Are you prepared to begin trading in Bangladesh? Find out how to obtain your import export license quickly and easily to grow your company. Bangladesh’s economy has been mostly driven by its export and import industries, which also make important contributions to the GDP and global commerce. To operate lawfully, businesses that trade products and services need to have an export and import license. Companies looking to enter international markets and extend their markets must obtain this license.
Businesses must adhere to particular procedures and fulfill specific standards in order to obtain an import export license in Bangladesh, also known as an export registration certificate (ERC) or import registration certificate (IRC).
Detailed instructions for obtaining the license
1. Registration of Businesses
Prior to submitting an application for an import export license, your company must be registered in Bangladesh. There are various ways to do this, including limited companies, partnerships, and sole proprietorships. The Registrar of Joint Stock Companies and Firms (RJSC) is where you must register.
2. License to Trade
It is necessary to have a current trade license from the municipality or city corporation in the area. This license gives your company the right to lawfully conduct business in Bangladesh. It must be renewed every year.
3. The TIN Certification
Get a National Board of Revenue (NBR) Taxpayer Identification Number (TIN). Any business that plans to conduct commerce, including import and export operations, must have a TIN.
4. A bank account
A business bank account needs to be opened with a Bangladeshi bank. To handle every financial transaction associated with your export/import business, you must have this.
5. Certificate of Membership
In order to receive an Import Export License, your company needs to join an accredited trade group.
Applicability of IRC/ERC
After completing the aforementioned procedures, you can apply to the Ministry of Commerce’s Chief Controller of Imports and Exports (CCIE) for an Import Registration Certificate (IRC) or Export Registration Certificate (ERC).
Essential Records:
- filled-out application from the Chief Controller of Imports and Exports Office (CCI&E)
- Trade License (photocopy and original)
- TIN Certificate (both photocopied and original)
- Your bank’s bank solvency certificate
- Passport and pictures of the directors or company owner
- Articles of Association and Memorandum (for limited corporations)
- Incorporation certificate (for limited corporations)
- a partnership’s deed (if applicable)
- The trade association’s certificate of membership
7. Application Submission
Send the application to the Office of the Chief Controller of Imports and Exports (CCI&E) together with the necessary paperwork. After reviewing, if all the material is accurate, they will issue your IRC or ERC in ten to fifteen working days.
8. Extension of Licensure
The IRC/ERC needs to be renewed yearly and has a limited validity. If there have been no significant modifications, the renewal process is similar to the original application and follows a streamlined approach.
In summary
In Bangladesh, getting an import-export export license requires a number of processes, such as registering your company, getting a trade license, and submitting an application to join a trade group. Making sure that the necessary paperwork is submitted accurately will facilitate the procedure.
Speaking with a local expert can be helpful if you need more specific advice or help with the paperwork.
FAQs
1. What is an import export license, and in Bangladesh, why am I in need of one?
An import-export license, sometimes referred to as an import registration certificate (IRC) or export registration certificate (ERC), is a legal document that enables companies to do cross-border business. Any company in Bangladesh that wants to lawfully import or export goods must comply with this requirement.
2. In Bangladesh, how long does it take to obtain an import-export license?
After submitting the completed application to the Office of the Chief Controller of Imports and Exports (CCI&E), the procedure normally takes ten to fifteen working days. Depending on how accurate the paperwork is and how the review process goes, the timeline might change.
3. What are the primary paperwork needed to submit an application for an import export license?
The essential documents needed are as follows:
- a current commercial license
- Number for Taxpayer Identification (TIN)
- Certificate of Bank Solvency
- a certificate of membership from an established trade group
- Passport and pictures of the directors or company owner
4. Is it possible for me to apply for an import and an export license simultaneously?
Yes, as long as they fulfill the prerequisites for each, firms are able to apply simultaneously for both the Export Registration Certificate (ERC) and the Import Registration Certificate (IRC). The Chief Controller of Imports and Exports (CCI&E) office has the application forms.
5. How often does my Bangladeshi import export license need to be renewed?
Every year, the import-export license needs to be renewed. In order to renew, you must submit a streamlined set of documentation, along with evidence of your ongoing company operations, and pay the required costs to the CCI&E.
NOTE: Depending on government rules, prices might change.
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