SEC-S20W4 | My Business Ideas | Registration, License, and Taxes

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Assalamu Alaikum Wa Rahmatullah, I hope everyone is well, I am also well by the grace of Alhamdulillah. I came to take the fourth week business planning contest. This week, dear brother @dove11 has consistently done beautiful courses. I also tried to participate in every contest consistently. And for my business plan and forward.

I thank him so much for giving me such an opportunity. At this stage, I invite some of my friends here before I start writing without delay. Those who will develop talent here with their maximum. They are. @ripon0630, @max-pro, and @irawandedy broo 🥰

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Section 1- We are interested to know about the registration procedure of your business in your country and how you manage it.

It is important to determine the structure of each work before it begins. Similarly, in the case of business, there are some important steps to go through before starting a business. Running a business requires patience, hard work, efforts to protect the quality of the product, and the ability to attract customers to the product.

Before starting a business in my country, I have to start a business by following some rules,

• such as, first I have named my business, I have to register the name, the name is very important in business. In Bangladesh, this name has to be registered from the commercial office or district administrator's office.

• The second step is to determine the type of business or basic registration, in this case I have to determine what type of business such as sole proprietorship, or company type business I am doing and register accordingly. In case of sole proprietorship, a copy of the businessman's national identity card, and necessary documents will be required.

• In the third step, you need a tax identification number.

• In the fourth step, VAT registration has to be done.

• In the fifth step, specific licenses have to be obtained for specific businesses.

And if you can cross these steps, a person will be considered a businessman for business. I mentioned in response to the previous season's post, I want to do business in food, I named the food business Authentic Food Business. And in our country, we have to get a food license to do business with food.

And I am doing business for my business by following these steps, and I am honest and correct and following the rules and laws of the country.

In our country, if someone does business unethically, such as in the case of food business, if any chemical, color or date over food is found in the food, then the businessman has to pay a hefty fine and the shop is sealed. And the license was taken away.

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Section 2- Tell us all about the procedure to obtain any licence/permit etc. to run your business.

Licensing is a very important step for a business. A businessman has to follow all the rules and steps of the business. If someone is in the food business, it is important to get a food license. Likewise, licensing is important for some businesses.

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In response to the previous question, I have said about the steps of business, determining the name of the business, tax, VAT and registration are applicable and to get a business license, national identity card, tax, VAT documents and necessary documents should be prepared and apply for license at the District Administrator's Office or Commercial Office.

And if all the documents are correct, a businessman will be given a license for business. Yes, since I am in the food business, I need a license for my business. And I didn't have to face any problems in managing my business. At the time of registration, we have not to pay some fees officially in our country.

I didn't have any trouble getting registered. Since the law is equal for everyone in our country, there is no dishonest way businessman to get a license. It takes a minimum of 15 days to get a business license in our country, in some cases it may take longer.

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Section 3- What is the tax structure for traders/manufacturers

Every businessman has to pay tax at a certain rate according to the type of business. Every businessman in Bangladesh has to pay a tax on a slab basis every year at a fixed rate,

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• If it is a sole proprietorship or partnership business. And in the case of companies, tax has to be paid at the rate of 25%.

• Taxes on essential goods are comparatively low, but clothing, or various types of artistic items, have to pay 15% tax.

• Since I am in the food business and sole proprietorship, I have to pay taxes on slab basis. If my income is more than my current sales, I will have to pay 15-20% more tax according to the slab.

• Yes, since my business is new, I am eligible for tax exemption for a certain period as a new businessman.

• I will first prepare my required documents for tax return and go to the website of the National Board of Revenue and register and fill the return form, then verify all the documents and submit the form, thus file the tax return.

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Section 4- What are the options in case you face any tax-related problems?

If there is any problem related to tax, contact the NBR. Or contact a qualified tax consultant. Collect tax-related documents, make a complaint, and seek the help of a lawyer.

Of course, I think you have to take the help of a professional to solve the problems and solve them.

Yes, there is a consumer directorate in my country, where consumer complaints are heard and action is taken accordingly.

Everyone is given equal importance in business and consumers, but businessmen should work thinking about consumers.

Yes, my country has a fair trade policy.

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Thank You Everyone For My Post Reading

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