Guided tour to business regulatory procedures
Business Regulatory Procedures:
Doing business requires getting various licenses, permissions, registrations, certificates and approvals from different regulatory bodies designated by the government to deal with. All these comprise the regulatory procedures.
Bangladesh is ranked 107 out of 178 economies in doing business 2008 report by The World Bank. In this report, regulations affecting 10 stages of a businessâ€™s life are measured: starting a business, dealing with licenses, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business.
Regulatory hassles faced by SMEs are a major problem in discouraging informal business enterprises to enter and operate in the formal sector. Lack of information on the â€˜know-howâ€™ of how to fulfill statutory requirement with these regulatory agencies is a key problem in Bangladesh. Entrepreneurs do have a general fare to deal with these regulatory procedures.
Why entrepreneurs need to know regulatory procedures:
Entrepreneurs through access to information regarding regulatory procedure would be able to protect and enhance their businesses. This will
- Save business from unwanted hassles
- Allow them to get different opportunities
- Permit them to expand business and access wider market
Purpose of this guided tour:
SME Foundation, created by the government as an apex body for implementing SME policy strategies, is tasked to perform interventions in informing, advocating, facilitating, financing, planning, coordinating roles aimed at SME development. On a whole, SME Foundation addresses the needs of SMEs of the country. As part of its intervention in SME market system, it intends to address constraints of lack of information resulting in discouraging formal business practices by the entrepreneurs which in other words, distorting the business norms of the country.
SME Foundation through dissemination of information on regulatory procedures prevailing in the country intends to assist SMEs. A user-friendly system, providing detailed description of laws & regulations, including processes required for compliance while doing business in Bangladesh is demonstrated here in the guided tour. In addition, procedures related to financial institutions and utility services are also described here to give full support of information to the SMEs.