Everything you need to know to set up an operating company with a bank account.
• Banks are largely subject to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).
• Banks are fully obligated to maintain sufficient records of customer and transaction data for law enforcement (old FATF recommendation 10 / new FATF recommendation 11).
• Banks and / or other covered entities are required to report large transactions in currency or other monetary instruments to designated authorities.
We must emphasize that it is perfectly legal to open a offshore bank account in Bangladeshas well as any offshore jurisdiction or low tax. Illegality arises when the beneficiary of these offshore accounts
You have not informed the administrative and tax authorities of your country of origin of the opening of said bank account.
<br>• Dividend payments: No unilateral relief for double taxation through a tax credit system.
<br>• Interest payments: No unilateral relief for double taxation through a tax credit system.
• The jurisdiction DOES NOT issue or accept the circulation of large bills / cash notes of your own currency (value over 200 EUR / GBP / USD).
• Unregistered bearer shares are available / outstanding or registered by a private custodian.
• Series LLC / Shielded Cell Companies are not available.
• Trusts with escape clauses are not prohibited.
Bangladesh is no longer on the FATF List of countries that have been identified with strategic AML deficiencies.
The latest follow-up Mutual Evaluation Report related to the implementation of anti-money laundering and terrorist financing regulations in Bangladesh was made in 2020.
Based on that assessment, Bangladesh was found to be in compliance with 9 and largely 27 of the 40 FATF recommendations. It was considered Highly Effective for 0 and Substantially Effective for 3 of the Effectiveness and Technical Compliance ratings.
Overall Non-Compliance Score for FATF Standards in percentage: 39,9%.
(100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as completed or highly effective).
The automatic exchange of information is extremely secret in Bangladesh.
Bangladesh is not a signatory to the Multilateral Competent Authority Agreement (MCAA), which provides the multilateral legal framework to participate in the Automatic Exchange of Information (AEOI) in accordance with the Common Reporting Standard (CRS) of the OECD.
Foster Swiss is an international company registered in Switzerland aimed at providing financial and compliance advice on a variety of topics related to company formation
and commercial banking internationally. We are specialized in the implementation of businesses in different jurisdictions, which means that we offer value-added services helping our clients in their expansion abroad.
Some of these services include:
Advice and consultancy,
visas, offices, nominated director / shareholder / secretary,
accommodation if necessary… to name a few.
Check with your assigned consultant for more information.