Accountants are involved in the design and implementation of accounting systems. They prepare and analyze financial reports for a diverse range of entities, including businesses, governmental bodies, and organizations, ensuring firm adherence to accepted accounting principles.

There’s common misconception that accountants solely handle tax preparation, their expertise extends far beyond. In addition to tax assistance, accountants serve as financial advisors, adept at managing various aspects of your financial life. Personalized services cover financial planning, asset and investment management, risk mitigation, retirement planning, and estate planning, among others.

For businesses, a skilled accountant goes beyond bookkeeping and financial services, offering invaluable business advice and consultancy. From maintaining accurate accounts to providing strategic guidance on enhancing cash flow, raising capital for expansion, and optimizing operational efficiency with a keen focus on tax considerations.

Specialized services include business planning, thorough auditing, taxation, superannuation, and retirement planning.

At Syful Shamsul Alam & Co. (SSAC), we take pride in our ability to deliver extensive ranges of services starting from Auditing, Bookkeeping, Taxation, Outsourcing, assistant to Foreign Investors in Bangladesh, as well as comprehensive Consultancy Services to businesses, a testament to our extensive and varied experience.

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Syful Shamsul Alam & Co. (SSAC) is a leading accounting firm with its Azimur Branch situated in Azimpur, Dhaka, Bangladesh.

Having a good accountant or bookkeeper is key to helping you and your business function more efficiently and cost effectively.

The costs associated with bookkeeping and accounting services are contingent on the specific services required. To optimize the efficiency of our service and minimize costs, here are some fundamental guidelines:

1. Maintain Clean and Accurate Records:

Accountants and bookkeepers typically charge by the hour. Clear, organized, and accurate records expedite the process.

2. Automate Record Keeping:

Employing automated systems for record keeping enhances accessibility and facilitates swift exchange of information. Computerized systems contribute to a seamless flow of data.

3. Keep Us Informed:

Treat your accountant as a trusted business advisor. Discuss your business and personal financial decisions with us. By sharing your plans, we can assist in developing strategies for financial and tax savings tailored to your specific circumstances.

4. Be Prepared for Meetings:

Prior to scheduled meetings, take notes of any questions you may have. Organized discussions with prepared notes ensure a smooth and productive exchange of information.

5. Billing Transparency:

Our billing structure is either time-based or product-based. If you need a detailed breakdown or explanation, feel free to inquire. We are committed to exceeding your expectations, and if adjustments are necessary, please communicate openly with us.

Incorporating these practices is part of a strategic plan, business plan, and the implementation of a management-by-statistics system, including Key Performance Indicators (KPIs).

Running a business is akin to playing a strategic game with the goal of achieving targets or objectives. Establishing the rules and ensuring alignment among your team members are crucial. As a business owner, it is your responsibility to set the parameters of the game; otherwise, your staff may define their own, potentially misaligned with your overarching goals. Your role is pivotal in keeping everyone focused on the ultimate objectives of the business.

Contact us today to find out how we can assist, or request a quote here.

We, at Syful Shamsul Alam & Co. (Azimpur) Chartered Accountants, provide various offshore outsourcing services.

Outsourcing to SSAC (Azimpur) firm in Bangladesh can result in great cost-savings and competitive advantage for your business. Taking adavantage of our geolocation compared to the locations such as Australia and United States, you can achieve cost-savings of up to 80%

Here at SSAC (Azimpur), we offer a tailored competitive fee to help reduce overheads and allow you to focus on scaling and growing your business.

Contact us today to find out how we can help you with cost-savings, or request a quote here.

Business structuring is the most important aspect of running a business. The choice of the entity through which you conduct your business will depend on:

✔ Administrative costs associated with the structure.

✔ Legal liability and business risks involved in running the business.

✔ Tax optimization strategies.

Tax is often top of mind with arranging a structure but in fact, the reverse is true. The old saying ‘saving a penny but losing a pound’ applies here.

It’s crucial to avoid a structure that incurs more costs than its value or exposes you to the risk of significant losses merely for the sake of tax savings.

At SSAC, we specialize in tailoring structures to align with your individual needs.

Commonly employed structures include:

• Sole Trader
• Partnership
• Company
• Trust
• Non-profit Organisation

We advise against operating a business with any inherent risks, such as a sole trader or partnership. The potential of jeopardizing your family home and all assets is substantial.

Need help! Contact Syful Shamsul Alam & Co. (Azimpur) Chartered Accountants today to assist you in designing a structure that strikes the right balance for your specific requirements.

The terms “Accountant,” “CA” (Chartered Accountant), and “CPA” (Certified Public Accountant) refer to professionals in the field of accounting, but they have distinctions in terms of qualifications, certifications, and the jurisdictions in which they operate.

“Accountant” is a broad term that can refer to individuals with various levels of education and experience in accounting.

Accountants may have diverse educational backgrounds, ranging from associate degrees to bachelor’s or master’s degrees in accounting or related fields.

While some accountants may have professional certifications, it is not a universal requirement.

“CA, CPA” are a professional designation for accountants.

To become a CA (Chartered Accountant), and/or CPA (Certified Public Accountant), individuals typically undergo a rigorous education and training program. The requirements may include a specific degree, completion of a recognized professional program, and successful completion of qualifying exams.

CAs and CPAs are authorised to practice public accounting, and have statutory authority to audit financial statements and provide various financial and advisory services to the public.

Accountants holding prestigious designations such as Chartered Accountant (CA) or Certified Practicing Accountant (CPA) are mandated to possess a degree qualification, successfully complete a postgraduate course, and maintain a practicing certificate from either of these esteemed bodies. Notably, the majority of major accounting firms align with the Chartered Accountants designation.

These professionals are bound by the ethical and quality assurance standards established by these influential bodies. In contrast, accountants who identify simply as “accountants” without affiliation with these peak bodies operate outside of these regulatory frameworks. It’s like “Would you choose a doctor who is not a member of the medical association – a choice that may raise concerns.”

Opting for the services of a CA or CPA guarantees that your accountant has not only earned an undergraduate degree but is also accredited by these reputable bodies. They adhere to a stringent code of ethics, stay abreast of evolving accounting and business practices, and undergo continuous education to uphold their practicing certificate.

Syful Shamsul Alam & Co. (SSAC) proudly holds registration with the Institute of Chartered Accountants of Bangladesh (ICAB) and possesses a practicing certificate issued by this esteemed institute. This distinction underscores our commitment to delivering professional and up-to-date accounting services aligned with the highest industry standards.

Need help! Contact Syful Shamsul Alam & Co. (Azimpur) Chartered Accountants today, or request a quote here.

Bangladesh is one of the most preferable investment destination in the world.

As one of the world’s fastest-growing economies, having maintained a consistent growth rate exceeding 6.5% over the past decade, Bangladesh stands out among others. This impressive economic trajectory has propelled the nation into a realm of abundant opportunities. Characterized by a remarkable economic record, a highly adaptable and competitive workforce, and numerous potential industrial sectors, Bangladesh boasts a manufacturing regime in Asia marked by low costs and high returns.

The country’s allure as an investment destination is underscored by its expansive domestic markets, strategic location, high profitability, demographic dividend, and attractive incentive policies.

Despite global challenges, such as the pandemic, Bangladesh has demonstrated resilience, with the Asian Development Bank estimating GDP growth at 5.2% in 2020 and 6.8% in 2021. It currently ranks as the world’s 29th largest economy by purchasing power.

Bangladesh’s investor-friendly environment is exemplified by its liberal Foreign Direct Investment (FDI) regime, allowing 100% foreign equity ownership with an unrestricted exit policy. Various sectors are open to foreign investment without quantitative restrictions, and the country offers enticing incentives such as tax holidays, reduced tax rates for specific sectors, export incentives, and fiscal perks.

Notable Incentives Include:

• Corporate tax holidays in certain areas and sectors.
• Accelerated depreciation on machinery costs for new industries.
• Bonded warehousing for export-oriented industries.
• Duty-free market access to the EU and most developed countries.
• Full repatriation of dividends and capital.
• Tax exemption for remittances of royalty and technical know-how.

Furthermore, Bangladesh ensures comprehensive protection for foreign investors through the Foreign Private Investment (Promotion and Protection) Act of 1980. Its strategic geographic location, regional connectivity, and worldwide access make it an ideal hub for global trade.

The One-Stop Service (OSS) consolidates investment facilitation mechanisms under a single window, streamlining processes for investors. Bangladesh’s workforce offers adaptability and competitiveness, supported by favorable wages and salaries.

The country benefits from abundant natural resources, including natural gas and fertile soil. It has established bilateral investment treaties with 33 countries and Avoidance of Double Taxation Treaties with 28 countries.

Bangladesh’s commitment to fostering a favorable investment climate is evident in its participation in multilateral and regional treaties, such as MIGA, ICSID, WIPO, WAIPA, OPIC, APTA, BIMSTEC, IORA, SAPTA, SAFTA, SAFAS, COMCEC, and TPS-OIC. The nation has also signed trade agreements with 45 countries, further facilitating international trade.

In comparison to major countries like China, Bangkok, Vietnam, Indonesia, and India, Bangladesh offers a compelling competitive edge in terms of skilled labor costs, industrial estate rent, and low-cost energy. Its steady macroeconomic environment, resilient domestic market, and export-oriented industry-led growth position Bangladesh as one of the fastest-growing economies globally.

As the principal contact point for Foreign Direct Investment (FDI) in Bangladesh, the Bangladesh Investment Development Authority (BIDA) extends a warm invitation to private sector investors to explore the diverse and promising investment opportunities the country has to offer.

Source: The Daily Star

Syful Shamsul Alam & Co. (Azimpur) provides “One-Stop” comprehensive services to Foreign Investors in Bangladesh.

Foreign Investors seeking to invest in Bangladesh are welcomed by Bangladesh’s economy with lucrative opportunities, support & flexibilities; however there are regulations and measures which may require the help of a local expert in foreign investment.

Unlock unparalleled opportunities for foreign investors in Bangladesh with Syful Shamsul Alam & Co. (Azimpur). Navigating the intricacies of local regulations, our firm offers expert advisory and accounting services tailored for international investors.

Find out more about our “One-Stop” Service for Foreign Investors, or request a quote here.

Foreign investors can incorporate a fully owned company, subsidiary or have a jointly owned company in Bangladesh.

Most common types of incorporation include public or private limited company. Incorporated company has to comply with the Companies Act 1994 and can undertake any legally permissible business and set up operations in any places in Bangladesh.

Company incorporation in Bangladesh requires following steps:

Step 1: Getting name clearance from RJSC&F.

Step 2: Opening a temporary bank account for capital deposit. Investors can open temporary accounts through online arrangement for FDI in Bangladesh as per Circular no 11 of Foreign Exchange Policy Department of Bangladesh Bank issued on May 17, 2021.

Step 3: Preparation of Articles and Memorandum of Association and submission of application for incorporation with RSJC&F.

It usually takes five weeks to complete the above steps.

Source: Bangladesh Investment Development Authority (BIDA)

We provide “One-Stop” hassle free comprehensive solution.

Need help! Contact Syful Shamsul Alam & Co. (Azimpur) Chartered Accountants today to assist you with your tailored needs.

When considering business ventures in Bangladesh, foreign investors have three primary entry options, each with its distinct characteristics:

1. Locally Registered Company:

• This option offers flexibility and allows foreign investors to invest, own shares, or incorporate companies in various sectors.
• A locally registered company can take the form of a private or public limited company.
• The registration process involves obtaining name clearance, opening a temporary bank account, and completing the incorporation steps with the Registrar of Joint Stock Companies and Firms (RJSC).
• Private investment is restricted in certain sectors, and prior approval is required for specific business activities.

2. Branch Office:

• Establishing a branch office extends the foreign company’s operations into Bangladesh, subject to permission from the Bangladesh Investment and Development Authority (BIDA).
• While similar to a company, a branch office operates within the parameters permitted by BIDA and requires renewal every three years.
• Winding down a branch office is less complex than closing a company.

3. Liaison Office:

• A liaison office enables direct communication with the Bangladesh market but is prohibited from engaging in commercial activities.
• Permitted activities include maintaining liaison, coordinating with local entities, and collecting business information related to the approved field.
• All costs associated with a liaison office must be covered by the foreign investor through inward remittance, with no outward remittance from Bangladesh sources allowed.

How to Establish a Locally Registered Company:

Step 1: Apply for Name Clearance – Obtain name clearance from the RJSC, valid for 180 days.

Step 2: Open a Temporary Bank Account – Open a temporary bank account for remitting paid-up capital. – Finalize the Memorandum and Articles of Association.

Step 3: Incorporate the Company – Submit required documents to the RJSC, including notice of the registered office, particulars of directors, subscriber page, and others.

– Pay registration and filing fees.

– Upon verification, RJSC issues the Certificate of Incorporation.

*Ongoing Compliance: – File annual returns and update the RJSC on any relevant changes to the company structure.

How to Establish a Branch or Liaison Office:

Step 1: Obtain Permission from BIDA – Submit necessary documents to BIDA for permission. – Required documents include the certificate of incorporation, MOA and AOA, audited accounts, and an organogram of the office. – Pay the applicable fee to BIDA.

Step 2: Open a Bank for Remittance – Open a bank account to remit at least USD 50,000 to cover establishment and operational costs. – Remit the amount within two months of BIDA approval.

Step 3: Register with the RJSC – Submit the approval letter from BIDA, certified copies of constitutional documents, a list of directors, and other required information to the RJSC. By understanding these entry options and following the prescribed steps, foreign investors can navigate the regulatory landscape and establish a successful business presence in Bangladesh.

We provide “One-Stop” hassle free comprehensive solution.

Need help! Contact Syful Shamsul Alam & Co. (Azimpur) Chartered Accountants today to assist you with your tailored needs.