Starting a Business at the Global Entrepreneurship Week

Email

An industry can be classified as a manufacturing, construction or service industry. The Regional Trade and Industry Office (RTIO) issues industrial licenses for any type of industry including business licenses to start a cottage or a small industry.

At the global entrepreneurship week 13-17 November. (Source: https://www.facebook.com/photo.php)

 

To encourage aspiring entrepreneurs, the economic affairs ministry held a session on business registration and legal requirements at the global entrepreneurship week on November 16 in Thimphu.

An industry can be classified as a manufacturing, construction or service industry. The Regional Trade and Industry Office (RTIO) issues industrial licenses for any types of industries including business licenses to start a cottage or a small industry.

In Bhutan, anyone who is 18 years and above can own and operate a business.

Role of the Bhutan InfoComm and Media Authority (BICMA)

The Bhutan InfoComm and Media Authority (BICMA) issues licenses for entertainment businesses while the economic affairs ministry issues licenses for other activities within the entertainment complex such as a restaurant, bar and shop.

BICMA is also responsible for issuing license for cinema halls, live music or karaoke centres, discotheques, drayangs, cable TV, video or computer gaming, snooker establishments, printing  and the publishing of books and newspapers.

Industrial businesses are divided into various categories: large, medium, small and cottage industries. This is based on the number of permanent employees and the size of the company’s investment.

Large industries consist of those who have more than 100 employees with more than Nu 100 Million (M) of investment; medium industries have between 20 to 99 employees with Nu 10M-100M worth of investment, while small industries have 5 to 19 employees with investment of Nu 1M-10M. Cottage industries are those having one to four employees with less than Nu 1M worth of investment.

When granting a new industrial license, a fee of Nu 1,600 for cottage, Nu 3,100 for small, Nu 6,100 for medium, Nu 12,100 for large and Nu 13,100 for travel agents have to be paid.

The online application for approval and licensing, or renewal can be done at www.citizenservices.gov.bt. Six services for cottage and small-scale industry are available online.

There are more than 80 activities delegated to RTIOs and the Dzongkhag Trade and Industry Offices, and more than 140 activities which require prior approval from the Department of Cottage and Small Industry for licensing.

Application for a business license

To process the approval and licensing of activities delegated to RTIOs, an industrial license application form, form III with endorsement from the concerned dzongkhag or thromde, copies of the citizen identity card, two copies of recent passport sized photos, an affixed legal stamp on the application form with signature, a valid security clearance certificate, sectoral clearance from the agency concerned and hard and soft copies of the project profile are required.

Once a license is approved, the printing of license can be done from any RTIO after the fee is paid.

An applicant must carry an application ID, two passport size photographs and license fee while obtaining the license from the RTIO.

An industrial license should be renewed online or at the nearest RTIOs before June 30 annually. Valid tax clearance certificate, environmental clearance certificate and original citizenship identity card are required for renewal.

Renewal fees of the industrial license is Nu 500 for cottage, Nu 1,000 for small, Nu 2,000 for medium, Nu 4,000 for large, and Nu 12,000 for travel agents.

Cooperatives have to first register with the Department of Agriculture Marketing and Cooperatives (DAMC) to obtain relevant business licenses from the economic affairs ministry while farmhouse or home stays have to register with the Tourism Council of Bhutan to obtain their business licenses.

Licensee intending to close down an industrial or commercial establishment should submit an application to the licensing authority in writing, surrender the original license, and should produce their original citizenship identity card during the time of application submission.

In case of partnership business, all applicants should produce their original citizenship identity card along with tax clearance certificate for cancellation from the concerned Regional Revenue and customs office.

 

By Karma Cheki (This article has been edited for the Daily Bhutan)

This article first appeared on Kuensel.

 

 


Related Posts

Thimphu TechPark aims to attract foreign investment

The main mission of the company is to attract reputed IT/ITES companies from both within Bhutan and around the world to...

Oct 01, 2017 17:37

Another Techpark in Bhutan by 2019

The Ministry of Information and Communications (MoIC) will establish another Techpark by 2019. This is geared towards...

Oct 17, 2017 09:38

Bhutan is the best place to do business in the Indian...

Compared to its neighbours, Bhutan is still the considered the best place to do business in the region. India is ranked...

Nov 06, 2017 10:23

Gross National Happiness of Business Assessment Tool Proposed

The proposed GNH tool is expected to systematically assess a business establishment’s effort to integrate GNH values...

Nov 08, 2017 13:48

Startup Weekend Begins in Phuentsholing

The Startup Weekend is organised in collaboration with Thimphu Techpark, Techstars, Department of IT and Telecom (DITT)...

Oct 29, 2017 12:00

Tourism Growth Boosts Handicrafts Business

“We can see the happiness in the colours and it’s very special. I think it’s essential that westerners come over,...

Nov 01, 2017 07:10

Latest

News

Co-Funded By The EU, [email protected] Project Launched To Provide High Speed Internet For Bhutan’s Research And Education Communities

A high-speed network called DrukREN for research and education communities in Bhutan was also launched.

Aug 21, 2019 09:58

Find Innovative Solutions For Every Challenge: Prime Minister Modi To Bhutan’s Youth

Prime Minister Modi said that he ‘sees dynamism and felt energised’ while meeting with the future of Bhutan.

Aug 18, 2019 23:58

Features

Bhutan Women Parliamentary Caucus Launched To Promote Gender Equality

It is expected to address the need for women role models at leadership and decision-making levels in Bhutan.

Aug 20, 2019 17:08

Fulfilling His Majesty The King’s Vision, Digital Drukyul Is Set To Improve Public Service Delivery And Empower Citizens Digitally

Digital Drukyul will help create a digital ecosystem for citizens which is unencumbered by bureaucratic red tape.

Aug 19, 2019 15:28

Sports

Two Young Bhutanese Swimmers Competed In 18th FINA World Championship

The duo are proud to represent Bhutan and compete on a worldwide stage for the first time.

Jul 28, 2019 21:32

Bhutan’s Dragon Boys Starts FIFA World Cup Qualifiers With A 1-0 Win Over Guam

Midfielder, Tshering Dorji’s 35th minute strike was enough to make Bhutan win the first leg of the first round of the 2022 World Cup and...

Jun 08, 2019 22:18

Business

Southeast Asian Company Invests Over US$100,000 In Bhutanese Start-up Drukfood

The investment includes a mix of cash and investment-in-kind.

Aug 15, 2019 14:26

Bhutan’s First Crowdfunding Platform Gaining Traction, Opens Doors For Entrepreneurs To Raise Funds

So far, three promoters - Bhutan Alternatives, Freelancer Bhutan and Himalayan food have registered with the Bhutan crowdfunding platform.

Aug 05, 2019 22:10

Travel

7 Facts You Never Knew About Flying Into Bhutan

Druk Asia interviewed Namgyal Wangchuk, Senior First Officer with Drukair to find out what it's like to fly into Paro International Airport.

Aug 07, 2019 23:18

Bhutan Has Great Potential To Be A Top Eco-Tourism Spot: Albert Teo

Despite Bhutan being home to a wide array of flora and fauna, it is still not a top ecotourism destination.

Jul 19, 2019 23:58

Lifestyle

Bali-Bhutan Art Exhibition Hosted By VAST Bhutan To Enhance Friendship And Exchange Of Ideas

Founded in 1998, VAST Bhutan has been promoting and facilitating art exchange programmes with various nationalities.

Aug 22, 2019 14:28

Finding One’s Voice: Rapping In The Kingdom Of Bhutan

The lack of support for rappers stems from the general misconception that most people have about rap.

Aug 10, 2019 23:38

Subscribe to our newsletter

Never miss out on new happenings and news stories!