Don't Fall in the Non-Compliance Trap: 6 Things a company in Bangladesh should do every year
Being an entrepreneur, over the year, you had been too busy testing and refining ideas, raising funds, getting traction and as the year-end is approaching, you’re probably thinking of getting a much-deserved break. While you have a winter vacation, to ensure that everything is on track when you come back, make sure that besides doing the “business”, you have also taken care of the regulatory requirements over the year. This will enable you to avoid any future pitfalls during fund raising sessions and any possible altercation with the regulatory authorities .
So below is a go to guide you may refer to.
A. Actions to be taken:
1. Get profit and loss account and balance sheet (i.e. financial statements) prepared and get the same audited;
2. Hold Annual General Meeting (AGM);***
3. Present the audited financial statements before the AGM and get them adopted by the shareholders;
4. Appoint an auditor in AGM;
5. If there are retirement of directors (likely in public companies), appoint directors;
6. Get the tax returns prepared, filed and assessed.
B. Documents to be filed with regulatory bodies
***Each calendar year, every company is required to hold a general meeting (i.e. shareholders’ meeting) as its annual general meeting. There shall not be more than 15 months’ gap between the last general meeting and the present one. Besides, there shall not be more that 9 months’ gap between the financial closing and the general meeting. However, in the case of the first annual general meeting, the company may hold it within a period of maximum 18 months from the date of its incorporation.
Schedule X Form: https://www.roc.gov.bd/site/forms/1a138a8a-7a30-4f11-adc8-a2db55a773dc/????????/???????-?????)
Tax Return Form: https://www.nbr.gov.bd/contents/form/78.pdf