Bangladesh’s SME Foundation has opened registration for micro, small and medium enterprises (MSMEs), with registered businesses gaining eligibility for tax concessions, overseas business remittances and a range of government-backed support measures.
Bangladesh’s SME Foundation opened online MSME registration; certificates follow verification and a Tk1,000 (~$8) fee.
Registered SMEs can claim turnover-based tax exemptions; thresholds are higher for women and entrepreneurs with disabilities.
Certificates enable annual overseas business remittances of up to $3,000 and access to fairs, export training, easier loans and matchmaking.
Entrepreneurs can complete the registration online through a link available on the SME Foundation’s website and verified Facebook page, or by scanning a QR code, according to local media reports.
Applicants are also required to provide a mobile phone number before submitting the necessary business information and documents.
Registration is particularly relevant for businesses seeking tax benefits. Under Bangladesh’s Income Tax Act, 2023, small and medium entrepreneurs can claim tax exemptions on income from annual turnover of up to Tk5 million (~$41,000),
The threshold is higher for women entrepreneurs and entrepreneurs with disabilities, who are eligible for tax exemptions on annual turnover of up to Tk7 million (~$57,000).
The registration certificate also provides access to certain overseas payment facilities. Under Bangladesh Bank guidelines cited in the reports, entrepreneurs registered with the SME Foundation can remit up to $3,000 annually for business-related expenses abroad through bank transfers or special SME cards.
Applicants must submit details including their National Identity Card, trade licence, business information, establishment address, products or services offered, workforce size and annual turnover. A registration fee of Tk1,000 (~$8) is payable when submitting the application.
The foundation said the certificate is expected to become an important requirement for entrepreneurs seeking other government tax incentives and policy support in the future.
Registered businesses will also be eligible to participate in various SME Foundation initiatives. These include national and regional SME product fairs, assistance in securing loans on easier terms, business management and skills development training, workshops and seminars, export-related training, international trade fairs and buyer-seller matchmaking programmes.
The certificate will also be required for participation in the National SME Entrepreneur Awards and several other programmes organised or supported by the foundation.
Fibre2Fashion News Desk
