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 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.
What is 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
Basically every trade license is of 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 low of Bangladesh Government. But if you want to make 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 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 in 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
Normally the amount of licenses renewal fee is the same as the charge deserve at the time of making new licenses. Besides this, you have to include 15% vat and signboard charge With your licenses. Check out the Latest Trade License Fee List in Bangladesh 2019, Below:
The licenses paying system
The licenses paying system is fair. You have to pay in any bank. You will have the details Where and how to pay in the bank. Trade licenses submit .The trade can be closed for any reason. When your business is closed, you have to submit your licenses in 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 licenses submission has no any 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 summit 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 copy to you. Further, you do not face any issue you’re trading related.
The system of renewing your trade licenses
You have to collect a form. In the form, there will have the options from 1 to 18. From 1 to 6, you have to write the name of institution, applicant name, parents name of applicant than you have to write down permanent address of 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 different person, you have to select one from company. The application can be fulfilled acceding to this person.
In the 7 number blank box, the address of business should be noted. In the 8 number blank boxes, you have to write the number of national identity card. In the 10 number blank boxes, you have to write down seriously. There, you have to write mobile number. In this way, you have to fill up the whole form untill end. By fulfilling form, you have to submit this to the authority. Thereafter you will have the renewal approval to continue your business legally. Renew trading licenses is not hard any things. 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 how to renew your trade license in Bangladesh. There, you will have the simple solution and know 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 do this work based on extra expenditure. Many offices, not all are involved in different types of corruption. When a 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 to 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 is rejected because of wrong information and if the trader breaks any rules of license. The authority can take any step based on issues. but everyone will have the chance to rectify the problematic issue.