Business Environment in Bangladesh
Our consulting services tackle key challenges and opportunities across strategy, accounting, bookkeeping, M&A, business establishment, legal compliance, corporate law, and more
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Understanding the Business Climate and Culture in Bangladesh
Doing business in Bangladesh offers immense opportunities, especially with its young, growing population and expanding middle class. The country’s market size is significant, with a population of over 170 million people, making it the eighth-largest country in the world by population. With a rapidly urbanizing society, increasing purchasing power, and a growing appetite for modern goods and services, Bangladesh presents a vast and diverse consumer market. Additionally, the middle class is expanding, contributing to rising demand for consumer products, technology, education, healthcare, and financial services.
However, succeeding in this market requires patience, an understanding of local customs, and the ability to navigate regulatory challenges. A strong local presence and personal relationships are critical to success, as trust and familiarity play a central role in business dealings. Understanding the business climate and culture in Bangladesh can significantly enhance a company’s chances of thriving in this rapidly developing market.
Customer Profile and Demographics
Bangladesh has a population of approximately 170.01 million people, out of which 51.4% are women (DataReportal, 2022). The median age in Bangladesh is 27.6 years as of 2022 (DataReportal), not 40.9 years, which would be more typical of aging populations in developed countries. In terms of age distribution, 70% of people are aged between 15 and 64, 14% are over 65, and 16% are under 15 years old (World Bank, 2021).
There is a strong emphasis on familial connections in Bangladesh, and often several generations live under the same roof. However, the average household size is 4.4 persons per household (UN, latest data available). While larger families are still common, recent trends show that only 9% of households consist of six people or more, 18% are one-person households, 45% have two or three people, and 28% have four or five inhabitants.
About 38% of the population is urban, meaning 62% live in rural areas (World Bank, 2022). The main cities in Bangladesh include Dhaka (the capital), Chattogram (Chittagong), Khulna, Rajshahi, Sylhet, and Barisal.
Education remains a challenge in terms of quality and equity, especially in under-resourced rural areas. Bangladesh has an adult literacy rate of approximately 74.9% (UNESCO, 2021), not 93.8% as previously stated. About 99% of children complete primary education, but only 86% complete lower secondary, and 47% complete upper secondary (UNICEF, 2019). At the end of lower secondary education, only 50% of students reach the minimum proficiency level in reading, and 46% in mathematics.
The majority of the population has incomplete secondary education (~60%). Despite historical challenges, Bangladesh has made significant progress in increasing school enrolment across all education levels. Tertiary enrolment rates have risen considerably in recent years, though they are not yet among the highest in ASEAN.
Can you integrate the accounting system with PND (Personal Income Tax) and PP30 (VAT) filing systems used in Bangladesh?
Do you offer training in Bangla anguage for our accounting team?
Can you help us with setting up withholding tax (PND 3, 53) calculations within the system?
Can the system handle multi-currency transactions, especially for businesses dealing with international clients in Bangladesh?
Do you provide ongoing support after the system setup, especially for updates related to changes in Bangladesh accounting standards?
Can the system be integrated with our existing Bangladesh bank accounts for seamless bank reconciliation?
Our Role in the Bangladesh Business Environment
As Bangladesh grows as a business hub in Southeast Asia, TCF Bangladesh supports companies aiming to leverage this potential. Through our subsidiaries—IAPF, TCF Legal, and TCF HR—we provide expertise in accounting, legal services, HR, and auditing. With a deep understanding of local regulations, we offer tailored strategic and operational support to help businesses thrive in the Bangladeshi market.
Growing Industries in Bangladesh
Our Services
Tokyo Consulting Firm Bangladesh, a subsidiary of Tokyo Consulting Group since 2007, offers Strategic Financial Advisory to drive informed decision-making and sustainable growth for businesses in Bangladesh. Trusted by over 50 Japanese clients, our expert advisors provide tailored strategies to optimize financial performance and navigate market challenges.
- Expert Insights: Leverage data-driven financial strategies from our experienced advisors to achieve your business goals.
- Tailored Solutions: Receive customized advisory services to fit your industry, size, and growth objectives.
- Trusted by Global Clients: Join over 50 Japanese and international businesses relying on our proven expertise.
Tokyo Consulting Firm Bangladesh, a subsidiary of Tokyo Consulting Group since 2007, offers Bookkeeping and Financial Reporting Services to ensure your business maintains accurate, compliant, and actionable financial records. Trusted by over 50 Japanese clients, our team of Certified Public Accountants (CPAs) and financial experts delivers tailored solutions to support local and international businesses in Bangladesh’s dynamic market.
- Regulatory Compliance: Ensure adherence to Bangladesh’s financial regulations, including the Income Tax Act-2023, with our expert team.
- Tailored Solutions: Receive customized bookkeeping and reporting services to fit your business size, industry, and goals.
- Trusted by Global Clients: Join over 50 Japanese and international businesses relying on our proven financial expertise.
Tokyo Consulting Firm Bangladesh offers specialized Service Rules Agreement Support to help your organization establish clear, compliant employment terms in line with Bangladesh’s labor regulations. This service ensures that your employment contracts and service agreements uphold legal standards, protect both employer and employee rights, and foster transparent workplace relationships.
- Legal Compliance: We draft and review service rules and employment agreements that fully comply with Bangladesh Labour Act 2006 and other relevant regulations, minimizing legal risks for your business.
- Tailored Agreements: Our HR experts customize service rules and contracts to reflect your industry, company size, and operational needs, ensuring practical yet comprehensive terms.
- Trusted Partner: Supported by our experience with diverse clients, including over 50 Japanese and international businesses, we deliver reliable and precise service rule frameworks.
Obtaining the correct visa and work permit is essential for foreign nationals wishing to live and work in Bangladesh. We provide end-to-end visa and work permit processing services to ensure a smooth and legal transition for you and your employees.
- Establishing Robust Legal Frameworks for Trust and Accountability
- Optimizing Legal Processes Through Strategic Analysis and Compliance
- Minimizing Legal Exposure and Ensuring Regulatory Risk Mitigation
Tokyo Consulting Firm Bangladesh provides expert Buyer-Side Mergers & Acquisitions (M&A) Services, guiding your company through the entire acquisition process to align with your strategic growth objectives. Acting on behalf of the buyer, we help identify suitable targets, conduct thorough due diligence, negotiate terms, and ensure regulatory and financial compliance for successful deal closure.
- Strategic Targeting
- Valuation Expertise
- Integration Support
Tokyo Consulting Firm Bangladesh provides reliable and efficient Monthly VAT Return Submission services to help your business comply with Bangladesh’s Value Added Tax (VAT) regulations seamlessly. We manage the entire process—from data collection and verification to timely filing—ensuring your VAT obligations are met accurately and on schedule.
- Timely Filing: We guarantee submission of your monthly VAT returns within the deadlines set by the National Board of Revenue (NBR), avoiding penalties and interest charges.
- Accurate Reporting: Our experts meticulously verify sales, purchases, input VAT, and other relevant data to ensure error-free returns.
- Hassle-Free Process: We handle all documentation, reconciliation, and electronic filing through the official NBR online portal on your behalf.
Tokyo Consulting Firm Bangladesh offers expert Tax Assessment services to help individuals and businesses accurately calculate, file, and manage their income tax and VAT obligations in compliance with the latest Bangladesh tax regulations. Our team ensures your tax assessment is thorough, timely, and optimized, safeguarding you from penalties and improving financial planning.
- Up-to-Date Compliance: Stay aligned with the latest tax rates and regulations effective for the assessment years 2025-2026 and beyond, including updated income tax slabs and VAT rules.
- Accurate Tax Calculation: Benefit from precise calculations of taxable income, corporate taxes, VAT liabilities, and applicable exemptions or rebates.
- Trusted Expertise: Trusted by numerous Japanese and international clients for comprehensive taxation support in Bangladesh.
Tokyo Consulting Firm Bangladesh provides specialized Seller Side Financial Advisory (FA) Services to support business owners and companies aiming to sell or divest assets, business units, or their entire company. Our expert advisory ensures you maximize value, minimize risks, and achieve a smooth transaction aligned with your strategic objectives.
- Buyer Identification & Screening
- Strategic Negotiations
- Confidentiality & Compliance
