How to Renew Trade License in Bangladesh? [2023]

A trade license is the first and foremost step for starting any business. This is the best to have the reorganization from the authority of the country. If you have a tread license, you have to renew this after year. Each and every year, you should keep updated your licenses. If you do not keep your license updated, it will be rejected after a definite period. As you are a business trader, you have to know how to renew the trading licenses in Bangladesh.

How to Renew Trade License in Bangladesh
How to Renew Trade License in Bangladesh

What is a Trade license?

Trade licenses are a part and parcel of business. Every single business must have this permission to run a business without any hindrance from the government.

History of the trade licenses

The trade license is started first of all in Bangladesh in 1983. It was started under taxation rules. Since then, every entrepreneur has to have a trade license. Without the trade licenses, the business is not legal according to the rules of Bangladesh.

How to renew trade license in Bangladesh 2022

Basically, every trading license is for 1 year. It is not an important issue when you have started licenses. The time of the licenses will be finished in June. That means you have to renew your licenses after June month according to the law of the Bangladesh Government. But if you want to make a trade license for five years, it is possible to do. But in these fields, you have to spend more charge for making licenses.

From where you will renew your trade license

For renewing your trade license, you should not come to the central place. Rather, you can perform your work from your own area. If you live in Dhaka, you can renew your licenses from Dhaka City Corporation. If you live outside of Dhaka, you can renew your business in the local municipalities like in Chittagong, you can renew your licenses from Chittagong City Corporation.

Time of the trade licenses

You have to renew your trade licenses within three months. As June is the month of finishing trade license time. You will have three months for renewing your licenses. July, August, and September are the months of renewing your trade licenses.

Trade licenses renewal fee in Bangladesh 2022

Normally the amount of license renewal fee is the same as the charge deserve at the time of making new licenses. Besides this, you have to include a 15% vat and signboard charge With your licenses. Check out the Latest Trade License Fee List in Bangladesh 2022, Below:

Latest Trade License Fee List in Bangladesh 2019

The licenses paying system in Bangladesh 2022

The licenses paying system is fair. You have to pay in any bank. You will have the details of Where and how to pay in the bank. Trade licenses have to be submitted. The trade can be closed for any reason. When your business is closed, you have to submit your licenses to the office from where you have collected or renewed the licenses. if you do not submit licenses, you may be accused of any claim. You have to keep in mind that license submission has no fee.

When you go to submit your licenses, you do not need to spend extra money. Just you have to write an application showing the cause why you are going to close your business. You have to submit this to the tax officer of your area. You will have back your application with seal signature after submitting you’re thereafter, you have to collect these copies to you. Further, you do not face any issue you’re trading-related.

The system of renewing your trade licenses BD

You have to collect a form. In the form, there will have options from 1 to 18. From 1 to 6, you have to write the name of the institution, applicant name, parent’s name of the applicant then you have to write down the permanent address of the business holder.

If the trading is started with two people, the name of two people should be included. Along with, the pictures of the two applicants should be included. But when the trading is with a different person, you have to select one from a company. The application can be fulfilled acceding to this person.

In the 7 number blank box, the address of the business should be noted. In the 8 number blank boxes, you have to write the number of the national identity card. In the 10 number blank boxes, you have to write down seriously. There, you have to write the mobile number. In this way, you have to fill up the whole form until the end. By fulfilling the form, you have to submit this to the authority. Thereafter you will have the renewal approval to continue your business legally. Renewing trading licenses is not a hard thing. Just, you have to go according to process. Just within one day, you can perform all the work perfectly.

You will know details going through the page on how to renew your trade license in Bangladesh. There, you will have a simple solution and know the renewal process. By making trading licenses, make your trading fair.

The wrong system of trade licenses in Bangladesh

Many people do not want to know the system on how to do a trade license. They depend on the broker. The broker does this work based on extra expenditure. Many offices, not all are involved in different types of corruption. When fresher go to take trade licenses or renew trade licenses, they face lots of problems. Especially, the fresher has to waste time or invest money indirectly in the authority of government officials.

You have to know how to renew the trade licenses in Bangladesh. You have to collect all the business documents before renewing your trade licenses. It is simple to renew. But you have to know the system of making trade licenses first of all. After completing your trade licenses, you have to renew this when the time will be finished.

Why reject your license automatically

Sometimes, licenses are rejected because of wrong information and if the trader breaks any rules of the license. The authority can take any step based on issues. but everyone will have the chance to rectify the problematic issue.

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