Bhutan, a small landlocked country nestled in the Himalayas, is known for its unique philosophy of Gross National Happiness and its commitment to sustainable development. With its growing economy and favorable business climate, Bhutan offers opportunities for entrepreneurs looking to start a business in the country.
If you’re considering starting a business in Bhutan, here’s what you need to know about the registration process:
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Choose a Business Structure
The first step in registering a business in Bhutan is to choose a business structure. The most common business structures in Bhutan are sole proprietorship, partnership, and private limited company. Each structure has its own advantages and disadvantages, so it’s important to do your research and choose the structure that best fits your needs.
Reserve a Business Name
Once you have chosen a business structure, you will need to reserve a business name. The name must be unique and not already registered with the Registrar of Companies. You can reserve a name by submitting an application to the Registrar of Companies along with a fee.
Register the Business
Once you have reserved a business name, you can proceed with registering your business. You will need to submit an application to the Registrar of Companies along with the following documents:
Memorandum of Association
Articles of Association
Certificate of Incorporation (if registering a private limited company)
Business plan
Passport copy of the applicant(s)
Proof of address of the applicant(s)
A fee
The Registrar of Companies will review your application and issue a Certificate of Registration if everything is in order.
Obtain Business Licenses and Permits
Depending on the type of business you are starting, you may need to obtain various licenses and permits from government agencies. For example, if you are starting a restaurant, you will need to obtain a food license from the Bhutan Agriculture and Food Regulatory Authority. It’s important to research the specific licenses and permits you need for your business and obtain them before you start operations.
Register for Taxes
All businesses in Bhutan are required to register for taxes with the Bhutan Revenue and Customs Department. You will need to obtain a Taxpayer Identification Number (TIN) and register for Value Added Tax (VAT) if your business meets the threshold for VAT registration.
Generis Global Can Help Starting a business in Bhutan can be a complex and time-consuming process. Generis Global can help you navigate the legal and regulatory requirements of starting a business in the country. Our team of experts can assist you with business registration, obtaining licenses and permits, and registering for taxes. Contact us today to learn how we can help you with your business journey in Bhutan.