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Import and Export License in Bangladesh: A Comprehensive Guide
Introduction
Welcome to the world of international trade! If you’re considering importing or exporting goods to and from Bangladesh, it’s crucial to understand the regulatory framework governing import and export licenses. In this article, we will provide you with a comprehensive guide on obtaining import and export licenses in Bangladesh, ensuring your business sails smoothly in the sea of international trade.
What Are Import and Export Licenses?
Import License
An import license is a legal document issued by the government of Bangladesh that permits businesses to bring foreign goods into the country. It is a vital requirement to ensure the quality and safety of imported products, manage trade balance, and protect domestic industries.
Export License
On the other hand, an export license authorizes businesses in Bangladesh to send locally produced goods abroad. It is essential to regulate and control the export of specific items, comply with international trade agreements, and monitor the country’s export earnings.
Now an importer having Import Registration Certificate (IRC) and an Exporter having Export Registration Certificate (ERC) can Import & Export any permissible item without any value and quantity restrictions and without obtaining any permission from any authority.
Procedure for issuance of Import Registration Certificate and Export Registration Certificate has been simplified. It requires only the following documents:
1.Trade License.
2.Membership Certificate from recognized Chamber/Trade Association.
3.Tax Identification Number.
4.Bank Certificate.
5.Memorandum and Articles of Association and Certificate of
Incorporation (in case of Limited Company).
On submission of the above documents, we issue IRC/ERC within three hours, i.e. within the same day.
The importers have been classified into 6 (six) categories on the basis of their value ceiling of overall annual import. The initial category wise registration fees and annual renewal fees are as under:
Exporters shall pay registration and renewal fees at the following rates :-
Conclusion
Import and export licenses are the backbone of international trade in Bangladesh. Understanding the different types of licenses, the application process, and the associated regulations is vital for smooth business operations. By obtaining the necessary licenses and adhering to the rules, you can engage in global trade with confidence and success.