Bangladesh Survey & Valuation Companies,
Firms and Individual Concerns Association (BSVCFICA)
The Bangladesh Survey & Valuation Companies, Firms and Individual Concerns Association (BSVCFICA) is a national non-profit professional organization for the valuation profession, serving the Bank, Company, Auditing(Fixed Asset), Govt. Organization, Asset Management and public interest. It was established in 2013. But government licensed in 2019 under the company Registration Act 18 of 1994 and Trade Organization Ordinance 45 of 1961, section-3. BSVCFICA is first and only professional organization representing all of the disciplines of property valuation & Survey in Bangladesh.
The BSVCFICA is exceptional in the role it plays as a valuation standard setter by IVSC & FRC. It is a valuation trade body. The continued support of our members is pivotal in our success. BSVCFICA working to regulate its valuer members and also to spread valuation education and understanding among the citizens of Bangladesh through organizing seminars, symposiums, workshops, etc.. BSVCFICA members are mostly well educated and experienced in a wide range of property valuation. The association also plays the role of an Arbitrator to address the issues and resolve them as valuers profession. We consciously pursue our goals to attain and disseminate knowledge, develop a better theory to promulgate professional standards of practice and encourage strategic alliances within the accounting, legal, academic, regulatory business community, and expand benefits and services to our members. Our members are committed to providing the highest levels of professionalism in their dealings with clients.
The BSVCFICA is a leader in the operation to raise standards of international valuation practice and is overseen. Its center objectives are to:
1. Develop high quality Bangladesh Survey & Valuation Companies, Firms and Individual Concerns Association (BSVCFICA ) which ensure consistency, transparency and confidence in valuations throughout the Bangladesh, and;
2. Encourage the valuation professionalism provided by Valuation Profession Organization of Bangladesh Survey & Valuation Companies, Firms and Individual Concerns Association (BSVCFICA) throughout the Bangladesh
The BSVCFICA facilitates collaboration and cooperation among its members, who are valuation service providers, financial services businesses, regulators, international bodies and academic institutions.
Why is Valuation significant?
Valuations are used for a massive of purposes across the financial system such as company listings, mergers and acquisitions, Mortgaged, funds and investment, financial reporting, taxation, auditing, secured lending, litigation, insolvency, regulatory compliance, and insurance.
at the same time as it is easy to understand the importance of robust and dependable valuations to businesses and regulators, arguably they impact virtually everyone in the public – at an individual level, many people have a pension, or purchase a assets. At worldwide level, society as a whole has a stake in public and private investment in areas such as infrastructure, research and development, retail and leisure. The valuations underpinning these are fundamental to the security of the investments, and when a financial system fails to work successfully it is often the taxpayer that ends up paying the price.
How does BSVCFICA help developing Bangladesh?
Bangladesh has made remarkable progress in poverty reduction, supported by sustained economic growth. It has been among the fastest growing economies in the world over the past decade, thanks to a demographic dividend, strong ready-made garment (RMG) exports, and stable macroeconomic conditions. One of the major factors influencing the viability of inward investment is the confidence that investors have in the assets and sectors they are looking to invest in. BSVCFICA can promote transparency and enhance confidence among investors, helping to attract inward investment. In tandem with this, the development of quality valuation professionalism can offer assurances around the application of international best practice.
The COVID-19 pandemic impacted Bangladesh profoundly. In addition to the impact on health, GDP growth decelerated, and poverty increased. The pandemic may also have long term economic implications as a result of reduced female labor force participation, learning losses, and heightened financial sector vulnerabilities.