Understanding Debts In Bangladesh: A Guide To Credit Management (বাংলাদেশে ঋণ সংগ্রহ সংস্থা)

  • Debt Collection
  • Jul 18, 2023

Introduction

Bangladesh, a nation the size of this state that borders both India and Burma and is located in the northeastern part of the Indian subcontinent, is expected to have 165 million people living there by the year 2021, according to the World Bank. The seventh most populous and most densely inhabited nation outside of city states is Bangladesh.  Bangladesh is a fantastic prospective market for American products.
According to a World Bank estimate, Bangladesh’s Gross Domestic Product (GDP) per capita was $2,503 in 2021, and the country announced in 2021 that it would leave the category of Least Developed Country (LDC) in 2026.  Since 2005, Bangladesh has consistently experienced yearly GDP growth of over 6%, except for 2020, when the economy slowed due to the COVID-19 outbreak.  The $31.5 billion ready-made garment (RMG) industry and the continuous influx of remittances from foreign workers, which reached an all-time high of $24.8 billion in fiscal year (FY) 2020–21, persist as significant catalysts for Bangladesh’s economic growth. (Remember that the fiscal year in Bangladesh runs from July 1 to June 20)

Country’s Economic Stats

Bangladesh’s main financial, political, and cultural hub is Dhaka.  The second-largest commercial and financial centre in Bangladesh, Chattogram (formerly known as Chittagong), is situated on the coast and is home to the main seaport, which conducts more than 90% of the nation’s international trade.  There are stock exchanges in both locations.  South of Chattogram, in Matarbari, where the nation’s first deep water port is being built, a future commercial powerhouse is anticipated to emerge.
Commerce between the US and Bangladesh increased by 35% from the prior year, when COVID-19 had an effect on commerce, to $10.65 billion in 2021.  Bangladesh ranked as the 37th largest contributor to American imports, but it stood as the 61st most favored recipient of American exports.
The third-biggest source of imports for Bangladesh comes from the United States, which is Bangladesh’s largest single export market.

Facts & Figures

US FACTS AND DATA Economy Imports $48.5 billion (2020) as a consequence of $2.35 billion in US product exports to Bangladesh and $8.3 billion in US goods imports.  Refined Petroleum ($2.64B), Raw Cotton ($1.8B), Wheat ($1.28B), Light Rubberized Knitted Fabric ($1.09B), and Heavy Pure Woven Cotton ($975M) are among the imports that the United States ($1.79B), China ($15B), India ($7.91B), Singapore ($2.29B), and Indonesia ($1.69B) make the most of.

(Age above 15) Financial inclusion factors:
48% of people have a bank account; 24% have a credit card; 2.4% use mobile money; and 19% make transactions online.

Easy-to-do business:
Business operations are not very easy (ranked 45 out of 100). ranked 168th out of 190 countries worldwide and seventh out of eight South Asian nations (2019, World Bank)

Exports worth $41.2 billion in 2020: Non-Knit Men’s Suits ($5.75B), Knit T-Shirts ($5.74B), Knit Sweaters ($4.91B), Knit Women’s Suits ($2.45B), and Non-Knit Women’s Suits ($4.63B) are the products that are exported the most, with the bulk going to Germany ($6.59B), the United States ($6.25B), the United Kingdom ($3.05B), Spain ($2.95B), and Poland ($2.27B).

As of 2022, the Heritage Foundation and Wall Street Journal assessed economic freedom in the Asia Pacific region as “Mostly not free,” giving it a score of 52.7 out of 100, placing it 29th out of 39 nations and 137th out of 186 nations overall.

[Source: https://www.trade.gov/country-commercial-guides/bangladesh-market-overview ]

Debt Collection And Recovery in Bangladesh

We are a reputable debt collection agency that focuses in collecting debts in Bangladesh(বাংলাদেশে ঋণ). Our committed team at Debt Collection and recovery Bangladesh(বাংলাদেশের ঋণ আদায় ও আদায়) is skilled in cutting down on debtor days and enhancing cash flow for our clients. We have substantial local commercial debt knowledge, which enables us to save you time and money. We have a network of international agents and collections partners operating in Bangladesh.

Dealing with debtors who are located abroad can be frustrating and demoralising. We successfully negotiate the national laws and procedural jurisdictions of each country thanks to our worldwide debt collection(বিশ্বব্যাপী ঋণ সংগ্রহ) platform, which was developed specially to meet the needs of foreign creditors. When you use our services in Bangladesh, our knowledgeable team there will get to work on your case right away.
The following are the main justifications for selecting our company for debt collection in Bangladesh:

  • Cost-effective Approach: We work on a No Win – No Fee premise, taking a pre-determined commission percentage only off the money that is recovered.
  • Broad Coverage: We can recover debts across the whole of Bangladesh because to our direct activities there and our strong presence in important locations like Chittagong.
  • Local Knowledge: Since 98% of the population speaks Bengali, all matters are handled by our local office or reliable partners who are fluent in the language. We are the best alternative for international debt collection and recovery due to our familiarity with local cultures and legal procedures.
  • Statute of limitations: In Bangladesh, the statute of limitations for collecting debts(ঋণ সংগ্রহের জন্য সীমাবদ্ধতার সংবিধি) is ordinarily one to three years, but there are exceptions based on circumstances. Send us a message with the specifics of your claim, and we will let you know if we can help.

What is Bangladesh’s Procedure For Collecting Debt?

The idea of an out-of-court settlement is not new in Bangladesh. Such communities are used by numerous businesses or people. However, others purposefully extend the trial process by strategically choosing to settle outside of court, which results in the trial process lasting for years.

In such cases, the legal process needs to be reviewed while considering all practical factors, including the length of the lawsuit or case, the location of the defendants during the lawsuit or case, and more severe punishment. A special statute that includes the creation of debt collection organisations in a legal framework for debt recovery may include an immediate provision for arrest. For the country’s enterprises to operate efficiently, this is a critical issue that must be addressed.

Debt Collection in Bangladesh(বাংলাদেশে ঋণ সংগ্রহ) through a professional B2B collection agency like MNS Credit Management Group helps clients across the nation and assist being more cash-efficient and manage a stronger set of accounts. Credit control and debt collection excellence with a focus on Debt Collection Bangladesh(বাংলাদেশ ঋণ সংগ্রহ). Poor cash flow can put a tremendous amount of strain on a company’s resources. By managing your credit well, you may avoid the stress caused by late payments and concentrate on the profitable aspects of running your business.

Fully Licensed And Ethical Operations In Bangladesh

Most of the time, Bangladeshi law requires debt collectors to get some sort of licence. Our reputed company complies with local rules and regulations and holds all required licences. Make certain that your debt collection agency is dedicated to ethics and abides by the professional standards of conduct established by the jurisdiction in which they conduct business.

What is Bangladesh’s limitation statute?

The Bangladeshi statute of limitations is one to three years.
The statute of limitations in Bangladesh governs the amount of time a plaintiff must file a lawsuit against a defendant. In Bangladesh, the statute of limitations is six years. However, the statute of limitations period will be extended to take this into account if an action has been made within this period. If the designated time has passed, no further legal action may be initiated unless the plaintiff can demonstrate exceptional circumstances.

Conclusion

Why Should You Rely On Mns Credit Management Group For Corporate Debt Collection In Bangladesh(বাংলাদেশে কর্পোরেট ঋণ সংগ্রহ)?
If you’re trying to find a trustworthy debt collection agency, do your research and get to know the individuals behind the name.
Why not give MNS a shot? Since the company have a lot of experience in the field and are aware of how fiercely competitive it can be, we value integrity and professionalism highly.

For MNS Credit Management Group, clients come first, and the company take pride in how ethically they work for corporate debt collection. If your buyer is in Bangladesh and wish to discover the added value that MNS Credit Management Group can bring to your collections efforts, get in touch with our experts team at +91-9560700251/ +91-9560733277 or email us at [email protected].

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