All payments made out of unaccounted funds, which have not borne the due tax liability, are black money transactions. Payments for services of plumbers, electricians, mechanics, housemaids etc. are also made in cash. School and clollege fees for children are invariably paid in cash. Large payments to hotels, restaurants and travel agents may also be made in cash. Payments made in cash could be out accounted or unaccounted funnds. We often hear a remark in the context of immovable property transactions, i.e. when we want to buy or sell a property, it ususally goes thus - How much by cheque or in Number 1 and how much by cash or in Number 2 ?

When considering the registration of a new company or relocation of your existing company to Bangladesh, note that most Bangladeshi companies are registered as private limited liability companies (commonly known as private limited companies). A private limited company in Bangladesh is a separate legal entity and shareholders are not liable for the company,s debts beyond the amount of share capital they have contributed. According to the Companies Act 1994, any person (foreign or local) above the age of 18 can register a company in Bangladesh.

For Bangladesh, below we have compiled a list of licenses /approvals /permits /certificates, which are most frequently required for doing business in Bangladesh. Please note that there are some other licenses/approvals/ permits, which are not mentioned here. Unless you are conducting your business as a proprietorship, you will be required to register a Partnership or Company prior to obtaining these licenses/approvals/permits/certificate.

The Least Developed Country (LDC) status of Bangladesh enables the country to benefit from preferential trade and investment policies sanctioned by European and North American markets. Low cost of labour and lower overhead cost compared to regional peers have enabled the country to operate at a cost advantage and the apparel sector has been the main thrust sector benefitting in the global market, which has catapulted Bangladesh as the second largest apparel manufacturer in the world, next to China. Leather and leather goods, jute products, agro-processing to frozen fish are some of the sectors that have been similarly contributing to the growth of the country.

Bangladesh is a common law based jurisdiction. Many of the basic laws of Bangladesh such as penal code, civil and criminal procedural codes, contract law and company law are influenced by English common laws. However family laws such as laws relating to marriage, dissolution of marriage and inheritance are based on religious scripts, and therefore differ between religious communities. The Bangladeshi legal system is based on a written constitution and the laws often take statutory forms which are enacted by the legislature and interpreted by the higher courts. Ordinarily executive authorities and statutory corporations cannot make any law, but can make by-laws to the extent authorized by the legislature.