By forming your company, you create a legal entity that exists separately from its owner. A company’s formation can imply that a corporation is dedicated to efficient and responsible management and has a long history. It boosts the confidence of both suppliers and clients.
Today we are going to share a story about one of our projects. So, without delay let’s discuss it below!
A Case-Study on New Company Formation
Name: Mr. Shahidul Islam
Address: Banani, Dhaka, Bangladesh
Service: New company formation
Mr. Shahidul Islam has started his business two years ago and desired to grow his company by advertising their goods with the intention of leasing and selling them throughout the entire nation. So, he wanted to register his business to expand.
In addition to working on power generating and distribution projects in China, the company is a top supplier of UPS batteries. Through a number of associates, the customer has already seized the majority of the market share in its operating nation.
The client now desires to increase its operations and provide its products throughout Bangladesh.
Our client’s main goal was to make their products available for purchase and rental across the entire nation. They had to establish their business in a place where they could build a strong and trustworthy distribution network in order to do this.
In addition to this, they had a number of other needs related to their operation and location. They had the following demands, among others:
The client came to us for help with this problem. We asked them for their requirements first, and then we analyzed them. Our experts knew they wanted to maximize their network of distribution and reduce their expenses.
We have used the following legal approach throughout the entire process of forming our client’s limited liability company:
- Making a power of attorney and signing it.
- Opening a bank account in the business’s name and on its behalf and depositing the required minimum share capital.
- Collecting the Tax Identification Number (NIF) for the business at the Bangladeshi Tax Agency.
- Acquiring a certificate stating the company’s denomination.
- Signing and filing the business’s public deed with the Bangladeshi Commercial Register.
We want to underline that the client never had to leave his home to form the corporation on his behalf; we could do it instead.
Advantages of New Company Formation
1. Existence as an independent corporation:
The company’s independent corporate life services as a defining characteristic. A corporate identity is provided to a corporation established in accordance with the law. As a result, it is distinct from its members in terms of its identity and assets.
2. Continuous succession:
Continual succession exists in a corporation. It is a living organism that endures forever. It implies that, despite occasional membership changes, the company’s continuity will not be impacted.
3. Limited liability:
The company is obligated by its liabilities and has its own assets. The amount contributed to the company’s capital up to the nominal value of the shares owned is the extent of the member’s obligation as a shareholder.
4. Transferable securities:
Shares make up the company’s capital. The shares are easily transferable under particular circumstances and are regarded as movable property.
The End Words
We are pleased to observe that the client is now effectively carrying out his activities in Bangladesh, and we aim to help many more clients establish successful businesses in Bangladesh.
Please don’t hesitate to contact us if you’re a start-up or established business interested in setting up a new company formation in Bangladesh.