MIDAS was established in 1982 under the Societies Registration Act 1860 with the support of the United States Agency for International Development (USAID). MIDAS was also formally registered with the Department of Social Welfare, Government of Bangladesh as a non-profit voluntary organization.
Before the registration of MIDAS, a Cooperative Agreement was signed in 1981 between USAID under its Rural Industrial Project and The Asia Foundation as an intermediary to channel and administer USAID assistance to MIDAS. The registration of MIDAS as an NGO with its clear objectives and vision encouraged USAID to conclude the Cooperative Agreement (CA). The USAID CA, made in 1985, paved the way for providing loan and equity funds to potentially profitable and innovative business ventures. MIDAS thus became commercially-oriented gradually.
Having been advised by the NGO Cell of the Cabinet Division, Government of Bangladesh, the MIDAS Board of Directors reviewed the legal status of MIDAS and decided to form a Company Limited by Guarantee under the Companies Act 1913 with the same mission and mandate. Accordingly, a new company was incorporated on 30 December 1992 under the Companies Act 1913 in the name of Micro Industries Development Assistance and Services (MIDAS) and all assets and liabilities of the Society as on April 30, 1993 were transferred to the Company. USAID duly endorsed the transfer.
MIDAS is now a leading organization in the private sector, providing high-quality services to enterprises and government in Bangladesh.