or society shall be registered under this Act unless an assent to its being so registered has been

In the case of a company or society registered under Act XLIII of 1850, the directors are deemed to be the governing body. In the case of a society that is not so registered, if no such body is formed at the time of its establishment, the members of the society may, upon due notice, form a governing body to act for the society from that point forward.

Bangladesh is emerging as one of the world's most promising outbound markets. Because of the country's rapid economic growth, the society formation procedure is frequently asking new entrepreneurs questions. All of your questions about how to register your society have been answered above.

See some of our Clients Reviews in terms of incorporating their companies in Bangladesh!

These esteemed clients are a testament to the trust and satisfaction that TRW Law Firm consistently delivers in the realm of company incorporation in Bangladesh. Marubeni, Walton, ZTE, Yongli Belting—household names in their respective industries—have experienced the seamless and expert assistance provided by TRW Law Firm. Their positive reviews underscore our commitment to excellence, efficiency, and client-focused service

Screenshot 2024 01 24 At 5.29.34 Pm

Hikari Kawai

Hikari Kawai, Country Manager

"As the Country Manager for Marubeni Trading, I am compelled to express my utmost satisfaction with the exceptional company incorporation services provided by TRW Law Firm in Bangladesh. From the initial stages of consultation to the finalization of the incorporation process, TRW Law Firm demonstrated unparalleled professionalism, expertise, and efficiency."

Walton Lawyers In Bangladesh

Walton

Golam Murshed, Manging Director

"Their team, led by knowledgeable legal experts, exhibited a profound understanding of local regulatory nuances and seamlessly navigated through the complexities of company formation. TRW Law Firm's meticulous attention to detail ensured that every aspect of the incorporation process was executed with precision and adherence to the highest standards."

Yong Li Belting Law Firm In Bangladesh

Yong Li Belting

Derek Wang, Country Director

"The personalized approach and clear communication from TRW Law Firm significantly eased our concerns and fostered a sense of trust throughout the engagement. Their commitment to meeting deadlines and providing tailored solutions to meet Yong Li Belting's specific requirements have solidified TRW Law Firm as our go-to legal partner in Bangladesh.."

Zte Law Firm In Bangladesh

ZTE

VIncent Liu, Manging Director Bangladesh

"We extend our sincere appreciation to TRW Law Firm for their unwavering dedication to excellence. ZTE looks forward to continuing this successful partnership and recommends TRW Law Firm to any organization seeking reliable and expert legal services in Bangladesh."

Register your Co operative society with the best law firm in Bangladesh

At TRW Law Firm, we take pride in being the preferred partner for major corporations seeking to establish their presence in Bangladesh. Our team of dedicated professionals ensures that each client’s unique needs are met with precision, facilitating a smooth and reliable process for company incorporation.

Process of Company Registration in Bangladesh

Process of Company Registration in Bangladesh

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Simplifying the 

Process of Company Registration in Bangladesh

In an attempt to encourage foreign companies to establish themselves in the area, the local government of Bangladesh has made the process of registering a company easier over time.

The simplest and most favored option for international investors is to incorporate a Private Limted company in Bangladesh. Official government agency responsible for facilitating the formation of companies and firms is known as the Registrar of Joint Stock Companies and Firms (RJSC).

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Types of Legal Entity in Bangladesh

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Barrister Tahmidur Rahman Best Lawyer In Bangladesh Branch
Liaison Office In Bangladesh_ Registration Of Liaison Office In Bangladesh A Liaison office
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Buying Or Selling Businesses Best Lawyers In Bd Tahmidur Rahman Remura Proprietorship
Mlm Company In Bangladesh Best Lawyers Tahmidur Rahman Remura  Wahid Trw Barristers Joint Venture Company

Private Limited Company

In Bangladesh, a sizable portion of businesses are registered as private limited companies. Only the shared capital of the shareholders is subject to liability. In Bangladesh, private limited companies may be entirely owned by foreign entities. In Bangladesh, anyone over the age of eighteen may register a company.

Branch Registration

An extension of a parent company is referred to as a branch. The branch isn't a distinct organization. All of the branch's debts must be paid for by the parent company. A branch is permitted to conduct business in accordance with BIDA.

Liaison office / Representative

The liaison office's limited operations serve as a means of coordination and communication for Bangladesh's business resources. In Bangladesh, the representative office is unable to generate any local revenue.

Public Limited Company

A public limited company allows anyone to become a member. A Public Limited Company can have as few as seven members, and there is no upper limit to the number of members.

Sole proprietorship

The owner and the business entity are the same in a sole proprietorship. The owner’s liability is unlimited, and the owner is personally liable for all the liabilities. A sole proprietor is not required to register with RJSC.

JV Company

A joint venture or JV comprises two or more businesses or corporations linking their resources and knowledge to accomplish a specific objective.

Key Components of a PLC

In Bangladesh, a private limited company is a distinct legal entity, and its shareholders are only responsible for the amount of share capital they have contributed to the company’s debts. Any individual (local or foreign) over the age of 18 may register a company in Bangladesh, per the Companies Act of 1994.

 

A private limited company in Bangladesh must have two directors at minimum, according to the Companies Act of 1994. Directors may be nationals or international individuals. The directors have to be at least eighteen years old, insolvent, and free of malpractice convictions. According to the Companies Act, qualifying shares specified in the Articles of Association must be owned by a minimum of one director.

In Bangladesh, the minimum number of shareholders for a private limited company is two, and the maximum number of shareholders is fifty. A shareholder and a director may be the same person. In Bangladesh, foreign ownership is permitted to reach 100%. Following the incorporation process, the company may issue new shares or transfer existing shares to a different owner at any time.

Bangladesh does not have a minimum or maximum amount of permitted capital. Both the association's articles and memorandum of association must specify the permitted capital. A portion of the approved capital needs to be held in reserve.

For a private limited company, the minimum paid-up capital requirement is $1, and for a Bangladesh branch, it is US$50,000. It is possible to raise the paid-up capital following incorporation. Prior to registration, the shareholders must deposit the company's indicated paid-up capital into the share capital bank account.

As soon as the shareholders send in the share capital, the Bangladesh bank will issue an encashment certificate. This is a crucial document that the authorities demand when registering a company.

Address of the Registered Office

A local registered office address must be given at the time of business registration.

Trade Licesne

Every company registered in Bangladesh is required to apply for a trade license or business license, which verifies that the recently formed company is allowed to operate within the designated industry listed in the trade license. For more details on trade licenses in Bangladesh, click the link provided.

Step by step process of Opening your company in Bangladesh with the help of TRW

In Bangladesh, part of the company registration process is computerized.

The process of setting up a business in Bangladesh consists of three separate steps: a) Name clearance; ii) opening a bank account and depositing funds; and, lastly, b) company registration. Only in the event that the proposed company has any foreign shareholders is step II applicable.

Step 1- Name Clearence

To establish a Bangladesh company, the first step is to obtain name clearance for the proposed company name. To get started, go to www.roc.gov.bd and create a username. Then you can apply for name clearance. After submitting your application for name clearance, you will receive a bank payment slip and must pay Taka 600 to the designated bank. After making the payment, you will need to log in to your account on the RJSC website to receive the name clearance.

You can read this RJSC-prepared guide for name clearance.

Use Internet Explorer and Mozilla Firefox to access the RJSC website. Other browsers might not function properly.

To increase your chances of getting your name approved quickly, make sure that:

  • The name must not be identical or too similar to any existing local company names,
  • not infringe on any trademarks,
  • not obscene or vulgar,
  • and not already reserved.

An approved name will be reserved for six months from the date of clearance. You can extend the name by submitting an extension request shortly before its expiration date.

Step 2: Open a bank account and deposit the paid-up capital.

This step applies only if the proposed company has foreign shareholders.

The next step is to open a bank account in the proposed company's name with any scheduled bank in Bangladesh. After opening the account, you must remit funds equal to the shares owned by the foreign shareholder from outside Bangladesh in the account. The Bank will issue an Encashment Certificate, which is required by RJSC for incorporation.

Step 3: Register the company.

The final step is to enter all of the required information into the RJSC's website. You will also be required to upload Form IX and Subscriber Pages. After completing the process, you will receive a bank payment slip to pay the registration fees and stamp duty.

You're done once you've made the bank payment. You will now have to follow up with the RJSC to obtain the incorporation certificate. RJSC officials will review the documents and information. If they are satisfied, they will issue the digitally signed i) Certificate of Incorporation, ii) Memorandum of Agreement and Articles of Association, and iii) Form XII. These documents will be mailed to the email address you provided with your RJSC account.

In some cases, the incorporation procedure may be delayed if the shareholders or directors are of a specific nationality, but this occurs only in rare cases. In such cases, authorities may request additional information.

Step 4: Post Registration Formalities

Documents Issued by RJSC:

  • Certificate of Incorporation: RJSC will issue a certificate of incorporation for the company. The certificate will include the registration number, the name of the company, and the date of incorporation.
  • Form XII: Form XII contains the list of directors for the incorporated company.
    Certified copies of the MoA and AoA

Some other items you will almost certainly need when registering your Bangladeshi company are:

  • Share certificates for each shareholder.
  • Register shareholders, shares, directors, etc.
  • Seal for the company.
  • Rubber stamp for the company

Applying for  Trade License, TIN and other license!

After incorporation, you should either purchase or rent commercial space in any commercial area.

Then you must apply for a Trade License and Tax Identification Number. Depending on your company’s business activities, you may require additional business licenses.

 

Return Filing requirements:

Annual Return:

Every calendar year, an Annual General Meeting must be held. The AGM must be held within 18 months of the company’s incorporation, with no more than 15 months between each AGM.

Regular Return: Any change in the board of directors, shareholding structure, or other change must be filed with the RJSC within a certain time frame.

Sole ProprietorshipPartnershipPrivate Limited CompanyBranch/Liaison Office
Perpetual successionUp to the owner's death. Later, it will be carried by the heirs.up to the partner’s death. Later, it will be carried by the heirs.Perpetual in nature unless agreed otherwisePerpetual in nature unless agreed otherwise
Equity based share allotmentNot applicableNot applicableApplicableApplicable
Residential status of the ownersMust be BD CitizensMust be BD CitizensNot requiredNot required
LiabilityOwner is required to take on all liability.Owners are required to take on all liability.Limited liability applies to directors and shareholders.Limited liability applies to directors and shareholders.
TaxationTax will be calculated on the proprietor's individual head of business at the individual tax rate.Tax will be calculated on the partner's individual head of business at the individual tax rate.Tax will be calculated using the corporation tax rate.For the branch office, tax will be assessed at the corporate tax rate.
May be owned by another business, rather than individualsNoYesYesYes

Company Formation In Bangladesh

Obtaining and executing the following forms for registering the company in Bangladesh with RJSC:

  • Filled in Form I: Declaration on registration of Company;
  • Filled in Form VI: Notice of situation of registered office;
  • Filled in Form IX: Consent of director to act;
  • Filled in Form X: List of persons consenting to be directors;
  • Filled in Form XII: Particulars of the directors, manager and managing agents.

Documents Required for Company Registration in Bangladesh
Name clearance certificate from RJSC:

  • Memorandum of Association, Articles of Association, and other applicable corporate documents.
  • A detailed description of the company's business activities.
  • Detailed information about the shareholders.
  • If the directors or shareholders are Bangladeshi, they must have a national ID.
  • If the directors and shareholders are foreign nationals, they must provide a copy of their passport.
  • The registered office address of the company.

See some of our Clients Reviews in terms of incorporating their companies in Bangladesh!

These esteemed clients are a testament to the trust and satisfaction that TRW Law Firm consistently delivers in the realm of company incorporation in Bangladesh. Marubeni, Walton, ZTE, Yongli Belting—household names in their respective industries—have experienced the seamless and expert assistance provided by TRW Law Firm. Their positive reviews underscore our commitment to excellence, efficiency, and client-focused service

Screenshot 2024 01 24 At 5.29.34 Pm

Hikari Kawai

Hikari Kawai, Country Manager

"As the Country Manager for Marubeni Trading, I am compelled to express my utmost satisfaction with the exceptional company incorporation services provided by TRW Law Firm in Bangladesh. From the initial stages of consultation to the finalization of the incorporation process, TRW Law Firm demonstrated unparalleled professionalism, expertise, and efficiency."

Walton Lawyers In Bangladesh

Walton

Golam Murshed, Manging Director

"Their team, led by knowledgeable legal experts, exhibited a profound understanding of local regulatory nuances and seamlessly navigated through the complexities of company formation. TRW Law Firm's meticulous attention to detail ensured that every aspect of the incorporation process was executed with precision and adherence to the highest standards."

Yong Li Belting Law Firm In Bangladesh

Yong Li Belting

Derek Wang, Country Director

"The personalized approach and clear communication from TRW Law Firm significantly eased our concerns and fostered a sense of trust throughout the engagement. Their commitment to meeting deadlines and providing tailored solutions to meet Yong Li Belting's specific requirements have solidified TRW Law Firm as our go-to legal partner in Bangladesh.."

Zte Law Firm In Bangladesh

ZTE

VIncent Liu, Manging Director Bangladesh

"We extend our sincere appreciation to TRW Law Firm for their unwavering dedication to excellence. ZTE looks forward to continuing this successful partnership and recommends TRW Law Firm to any organization seeking reliable and expert legal services in Bangladesh."

Take your business to the next level in BD

At TRW Law Firm, we take pride in being the preferred partner for major corporations seeking to establish their presence in Bangladesh. Our team of dedicated professionals ensures that each client’s unique needs are met with precision, facilitating a smooth and reliable process for company incorporation.

Call us!

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