How to Get a BIN Number in Bangladesh

How to Get a BIN Number in Bangladesh?

Running a business of any kind is difficult because there are certain rules and regulations you must follow. One such crucial rule would be to pay your VAT on time every fiscal year. To do so you must have certain information and in this article we will be talking about one of them.

We will share how to get a BIN number in Bangladesh. BIN stands for Business Identification Number. It is vital that you get yours because otherwise you won’t be able to register for VAT. 

What is a BIN Number?

BIN stands for Business Identification Number, and it acts as a code that any and every business in Bangladesh must have. You can even think of it as a kind of ID number for your business. It tells others that you are a legit business that follows the laws. 

In FY 2019-2020, the implementation of the Value Added Tax and Supplementary Duty Act, 2012, will finally commence. It states that every business operating in Bangladesh must register and maintain an Electronic Business Identification Number (e-BIN) from the National Board of Revenue (NBR). Doing so ensures the business complies with the Value Added Tax and Supplementary Duty Ordinance, 2016.

Use of BIN in Bangladesh

So why do businesses need BIN in Bangladesh? As mentioned, it acts as an ID number that tells others that the business is legit. It is an official stamp of approval from the Bangladesh government or the National Board of Revenue (NBR)

To put it even more simply with a BIN you will have a much easier time when tax paying time comes around. The BIN helps to keep your business fair by following tax laws and regulations. 

Why is a Business Identification Number (BIN) Number Important in Bangladesh?

Here are some other reasons why you must register a Business Identification Number (BIN) Number in Bangladesh:

Tax Compliance

When you have a business, you need to pay taxes. A BIN number helps you do that right. It’s like a special code that tells the government how much tax your business owes. If you don’t have a BIN, the government might think you’re not paying your fair share of taxes.

Legal Requirement

In Bangladesh, the law says every business should have a BIN. It’s not just a suggestion; it’s a must-do. So, if you want to run your business without any trouble, you need to get a BIN. It’s like getting your business’s official ID card.

Opening Bank Accounts

Imagine you want to put your business’s money in a bank. Well, guess what? You’ll need a BIN to do that. Banks use the BIN to make sure you’re a real business. With it, they might let you open an account. It’s like needing your ID to open a bank account.

Smooth Business Transactions

When you buy stuff for your business or sell things to others, having a BIN makes it easier. It’s like having a secret code that helps things go smoothly. Without a BIN, some transactions might get stuck, causing headaches for you and your business.

Building Trust

Imagine you’re a customer or a supplier dealing with a business. Seeing they have a BIN makes you feel safer, right? It’s like knowing they’ve passed an important test. Having a BIN shows you’re serious about your business and that you can be trusted.

How To Get a BIN Number In Bangladesh?

Now it is time actually to share how to get a BIN number in Bangladesh:

Check Eligibility

Before you do anything else you must determine if your business is eligible for BIN. Not everyone is so it’s important to ensure you meet the right criteria to get a BIN number in Bangladesh. 

Fill Out The Application Form

If you are eligible, you will need to collect the BIN application form or Form VAT 2.1. You will be able to collect this form from the Tax Commissioner’s office. The form is a formal request to be granted a BIN number in Bangladesh. We recommend you consult with professional VAT lawyers while you complete your application. 

Submit Application

Take care as you complete Form VAT 2.1 you need to ensure all the information is accurate. Once you have completed the form you will need to submit it back at the Tax Commissioner’s office. 

Wait for Scrutiny

With the form submission complete you will need to now wait. The authorities will go over the form and the information given. They will check if everything is above board and that nothing was falsified.

Receive Registration Certificate

If everything is on the up and up then you will receive the Registration Certificate or Turnover Tax Enlistment Certificate. This paper will contain your business’s BIN number in Bangladesh. At most you might have to wait for three days. 

Maintain Your BIN

Once you have your BIN number it isn’t over. You will need to maintain it for the years to come. You will need to keep your business records up to date and follow all the rules and regulations. Otherwise you might get your BIN number in Bangladesh revoked. 

Conclusion

And that is how to get a BIN number in Bangladesh. The process is easy but you can make mistakes. Therefore, it is better to consult with professionals and ensure that your BIN application goes through seamlessly. Legal Advice BD is more than happy to ensure your application is approved on the first try.

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