BANGLADESH PEO & EOR
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DID YOU KNOW
- Despite Bangladesh’s large population, there is also an estimated 7.5 million Bangladeshis who live abroad.
- Bangladesh has the world’s longest female-led government, with the incumbent prime minister Sheikh Hasina having held the position since 2009.
- Bangladesh was under the rule of the Mughar Empire for a large part of its history. Many of the country’s buildings and architecture are preserved from this period.
Bangladesh PEO Services
A populous and growing economy
Bangladesh is one of the world’s most populous and densely populated nations.
The country is considered a middle power and a developing nation. It has a growing economy which is forecast to be the 24th largest in the world by 2033. Since gaining independence in 1971, Bangladesh has achieved a tremendous growth rate in its industrial production and economic growth.
Bangladesh remains an important trade partner to the EU, the US, China, Japan, Singapore, and India. Its strategic location between South, Southeast, and East Asia makes it an important promoter of cooperation and regional connectivity. Information technology, textiles, and shipbuilding are some of the biggest industries in Bangladesh which have helped to make it competitive in the international market.
The cost of living in Bangladesh is also much cheaper compared to other developed countries. For foreign businesses, employment costs are also relatively cheaper.
Working in Bangladesh
Bangladesh observes a standard working day of 8 hours, usually spread out as 40 hours throughout a week. Employees are entitled to 21 days of paid holiday throughout the year, and 14 days of sickness allowances.
Parental leave is also accessible for employees working in Bangladesh. Mothers can access 4 months of maternity leave, and 3-5 days is usually available for new fathers.
Any income earned in Bangladesh up to BDT 300,000 is tax free.
Any income earned over this threshold is subject to income tax. Income tax rates in Bangladesh vary from 10% to 25% depending on the overall sum of earnings.
For expatriates looking to relocate to Bangladesh, a work visa is required.
Bangladesh has a diverse population with a variety of religious beliefs. Islam is the dominant religious group (at around 85%), however Hindus and other groups make up large portions of the Bangladesh population.
Bengali is the national language of Bangladesh, and the nation is home to a large population of 164.7 million.
Impacts from COVID-19
Bangladesh and its government implemented some measures to prevent the spread of COVID-19. Since the pandemic, Bangladesh has administered a high percentage of vaccines. As of June 2022, the nation’s business environment has mostly returned to normal.