What is Trade License :
Business licenses are permits issued by government agencies that allow individuals or companies to conduct business within the government’s geographical jurisdiction. It is the authorization to start a business issued by the local government.[1] A single jurisdiction often requires multiple licenses that are issued by multiple government departments and agencies. Business licenses vary between countries, states, and local municipalities. There are often many licenses, registrations, and certifications required to conduct a business in a single location.
Typically, a company’s business activity and physical location (address) determine which licenses are required to operate lawfully. Other determining factors may include the number of employees and the business, such as sole proprietor or corporation. Government agencies can fine or close a business operating without the required business licenses.
Types of Trade Licenses in Bangladesh
- General Trade License
- Commercial Trade License
- Manufacturing Trade License
General Trade License
This is the category of trade licenses that can be used for businesses of all types except Commercial or Manufacturing businesses.
Commercial Trade License
This trade license is required for an individual or a separate legal business entity that wishes to conduct commercial businesses, such as retail stores, etc.
For Examples Restaurant, Departmental stores….
For more need to know you can watch the video :
Manufacturing Trade License
The manufacturing trade license is required for businesses who are involved in manufacturing businesses. Such businesses usually have factories or industries.Its kind of export and import related business .
For more need to know you can watch the video :
How To Get Trade License Or Required Document:
1. Prescribed Trade License Application Form
2. A National ID Card of the Owner
3. 3 Copies of the Passport Size Picture of the Owner
4. A Holding Tax Payment receipt
5. A company Incorporation Certificate
6. A certified copy of the Memorandum of Association and Articles of Association
7. A VAT registration certificate.
8. Declaration on non-judicial stamp to abide by the rules and regulations of City Corporation/Municipality/Union Parishad
9. Copy of Financial/Bank Solvency Certificate of the company
10. Tax Clearance Certificate (TIN)
11. An Agreement of Partnership
12. Work Permit from Bangladesh Investment Development Authority (BIDA)
13. Copy of Passport if the director is a foreigner
How To Renewal Trade License in BD
Trade License Renewal System Start in 1st July to 30 September its approximatly 3 month . So if you make Trade license for year, Then must be your Trade license deadline 30 June.
Trade License Renewal Required documents :
Not much Document you need to renewal Trade license You have to need “( Your old trade license copy and Your company valid documents.
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Benefits of Business License :
Of course, as previously said in this post, acquiring a license can be quite advantageous when running a business. Once you get your license, you will be able to take advantage of the privileges listed below.
