Trade License renewal is simple, go to the Trade License register office and check your expiring trade license; the LS fills the details in the demand bill and gives the business booklet. The demand bill is like a bank deposit slip, a four-page booklet containing the details. Fill out the renewal form, pay the bill, and submit your application form. DONE!
Trade license is now a very familiar word to business people in almost all countries. Getting a trade license is one of the first steps in starting a business. A trade license carries the identity of a trader and his business. This article aims to teach how to renew a trade license in Bangladesh and how much to pay.
Trade License Obtaining Process
If you have not registered your trade license, you must register it. If you want to register, then follow our below article. The trade license registration process is well discussed here.
By following this article, you will know the steps for trade license registration. And if you already have a trade license and want to know about its renewal, follow the below.
Trade License Renewal in Bangladesh
Now let’s know how you can renew your trade license. When you register your trade license, you will be issued a certificate from the Trade License Office. You will be issued a trade license at the office from which you will receive the trade license. You cannot do this online.
So you must renew your trade license when it expires. Failure to do so may result in fines or prosecution. So you have to go to the office from where you got your trade license certificate and inform them about the renewal of the trade license and get it renewed as per the instructions.
A trade license is usually issued for 1 year. But when renewing the trade license, it can be renewed for a maximum period of 5 years. Up to 3 months are given to renew the trade license after its expiry. It is mandatory to renew the License during this period.
After this, if one does not renew the trade license, there is a provision of punishment as per the government rules. Renewing a trade license is quite an easy task.
Trade License Renewal Time
When the trade license expires, the responsible regional officer should contact the old trade license. He can renew the License.
You must renew your trade licenses within three months, as June is the month of finishing trade license time. You will have three months to renew your licenses. July, August, and September are the months for renewing your trade licenses.
Trade License Renewal Requirements
Different job fields have specific identity cards for employees. Similarly, the identity card of a business organization and businessman is its trade license. That is why traders can use the trade license to prove their work for various purposes.
One example is the creation of passports, where traders must display their trade licenses. That’s why a trade license is very important. Without a trade license, you will face fines. Also, you may be brought under penalty.
Trade License Renewal Cost
Now let’s talk about the cost of renewing the trade license. You must pay a certain amount when you get the trade license certificate. Then when you go for trade license normalization, you must spend the same amount again.
In other words, the exact cost will be applicable for both generations of the trade license and the renewal of the trade license. It usually has different fees. The trade license fee is determined based on the business. So you must renew the trade license at the exact cost you paid. It varies from BDT 100.00- 40,000.00.
Trade License Renewal Online
Trade License renewal begins with registering with the Bangladesh Department of Trade and Commerce. Once registered, businesses can log in to the website and fill out the necessary forms. This includes the business name, address, contact details, and other important information. After this, businesses can select the type of trade license they need to renew. The types of licenses available include general, special, and limited.
Here are the steps to renew a trade license:
- Go to the nearest Trade and Commerce office.
- Visit the office of the License renewal management.
- Please fill out the application form they give.
- Write your name and license details.
- Pay the license renewal fee.
- Submit your application form.
Or,
- Download the Trade License renewal form.
- Fill the form with valid information
- Pay the application fee.
- Submit your application form.
Trade License Renewal Application Form
You need to fill out an application form to renew a trade license. You can collect this application form from the trade license office. And if you want you can download it from the internet. See below. We have attached the PDF file of the Trade License Application Form.
You can download the file, print it, and fill it in at home. After completing it properly, you can visit the license office and submit it.
Trade License Renewal Fee in Bangladesh 2023
When the question is, how much does renewing a trade license cost? Ans depend on the types of trade licenses. Depending on your business type and the physical location of your business, the trade license renewal fee is between BDT 100.00- 40,000.00. The same amount is required for a new trade license registration. But how you pay this money is the key.
When you have a trade license, you will have to pay the fee like you did while getting the trade license. But go to the office and find out from the specific officer in which mode you must pay the fee.
How Much To Pay For Trade License Renewal
When the expiring trade license is checked, the LS fills the details in the demand bill and gives the business booklet. The demand bill is like a bank deposit slip, a four-page booklet. All the pages contain the same information: one is for the bank, and one is for the business.
Here’s how much you need to pay for individual trade license renewal:
- Limited Company: 1,500- 12,000 Tk
- Bank, Bima, Others: 3,000 – 10,000 Tk
- Educational Institute: 500 – 5,000 Tk
- Construction Institute: 1,000- 6,000 Tk
Read the gazetted Bangladesh Trade License Fee for all types of trade licenses.
Trade License Renewal Application Bill Payment:
You must pay the trade license renewal application bill through registered banks like Sonali Bank and Bangladesh Bank.
- To pay the fee, go to Sonali Bank, Agrani Bank, Janata Bank, and Rupali Bank, which are authorized to collect trade license fees.
- Fill out the deposit slip with the required information, including your name, trade license number, and the amount of the fee.
- Submit the deposit slip along with the trade license renewal form to the bank.
- Pay the fee in cash or by using a debit or credit card.
- Collect the receipt issued by the bank as proof of payment.
- Submit the receipt along with the trade license form to the respective City Corporation office to complete the trade license obtaining process.
FAQ
Here are some frequently asked questions answered by Google users, hope it will be helpful.
Question: What is a Trade license?
Answer: A trade license is just a piece of paper with the permission to open a business. If you’re going to open a new business, you must need a trade license from your government. First, the government will verify you and your business model, then permit you to do the business.
Question: What is a business trade license in Bangladesh?
Answer: A trade license also called a business trade license, both referred the same thing. A business trade license allows the private limited company to do business. There are three types of trade licenses in Bangladesh, these are General Trade license, Commercial trade license, and Manufacturing trade license.
Today’s discussion is so far. I hope you have learned about generating and renewing a trade license from today’s discussion. For any information related to the trade license, visit our website. Thank you.