Monday, June 08, 2009

Hamida's House
June 8, 2009

I have sad tidings today. My boua's village house was completely destroyed by hurricane Alia. Her parents, two brothers, and two young sons are now all living together in a tiny one room jute hut. Hamida's possessions are bundled together outside under a makeshift shelter. With the monsoon season upon us, the living conditions are quite desperate.

Hamida has tried to go to a bank to get a loan, but they would require her to repay the loan in 6 months, something which she just can not afford to do. I am trying to help her out as best I can, but because all of my money is tied up in my company right now, I am unfortunately not able to offer as much assistance as I would like. Consequently, I am asking my friends and family to contribute anything they can. I am trying to help her raise $1,500 to rebuild her home. If you can find it in your heart to donate something (even $25 helps), please click the "donate" button below. The money will go to my personal account, then I will withdraw the money in taka and give it to Hamida to rebuild her home.

Here are some photos of her home:

Hamida and Her Brother
A photo of Hamida and her brother with what remains of her house in the background.

Hamida's Possessions
All of her things are tied together outside, exposed to the monsoon rains.

Hamida's Old House
What remains of their old house.

One Room House
This is the small jute house where Hamida's parents, her two brothers, and her two young sons currently live.

Hamida thanks you for your support!!

Monday, June 01, 2009

Company Formation in Bangladesh - Part VI
Amending Your BOI Registration
June 1, 2009

(For an index of all of my Company Formation in Bangladesh blogs, click here: Forming a Company in Bangladesh)

On the back of my Bangladesh Board of Investment (BOI) registration letter it says that I need to get prior permission from the Board of Investment to change anything material about my company, including the ownership. Since I will be selling shares to raise equity for my resort, I went to the BOI yesterday to find out what the procedure for that is. Apparently I don't need approval before I change the ownership, I just need to file for a registration ammendment.

When I first registered my company, my sister and I were the only two owners, so I had to register the company as a 100% foreign-owned. Some of my investors will be Bangladeshis, however, so I now need to change the type of company to a joint venture company.

In order to ammend my BOI registration I need to submit the following to Deputy Director Jebun Nessa:
  • Cover Letter - addressed to the director (Mamdood Alamgir) requesting a registration amendment
  • Revised Form 117 or Form 12 from the Joint Stock Registrar - this should list the old/ existing owners and the new owners
  • Joint Venture Agreement with Stamp - this should be between the original person and the new person. Needs to outline who gets how many shares as a percentage and what the roles of the new investors will be (i.e. shareholder, board member, etc.)
  • Particulars of the Shareholders - chart of all of the shareholders that includes: name, address, designation (i.e. "shareholder" or "managing director"), nationality, and equity percentage
  • Decision of the Board of Directors - minutes with date outlining the decision to change the ownership from 100% foreign owned to joint venture which includes the names of the new shareholders, position, etc.
  • Amendment Fee of 1,000 Tk - needs to be a pay order or bank draft made out to: "Executive Chairman and Member Secretary BOI"
  • Passport Copies - of all of the new shareholders. She said this was optional, but I think it is better to submit it; probably just the first page with the photos and particulars is sufficient.
  • Copy of the Original BOI Registration Letter - she didn't mention this, but I think that it would facilitate them finding your file. (I would staple it to the back of the cover letter.)