Founder & CEO
Mr. Rifayet Rifat started his company, Softking, with a very clear vision: to develop software that serves not only Bangladesh but also the global market. As Softking expanded to over 90 countries, it encountered some significant challenges, specifically with international payments. These issues threatened Softking’s ability to grow and maintain its global reach.
In his search for a reliable solution, Mr. Rifat came across Business Globalizer, a company that provides one-stop solutions, that include everything you need for global expansion. Business Globalizer offers a suite of essential services, including international company formation, access to global payment gateways, legal compliance and taxation support, high-risk merchant accounts, and global eCommerce account approval. So to eliminate Softking’s challenges, Mr. Rifat partnered with Business Globalizer..
Now, to delve deeper into how Business Globalizer has pushed ahead Softking’s global growth and to explore their collaborative journey, Woaliullah Olee, the Head of Creative at Business Globalizer, conducted an in-depth interview with Mr. Rifayet Rifat. Let’s see what insights he shared about overcoming global business hurdles and thriving internationally.
Woaliullah Olee: Mr. Rifat, could you introduce yourself and tell us more about SoftKing?
Rifayet Rifat: This is Rifayet Rifat, founder and CEO of Softking Limited. We’re a global software development company based in Bangladesh. We’re serving over 12,000 clients across more than 90 countries. We’ve been collaborating with international clients since 2011, providing tech support, developing SaaS products, and mobile apps, and building web applications.
Woaliullah Olee: What major obstacles have you faced while running your company globally?
Rifayet Rifat: The main and constant challenge has been setting up robust international payment systems. We struggled with receiving payments efficiently, which was vital for our global operations.
Woaliullah Olee: How did you know about Business Globalizer when struggling with your payment-receiving issues?
Rifayet Rifat: When I was facing the problem that I couldn’t receive payments through the website; I watched loads of ads, talked to lots of people, and tried a lot of alternatives, but none were sustainable.
We also faced problems, like some of my accounts getting banned or I couldn’t withdraw money from that account. That’s when I met Abdullah Al Mamun from Business Globalizer. Through him, I learned that Business Globalizer provides solutions that would allow me to use international payment gateways locally from Bangladesh. So then we finally chose Business Globalize as our payment solution partner.
Woaliullah Olee: During this time, you were introduced to many market players, right? Why did you choose Business Globalizer?
Rifayet Rifat: When I searched for international payment gateway solutions like PayPal, Stripe, etc. that could help me receive payments, I encountered a lot of ads, talked to many people over the phone, and had references from many people. But personally, I wanted to choose a company or a person who has a good reputation in the market, sustains for a long time, and has a large team. If anything goes wrong, they can support me legally over the phone or directly. After considering it all, I chose “Business Globalizer,” because I know Abdullah Al Mamun as a trustworthy community member and have met him at many events and community meetups.
Woaliullah Olee: What services have you taken so far from Business Globalizer?
Rifayet Rifat: We have formed our limited company in the UK and LLC in the USA through Business Globalizer, which helped streamline our financial transactions.
Woaliullah Olee: Did working with Business Globalizer help boost your revenue?
Rifayet Rifat: Absolutely. I already said I could not bring payments, and the gateways we were using had not been verified. Now there is no problem, as I bring payments from known sources. I am tension-free & relaxed. When I was using non-verified accounts or accounts under fake names or bypass accounts, I used to remain tense. I was also concerned about whether I could bring our large payments, which no longer bothers me. Now I have added Stripe to our website, so if a client wants, he can pay from anywhere with his credit card, and we will bring it to Bangladesh. So, definitely, our business has been boosted.
Woaliullah Olee: When you maintain a foreign company, the issues of compliance, legal structure, and tax issues automatically arise; how much emphasis do you place on it? And how will you inform our audience regarding that matter?
Rifayet Rifat: Simply I believe that if I have to earn legally, I must pay my taxes according to the rules of the corresponding country, which is very natural. I don’t know why in Bangladesh we seem to handle tax-related matters easily, we renew our trade licenses and submit our files altogether. But when we operate our foreign companies as non-residents, we tend to avoid taxes. And it shouldn’t be like that. People are banned due to this misdeed, their accounts get frozen, and they may not be able to open a company with the same name again. I personally have seen multiple cases as such. What I prefer to do is submit files and taxes within due time. And these are handled by Business Globalizer’s attorneys. When earning 10 dollars, I can pay 50 cents as tax. I don’t consider this a hard reality because I am not the kind who supposedly brings 10,000 dollars to Bangladesh every month as a nonresident but won’t pay any taxes.
Woaliullah Olee: In that regard, on a scale of 10, how much are you going to give us as a long-time client? Also, what are the areas you think Business Globalizer needs improvement?
Rifayet Rifat: Let me start with the year 2019. In 2019, Business Globalizer initially faced a few problems because of less manpower, resulting in less output from the customer support team. The reason I am saying all these things is because I know that many people will watch this video. So if I say from my end that I have personally recommended 15-20 people, telling them I use their service, you can too. Initially, they started with little challenges, if I talk about it right now, they have surprised me with quick upgrades. I call them, and they answer. I send them an email, and they write back to me. In all honesty, a new business or startup takes time to flourish and be fully operational. I think in 2024, their support is perfect. I want to give them ten out of ten.
Woaliullah Olee: As an honorable client and Business Globalizer’s MoU partner, Softking has already experienced collaborative work, and I believe we will have more soon. So, how much value do you think this partnership adds to the business?
Rifayet Rifat: Okay, let me give you 2 aspects. I already told you that I recommended 15-20 businesses use Business Globalizer’s services. I recommended them with confidence because I trust Business Globalizer. In many cases, if the recommended client doesn’t get the desired service, the relationship gets damaged from both ends. But, in my case, nothing as such happened to the people I recommended. Now, if I talk about our business, we have benefited from Business Globalizer because we have created entities in foreign countries and can handle the payments. As a strategic partner, you benefit from our appreciation and recommendation, while we benefit from the opportunity to collaborate with several companies on the development of their SaaS. In this case, as a strategic partner, you offer us opportunities to collaborate with companies that are already your clients. Sometimes I receive calls from clients who tell me that they have been informed that we can complete their task. Thanks to your recommendation, we worked on about 4-5 orders at a time. So, from both sides, we benefit.
Woaliullah Olee: If I ask you from the beginning of The Softking, where do you see yourself in the next five years?
Rifayet Rifat: To be honest, I began Softking with a domain worth only 800 taka. You probably know that. On this long journey, Softking is now where about 90 people are working. We had only 1 floor; now we are operating on 4. So, alhamdulillah, we are happy with the growth we have. My target is to involve more people. My goal is to expand Softking to a 200-man team. We are working towards this goal. Inshallah, we can meet the target by 2025-2026. Please pray for us.
Embarking on the global stage demands precise solutions. The enlightening interview above showcases this truth vividly. When Softking ran into big challenges with international payments, Business Globalizer saved the day. Their collaboration not only eliminated the challenges but also accelerated their growth and success.
We hope this story inspires you to think about how the right partnerships can help your business too. With Business Globalizer, you get more than assistance; you access a comprehensive suite of services designed to make global expansion smoother and more accessible. Whether it’s forming companies in top business hubs like the USA, UK, UAE, or Singapore, or streamlining the ITIN application process through our direct IRS access as a Certified Acceptance Agent, we’re here to support every step of your journey.
Our solutions extend to integrating international banks and major payment gateways such as Wise, Payoneer, US fintech banks, PayPal, and Stripe; ensuring your transactions are seamless wherever your business takes you. Beyond financial transactions, we also provide extensive compliance support, from tax preparation to renewal, and all you require to grow your business.
To find out more about how Business Globalizer can help you tackle global challenges, visit our website and explore our services.
Credits:
Woaliullah Olee: Interviewer
Fahim Zaman: Audio Recorder, Gear Management
Rafsan Hossain: Camera (DOP), Video Editor
