Starting a business is a crucial step towards economic development and growth. However, as per the recent survey conducted by the Business Initiative Leading Development (BUILD), Bangladesh is lagging behind its South Asian peers in terms of the average procedure, time, and cost required to start a business. This revelation sheds light on the challenges faced by entrepreneurs in the country and highlights the need for reforms to improve the business-enabling environment.
The survey findings suggest that engaging third-party consultants increases overall costs significantly. In fact, it was found that the registration of the Registrar of Joint Stock Companies & Firms requires the highest third-party engagement, leading to an increase in cost by 49%. Similarly, obtaining a trade license requires 67% third-party engagement, which increases costs by 32%.(Read more here- https://rb.gy/xhcqg) The survey also highlights the negative impact of manual intervention in preparing documents, consulting with third parties, paying bank fees, and other associated costs, which can be significant barriers for entrepreneurs. (Read more here -https://rb.gy/84dgi)
One potential solution to these challenges is to leverage technology to streamline the business registration process. For instance, the Shapla Start platform offers a digital solution to entrepreneurs looking to start their businesses in Bangladesh. The platform offers a range of services, including company registration, tax registration, and obtaining trade licenses, all in one place. By reducing the need for manual intervention and third-party engagement, the platform can significantly reduce the time and cost required to start a business. (Read more here- https://rb.gy/g346e)
In addition to providing a digital platform for entrepreneurs, Shapla Start also offers various resources and support to help entrepreneurs navigate the complex business environment in Bangladesh. These include legal and financial advice and access to a network of mentors and experts.
In conclusion, the survey findings indicate that there is a need for reforms to improve the business-enabling environment in Bangladesh. By leveraging technology and digital solutions like Shapla Start, entrepreneurs can overcome some of the barriers and challenges associated with starting a business in the country. As such, it is essential to continue to support initiatives that promote entrepreneurship and economic growth in Bangladesh.
For more information, please visit our website – www.start.shapla.io