Fisheries business in Bangladesh in 2023

Fish is one of the essential sources of protein for all people in the globe, regardless of their economic status. According to the Food and Agriculture Organization of the United Nations, around 820 million people worldwide derive income from marine and inland fishing. Bangladesh is one of the world’s leading producers of farmed fish due to its geographical location and other resources. According to the Department of Fisheries, Bangladesh, the fisheries sector contributed 3.57 percent to the national GDP, 25.30 percent to the agricultural GDP, and 1.5 percent to foreign exchange profits in 2017-18.

How to Establish a Fisheries business in Bangladesh

Fish and fisheries have a vital role in Bangladesh’s cultural heritage and economy. The sector is prominent in the country since it provides a significant source of foreign exchange earnings, generates employment opportunities, and contributes to economic growth.

According to a Food and Agriculture Organization assessment, Bangladesh has one of the most ideal zones for fisheries in the world, with the largest flooded wetland in the world and the third highest marine biodiversity among Asian countries (FAO). The availability of inexpensive labor, resources, and rising demand have made the fishing industry one of the most lucrative commercial sectors.

Bangladesh has numerous rules and regulations governing the fisheries industry and Fisheries business in Bangladesh. The Tanks Improvement Act of 1939, the Protection and Conservation of Fish Act of 1950, the Fish and Fish Products (inspection and quality control) Ordinance of 1983, the Fish and Fish Products (inspection and quality control) Rules of 1997, the Reservoir Protection Act of 2000, the Fish Feed and Animal Feed Act of 2010, the Fish Feed Rules of 2011, the Fish Hatchery Act of 2010, the Fish Hatchery Rules of 2011, and the Fisheries Quarantine Act of 2018 all play an important role In addition, The Marine Fisheries Ordinance of 1983 provides laws pertinent to the management, conservation, and development of Bangladesh’s marine fisheries. Other relevant regulations are the Fishery Policy of 1918, the Jal-Mahal Management Policy of 2009, the National Shrimp Policy of 2014, and the Establishment of Fishery in the Bhavadeh Area Policy of 2019.

Under the Ministry of Fisheries and Livestock, the Department of Fisheries (DoF) is the official department having administrative control over aquaculture in Bangladesh including the regulations of Fisheries business in Bangladesh. This department is led by the Director General and is comprised of two primary divisions: inland and maritime. It focuses on both regulatory and development activities by formulating schemes and coordinating national policy regarding fisheries, the prevention of fish illness, the conservation, management, and development of fisheries resources, the management of fish farms, and training.

This department’s efforts are backed by the Bangladesh Fisheries Research Institute (BFRI), which is responsible for performing fisheries research and training entrepreneurs and anyone interested in the fishing sector or Fisheries business in Bangladesh. Moreover, the Bangladesh Fisheries Development Corporation (BFDC) assists the Department of Fisheries (DoF) in advancing the fishing business. Establishing fishing units for the gathering, processing, distribution, and sale of fish and fisheries products is one of the functions of BFDC.

Process of Obtaining a License and Registering a Business In Bangladesh, Fisheries business in Bangladesh can be conducted in one of the following ways:

I. Single-Ownership;

II. Partnership;

III. Company.

I. Single-Ownership:

A sole proprietorship or sole trader is an unincorporated form of business in which one shareholder pays personal income tax on the business’s profits. It is the simplest form of business organization and is suitable only for small businesses operating in a limited geographical area. This business category is unavailable to foreign investors seeking to establish a company in Bangladesh.

The following actions must be taken to form a sole proprietorship for Fisheries business in Bangladesh:

First Step: A name must be selected for the business.

Second Step: rent or lease a commercial facility to conduct business operations.

Third Step: Submit the completed Trade License Application Form to the appropriate local government entity (i.e., City Corporation/Municipal Corporation/Union Parishad.

Fourth Step: Pay the required government fees.

Fifth Step: Acquire the License

Documents Required for Forming a Sole Proprietorship:

Copy of the rental or lease agreement.

b) Copy of the owner’s National ID card

b) A passport-sized image of the owner.

d) Receipt of the government fees’ payment.

II. Partnership for Fisheries business in Bangladesh:

In a partnership, two or more persons share ownership of the business. In this business structure, the Partners will have a legal agreement outlining the many rules governing the partnership operation. It is a common practice to launch a business with a limited number of shareholders. However, each partner is jointly and severally liable for any firm acts conducted while he is a partner, even if the incorrect act or omission was committed by another partner in the normal course of business.

The following procedures must be taken to establish a partnership business:

First, a name approval must be obtained from the RJSC.

Second, rent or lease a commercial facility to conduct business operations.

Developing a Partnership Agreement containing all necessary terms and conditions.

4. Complete the Application Form
5. Submit Form I and supporting documentation to the Registrar’s Office.
6. Pay the required government fees.
7. Obtain the Certificate of Registration.

Required Documents for Forming a Business Partnership:

a) Name Approval for the Partnership Enterprise.

b) Form I Application Completely Filled Out

c) An appropriately notarized partnership agreement

c) Personal Information of the business’s Partners

e) The residences of the Partners.

f) Percentage of each partner’s profit share in the business.

g) A copy of the rental or lease agreement for the registered address of the partnership.

h) a copy of each partner’s government-issued identification card

I A passport-sized photo of each partner

j) Receipt of the government fees’ payment.

III. Business:

A Fisheries business in Bangladesh that is lawfully registered may participate in any business activity permitted under its Object Clause, as stated in its Articles of Association. A firm in Bangladesh may be either public or private. For the formation of a public company, a minimum of seven shareholders are necessary. Alternatively, a minimum of two shareholders is required to incorporate a private corporation. A private corporation cannot invite the public to subscribe for its shares, but a public firm can offer its shares to the general public. In actuality, private companies are the most preferred business structure for both foreign and domestic entrepreneurs.

There are no restrictions on foreign equity involvement for foreign direct investment, hence 100 percent foreign equity is permitted. In regards to Fisheries business in Bangladesh, Foreign investment gets the same level of protection and security as domestic investment in Bangladesh. The laws of Bangladesh guarantee non-discrimination between international and domestic investment, as well as the repatriation of share sales revenues and profits.

The following actions must be taken to establish a Fisheries business in Bangladesh:

1. The prospective company must get a Name Clearance from the Registrar of Joint Stock and Companies.

2. Creating and signing the following documents:

• The company’s Memorandum and Articles of Incorporation;

• Form I: Declaration On Company Registration;

• Form VI: Notice Of Registered Office Location;

• Form IX: Director’s authorization to act;

• Form X: List of Individuals Who Consent to Serve as Directors;

• Form XII: Director, manager, and managing agent information

3. Establishing a temporary bank account for the Proposed Company with any Bangladeshi bank on the list
4. Transfer the paid-up capital amount from each foreign shareholder’s account to the Bangladeshi bank account of the proposed company.
5. Obtain an encashment certificate from the Bank of the Proposed Company for each international transaction.

6.Submit the required documentation to the Company House.

7. Pay the Government Registration Fees

Obtain the certificate of registration from the RJSC for Fisheries business in Bangladesh:

Required Company Formation Documents for Fisheries business in Bangladesh:

a) A copy of the company’s Valid Name Clearance;

b) An executed copy of the company’s memorandum and articles of incorporation.

c) Copy of Form I: Declaration On Registration Of Company, duly signed;

d) Copy of Form VI: Notice Of Situation Of Registered Office, duly executed;

e) Copy of Form IX: Consent of director to act, duly executed;

f) Copy of the executed Form X: List of Individuals Consenting to Serve as Directors;

g) Copy of Form XII: Particulars of the directors, manager, and managing agents, duly signed and dated;

h) Copies of shareholder and director identification cards (for Bangladeshi nationals);

I Copies of Shareholder Identification Number (TIN) Certificates (for Bangladeshi Nationals);

j) Copies of shareholders’ and directors’ passports (for foreign nationals);

k) Photos of shareholders and directors in passport format;

l) Bank Encashment Certificate for each international shareholder;

m) Receipt of the government fees’ payment.

Depending on the expansion/scope of the firm, extra licenses or approvals may be necessary following the establishment of the appropriate business structure for Fisheries business in Bangladesh. In addition to establishing the respective format outlined above, a firm with 100% foreign ownership may also register as a Branch Office to commence fisheries activity. However, a Branch office can only serve the job envisioned by the parent firm if Bangladesh Investment Development Authority has granted prior authorisation.

In addition, for Fisheries business in Bangladesh, it should be mentioned that in Bangladesh there is an abundance of tanks, ponds, and reservoirs, and interested parties can lease the needed tanks, ponds, and reservoirs by entering into a lease agreement with the owner.

Additional Licenses

The additional license required for each format of business has been listed below:

The procedure for acquiring extra licenses is outlined below: 

Trade License for Fisheries business in Bangladesh:

Acquiring a trade license is the most crucial prerequisite for launching a business in Bangladesh. Every business entity is required to get a Trade License from the appropriate local government body. To obtain a Trade License, a complete application must be submitted to the appropriate local governmental entity (i.e., City Corporation/Municipal Corporation/Union Parishad) along with the required documentation. 

TIN Certificate: The Government of Bangladesh issues a TIN Certificate to individuals and businesses in order to monitor tax payments. The National Board of Revenue (NBR) is the only organization authorized to issue TIN Certificates. For Fisheries business in Bangladesh, to receive the TIN Certificate, one must submit an online application to the NBR. 

VAT Certificate: Every business must have a Business Identification Number in order to function (BIN). A BIN can be obtained through the National Board of Revenue’s VAT registration process. Every business organization must get a certificate of VAT registration. To obtain the VAT Certificate, the NBR must receive an online application along with the required supporting documentation. 

After establishing the related business, the entrepreneur must become a member of a local Chamber of Commerce and Industry or pertinent Trade Association. The membership application is accessible at the office of the respective Chamber of Commerce or Trade Association. 

Import Registration Certificate and Export Registration Certificate The Office of the Chief Controller of Imports and Exports (CCI&E) provides applicants for Fisheries business in Bangladesh with Import Registration Certificates and Export Registration Certificates. To obtain the IRC or ERC, an online application and supporting documentation must be submitted to CCI&E. 

Fish Processing Factory License, Warehouse Establishment License, Supplier License, Ice Factory License, and Fish Exporter Permit. 

The Department of Fisheries issues licenses for Fish Processing Factory License / Warehouse Setup License / Supplier License / Ice Factory License / Fish Exporter Permit. To receive the requisite license, a license application and supporting documentation must be submitted to the Deputy Director of Fish Inspection and Quality Control within the Department of Fisheries. 

License for Operating and Establishing Hatchery for Fisheries business in Bangladesh

The term “hatchery” refers to a facility where fish fry and fingerlings suitable for stocking in growing ponds are produced artificially using the induced breeding method. In order to create a Hatchery, a request must be made to the appropriate District Fisheries Officer within the Department of Fisheries along with the required documentation. 

Environment Clearance Certificate for Fisheries business in Bangladesh:

In Bangladesh, the Environment Clearance Certificate (ECC) is one of the essential permits required to launch an industrial unit or project. To get this Certificate, the owner of the industrial unit or project must submit an application to the Department of Environment along with the required documentation. 

Legal Issues in regards to Fisheries business in Bangladesh: 

Foreign Investment Law: Under Bangladesh’s liberalized Industrial Policy and export-oriented, private sector-led economic plan, foreign entities and people who are interested in investing in Bangladesh have ample investment options. Except for a few regulated industries, Bangladesh welcomes private investment in all areas. The fishing industry is completely open to international investment. The government’s objective is to facilitate the increase of domestic and international private investment by fostering an enabling environment. The policy framework for foreign investment in Bangladesh is based on the Foreign Private Investment (Promotion & Protection) Act of 1980, which provides legal protection against nationalization and expropriation for foreign investment in Bangladesh. This also provides a non-discriminatory handling of international and local investments, as well as the repatriation of capital gains and income. 

The Foreign Exchange Regulations Act of 1947, the Bangladesh Export Processing Zones Authority Act of 1980, the Bangladesh Private Export Processing Zone Act of 1996, the Bangladesh Economic Zone Act of 2010 and the Bangladesh Investment Development Authority Act of 2016 also address foreign investment. 

Relevant Employment Law for Fisheries business in Bangladesh:

The Labour Act of 2006 primarily governs employment law in Bangladesh. In addition to this Statute, the Labour Rules 2015, the National Labour Policy 2012, the Bangladesh Labour Welfare Foundation Act 2006, the Bangladesh Labour Welfare Foundation Rules 2010, the National Occupational Health and Safety Policy 2013, the Domestic Workers Protection and Welfare Policy 2015, and the National Child Labour Elimination Policy 2010 all contain rules and regulations pertaining to this issue.

The Labour Act of 2006 addresses employment of labor, employer-employee relations, payment of wages and compensation for injuries to workers, leaves, benefits, formation of trade unions, resolution of industrial disputes, welfare, health, safety, and working conditions in the establishment, amongst other matters. Additionally, maternity benefits are provided to female employees. 

Contract Law for Fisheries business in Bangladesh:

The center of the economic world is contractual agreement. It specifies the obligations and responsibilities of the parties on the subject of the contract. A contract binds both parties to its agreed-upon and stipulated conditions, such as the party’s liability in the event of a breach of contract and the extent to which it would reimburse the other party’s damages. It is advisable to take the utmost care while drafting the contract’s terms and conditions so that they accurately reflect the parties’ intentions. The Contract Act of 1872 governs all contracts in Bangladesh. 

A force majeure event is an extraordinary occurrence or scenario beyond the parties’ control, such as an act of God, war, or natural disaster. Generally, a successful use of the force majeure clause releases the parties from their respective contractual responsibilities and/or liability. A force majeure clause does not totally excuse a faction’s failure to comply, but merely suspends it for a period of time. Section 56 of the Contract Act of 1872 of Bangladesh outlines the notion of frustration. According to this doctrine, a contract is null and void if its performance becomes impossible owing to the occurrence of an event or if it becomes unlawful after it has been entered into. 

Compliances of the business entities – The entities must comply with the annual filing requirements, such as updating trade license at the respective city corporation, renewal of chamber membership, renewal of IRC & ERC, filing taxes, updating the annual filings at the RJSC, reporting to Bangladesh Bank, NBR, etc. 

Property Law in regards to Fisheries business in Bangladesh:

In order to finalize the registration of the lease or purchase of the land, property laws must also be applied. The Land Reform Act of 2014, the East Bengal Tenancy Rules of 1954, the Survey Act of 1875, the Non-Agricultural Tenancy Act of 1949, the Registration Act of 1908, and the Transfer of Property Act of 1882 are the major statutes in these sectors. 

Tahmidur Rahman Remura Wahid TRW Associates and Its Services Introduced 

Tahmidur Rahman Remura Wahid TRW Associates (Tahmidur Rahman Remura Wahid TRW) is a full-service corporate law firm that attempts to provide customers with a wide range of legal services rather than specializing on a single field of law. It is one of the largest and most reputable law companies in Bangladesh, providing domestic and international customers with legal counsel that fulfills their needs and expectations. Tahmidur Rahman Remura Wahid TRW provides all services associated with Company Incorporation, Sole Proprietorship, Partnership, and Foreign Company Registration, among others. Tahmidur Rahman Remura Wahid TRW has legal specialists that can guarantee a smooth legal process and aid in getting Certificates or Permits required for establishing a business, such as a VAT Certificate, IRC/ERC, TIN, Trade License, and other licenses. 

In order to establish a Fisheries business in Bangladesh, Tahmidur Rahman Remura Wahid TRW can give the following services: 

The Tahmidur Rahman Remura Wahid TRW has an exceptional and capable workforce that can set up a fisheries business smoothly and efficiently. The legal counsel of Tahmidur Rahman Remura Wahid TRW can assist clients through consultations and meetings, as well as providing them with incorporation guidelines. 

In order to incorporate any form of business, a number of deeds, contracts, and other documents must be created. The legal staff at Tahmidur Rahman Remura Wahid TRW can assist customers with the preparation and drafting of these documents. 

Prior to establishing a Fish Hatchery or a business, it is necessary to find an appropriate piece of property. Tahmidur Rahman Remura Wahid TRW can give a service to the client by searching for an ideal location for the client’s business establishment. In addition, Tahmidur Rahman Remura Wahid TRW can assist with the preparation of lease agreements, the inspection of land by the appropriate land registry office, and the registration of lease or transfer of ownership paperwork, among other things. 

Tahmidur Rahman Remura Wahid TRW can also assist with making payments of government fees to the proper authorities, such as BIDA or RJSC, and liaising with them to get incorporation documentation. Tahmidur Rahman Remura Wahid TRW, legal professionals have excellent working relationships with government authorities, making it simpler to obtain any certificate/license. 

Tahmidur Rahman Remura Wahid TRW also offers services for getting or renewing any form of license; for doing fisheries-related business, many licenses are required. The legal staff at Tahmidur Rahman Remura Wahid TRW can help obtain these licenses and, if necessary, renew them on time. 

Tahmidur Rahman Remura Wahid TRW provides clients with labor-related services, such as preparing employment agreements, resolving labor-related issues, and rendering legal opinions on labour legislation, etc. 

Taxation for Fisheries business in Bangladesh

The current general tax rate in Bangladesh is 32.5 percent, as stipulated by its legislation. Locally formed limited liability companies are required to submit a number of reports to the National Board of Revenue (NBR), such as a Tax Identification Number (TIN) application, a monthly tax deduction statement, a half-yearly withholding tax statement, a yearly statement related to the tax return submission of its employees, and a yearly statement related to the salary paid by the company to its employees. Quarterly Advance tax deposit, Annual tax return submission, representing the company at appeal/hearing sessions, Monthly VAT return, etc. Tahmidur Rahman Remura Wahid TRW may provide guidance and assistance to ensure that all regulatory compliances are met, allowing the business to operate without difficulty. 

In summary, the combination of export and robust domestic demand has enhanced the development and productivity of fishing activities. Bangladesh’s fishing industry has generated a substantial amount of foreign currency in recent decades. However, Bangladesh’s fisheries industry has considerable room for growth to bolster the country’s economy. Due to Bangladesh’s geographical location, climate, inexpensive labor force, and abundant resources, the fishing industry has a bright future as a developing industry. 

Future of Fisheries business in Bangladesh

Bangladesh’s fish business is noteworthy because it provides a significant source of foreign currency earnings, generates employment opportunities, and contributes to the country’s economic progress. According to the statistics from the Department of Fisheries, Bangladesh’s total fish production in 2016-17 was 41.34 million metric tons, with 56.44 percent coming from aquaculture. The contribution of fisheries to the national GDP is 3.69 percent, whereas the contribution of agriculture to the GDP is 23.12 percent, making fisheries the second most significant crop in Bangladesh. 

The Department of Fisheries is the only body within the Ministry of Fisheries and Livestock having administrative authority for aquaculture in Bangladesh. This department is led by the Director General and is comprised of two primary divisions: inland and maritime. The DOF is primarily responsible for planning, expansion, and training and development. 

In order to do fisheries business in Bangladesh, approval from the relevant Department of Fisheries is required. In order to conduct fishing business in Bangladesh, a license is also required. A fishing enterprise could be operated as a sole proprietorship, a corporation, or a partnership. Prior to acquiring these licenses or certificates, however, registration is required for all business structures other than sole proprietorships, including partnerships and corporations. ERC, IRC, Trade License, VAT, License for Cured Fish Plant, Ice Plant, etc. are among the licenses needed to launch a fisheries business. 

Employment legislation in Bangladesh The 2006 Labor Act and the 2015 Labor Rules govern the fishing industry. The Act of 2006 addresses employment of labor, employer-employee relations, minimum wage determination, payment of wages, etc. 

In Bangladesh, the growth of the fishing industry can play a significant role in improving the country’s economy as a whole. In order to develop Fisheries businesses and industries, the Tahmidur Rahman Remura Wahid TRW legal team offers a variety of incorporation-related services. Tahmidur Rahman Remura Wahid TRW has an exceptional and professional team that can quickly establish a fisheries business in Bangladesh. 

Due to border restrictions, travel prohibitions, restaurant closures, community quarantines, supply chain disruptions, and other factors, the recent covid 19 outbreak has slowed the growth of the fishing industry. Nonetheless, the Bangladeshi government has made steps to limit the economic impact of the coronavirus. 

Due to Bangladesh’s geographical location, climate, inexpensive labor force, and abundant resources, the fishing industry has a bright future as a developing industry. To make fishing a more profitable business Concerned government departments, development partners, researchers, and non-government groups can play a significant role in advancing the fishing sectors and minimizing the economic impact of covid 19 through their efforts. 

Are you planning to do Fisheries business in Bangladesh?

Fisheries business in Bangladesh with Tahmidur Rahman Remura: TRW: The Law Firm in Bangladesh:

The legal team of Tahmidur Rahman, The Law Firm in Bangladesh: TRW, The Law Firm in Bangladesh are highly experienced in providing all kinds of services related to forming and incorporating a Fisheries business in Bangladesh. For queries or legal assistance, please reach us at:

E-mail: info@trfirm.com
Phone: +8801847220062 or +8801779127165

Address: House 410, Road 29, Mohakhali DOHS