Bangladesh is one of the fastest growing business nations for all over the world. There have huge opportunities of business as like trading, manufacturing industry, agro-based industry, inland fresh water fisheries, jute goods, frozen foods, handicrafts, IT sector, truism & leisure activities ready-made garments, leather goods etc. are the most Potential Business Sector in Bangladesh.
Potential Business Sector in Bangladesh:
There are many potential business sectors in Bangladesh. Some of them are briefly describe bellow:
Bangladesh is one of the famous fashion & clothing industry in the world and leading exporter country of Knit and oven garments to the USA and EU countries and rest of the world. At present Russia, central Asian countries, north western Africa, Eastern European countries (former USSR countries) and South & Central American countries are very much effective consumer of this industry. Now Vietnam is one of the major competitors of Bangladesh into the global fashion industry, however, Western countries have turned their attention to Bangladesh for their apparel business due to cheap production cost and a abundant of skilled workers in the fashion industry. At present Bangladesh is getting more export orders, which are being shifted to the competitive countries for increasing labour cost. Now Bangladesh is the second largest apparel exporter country in the globe. Bangladesh Govt. have taken lot of stapes for attracting foreign investor to invest large capital on developing this particular sector and linkage staff, for this reason setting up several Export Processing Zone (EPZ) in different part of the country, and cordially invite foreign, privet and multinational entrepreneurs to enrich fashion & clothing industry.
Leather is one of the most Potential Business Sector in Bangladesh. World’s 10% of leather comes from Bangladesh, a significant portion of hides using to meet local demands , however, most of raw hide exporting to foreign country. If we establish footwear and leather garments & cottage industry for using raw hide to produce/make shoe, bags, jacket and all sorts of leather products. It would be great efforts for earning foreign money and build up leather factory on this up- growing sector, because of huge amount of supply of raw hide. According to International Council of Tanners (ICT), Bangladesh’s annual leather production was 148.1 million square feet for last couple of decades, from 1998 to 2006. Bangladesh ranked 20 out of top 30 leather manufacturing countries in the world as per the ICT list. According to Export Promotion Bureau (EPB), Bangladesh earns USD 1124.17 million from export of leather and leather products in FY 2013-14. For a Muslim country huge animals are being slaughtered for celebrating ritual festival Eid; near around 10 million raw hide collecting from Eid ul azha largest religious feast of the country.
Frozen Food Sector:
Frozen Food is another Potential Business Sector in Bangladesh. It is the second largest exporting sector of Bangladesh. There has large sea basin, river water and costal water region where producing huge amount of Shrimp, Lobster, Hilsha, Eel, Crab, Tortoise, Fry Fish, Prawn and other fishes, however, there are not using modern technology in this sector for this reason productivity is not sufficient than other competitive countries like Thailand, India and Vietnam. Now Bangladesh is the fourth largest inland / fresh water fish producing country in to the globe. About 70% fishing of inland water and around 30% Marine fishing including brackish water. So foreign investor or multinational company can start business (Company Registration or Formation at RJSC) in 100% foreign investment or joining with local entrepreneurs to set up fish farming & processing plant to grab world’s lucrative sea food & frozen food market. At one stage, the country’s shrimp export earnings in 2009-10 fiscal was recorded at USD 375 million, and positioning 4% shrimp export of total worldwide shrimp export.
Jute Products Sector:
Jute Products is another Potential Business Sector in Bangladesh. Now Bangladesh is the second largest jute producing country, earlier it was first in the world and average production nearly 1.10 metric tons. At present, Bangladesh is the biggest exporter of raw jute in the world and increasing global demand of environment friendly fiber, so jute made product’s consumer growing rapidly every corner of the earth. Synthetic products affect the environment and cause for health hazards of human, people who are thinking about environment and health measure they begin to use of jute products. For growing usages of jute products local and multinational companies can establish modern jute industries to make fashionable cloth, bag, sack, jacket, footwear, carpet, rope, mate, paper, carting, rug and so on. So enthusiastic entrepreneurs can run business of exporting raw jute or finished goods (Company registration / formation by RJSC) and establish modern technology biased factory to produce many kinds of jute products to fulfill the environment friendly & fashionable needs and earn profit by creating new household trendy items or fashion wear for demands of daily usage.
Power is also another Potential Business Sector in Bangladesh. Lack of electricity supply is one of the major problems in Bangladesh for developing mill & industries. Power shortage is the main obstacle of producing more agriculture products, industrial products and sea foods into the countries. Bangladesh Govt. cordially invite foreign and privet investor to invest power sector for generating power to reduce scarcity of electricity flow to industries and household demand. Now nearly fifty present demand of electricity is generating privet Power Company. Privet Company can open power business of taking Company Registration / formation at RJSC in Bangladesh then receiving permission from respective authority of Bangladesh.
Electronics’ industry is another developing sector of Bangladesh because there have large local market, there 160 million people living here and rural electrification program increasing day by day that’s why to set-up electronics factory to full fill local demands and export to foreign market. At present some of local and foreign trading and marketing company are importing spare parts and assembling electronic goods to meet local demands such as LG Electronics, Singer, Walton etc. Now Walton is the biggest local brand of Electronics Company which is exporting many kinds of electronic products to the world market; they also set-up automobile industry for producing motor bike and other vehicles to supply local market and export into the globe. There large demandable products are TV, Fridge, LED bulb, Fan, Cable, Florescent bulb, Generator, Cell phone, A/C, woven etc, so foreign entrepreneur can establish electronics plant by company registration at RJSC in Bangladesh all the measures.
Now Bangladesh is one of the leading potatoes exporting country in the world. Its favorable climate helps to yield high quality potato into the global market. Potato exporting is a profitable business so local or foreign entrepreneurs could start this business, it may partnership or limited business company business because of a little bit large capital needed here that’s why proprietorship business is not more effective. At present Bangladesh id the Seventh largest potato producing country in the globe. If two or more entrepreneurs want to start an export oriented business in Bangladesh at first to set up partnership or limited company by registration at RJSC (Office of the Registrar of Joint Stock Companies and Firms). RJSC is the only legal authority of Partnership business and Limited company registration, certificate issues, company return filling, Company share transfer and others activities monitoring body of Bangladesh.
Tourism is also another Potential Business Sector in Bangladesh. At present Govt. starts development program of tourism sector because of huge tourist attracting spot and leisure place available in Bangladesh. The world’s largest mangrove forest (Sunder Ban) 10,000 squire Kilo meter 60% land into Bangladesh, longest sandy sea beach (Cox’s Bazaar), biggest artificial lake (Kapti Lake) in Bangladesh. Kuakata is another fantastic sea beach where enjoying sun rising to dust very closed to Sundarban.
Govt. is now encouraging foreign company and consortium to develop Truism business, infrastructure and accommodation facilities for staying. Now takes initiative to build up Hotel, Motel, Leisure shelter, Bar, Club etc. So Foreign & local entrepreneur can start business by Company formation/registration at RJSC in Bangladesh. Few of Chain Hotel consortium starts their hotel business in the country as like Radisson water garden, Westin, Intercontinental Hotel, Pan Pacific etc. If we establish truism industries in the country and there establishing famous hotel, motel and rest house to ease accommodation shortages of tourist, we earn huge foreign currency and creating new job.
Cox’s Bazar 140 km long sandy beach can be the best attractive sun bathing place in the world. If its implemented proper management & accommodation, and is created large job & famous market place in the globe. There 290 days are sunny and mild weather and average 22 to 26 degree calcium temperature for skiing, sun breathing, swimming and many more. Royal Bangle Tiger and spotted dear are the main attraction of Sunder bans, Six season stay in Bangladesh rest of world have maximum four like Summer, Autumn, winter Spring, Late Autumn and Rainy in Bangladesh. You can see on your own eyes of changing colour of six season lands and wave of famous river the Parma & the Brahmaputra.
Moreover, there are some opportunities available here for active entrepreneurs to invest on pharmaceuticals, IT & software development, Manufacturing, Tea garden, Trading, ship building, roads and highway construction, Railways development, agro biased industries and so on. Government always welcome foreign entrepreneurs to visit our country for seeking here optimum sector to set-up business, it may bossiness (company registration/formation at (Office of the Registrar of Joint Stock Companies and Firms ) of Partnership Firm, Joint Venture Company, privet limited company & public limited company (local and foreign),100% Foreign owned company, branch office, Regional office, Multinational company or foreign company all the maser. After completing company registration we get Incorporation certificate from RJSC then needs few certificate for starting business in Bangladesh such as Trade License, Export Registration Certificate, Import registration Certificate, VAT Registration Certificate, TIN Certificate and sometimes essential of respective ministry permission for particular business.
How Can I Start a Business in Bangladesh?
Now a question may arise, How Can I Start a Business in Bangladesh? Here I am describing briefly.
If you want start your business as a sole proprietorship that means no other with you. Then you need a Trade License to start your business. You should collect Trade License from City Corporation or Union Parishad office where your business located.
If you want start business involving more than one person, then there are two options to choose you. One Register Limited Company and others is Partnership Firm in Bangladesh. Both of them should registrar from RJSC (The Registrar of Joint Stock Company and Firms). You should know here RJSC activities.
You also can start with foreign collaboration. Here one or more foreign director and one or more Bangladeshi director jointly start business of Bangladesh. This type of company is called as Joint Venture Company in Bangladesh. Also there are many scopes to setup Branch Office of Multinational Company in Bangladesh. Now you have to choose the option which is appropriate for you.