RJSC has registered over 245000 companies and the number is growing every year as the government has reduced company registration fees and ensured a business friendly registration environment, speakers at a consultation meeting observed on Monday
Business Initiative Leading Development (BUILD) organized the virtual consultation on reducing time, cost and process related bottlenecks in Company Registration.
The consultation focused on the findings of the recent survey that was conducted by BUILD during March-May 2021 of the companies that have been registered over the past two years. This initiative was supported by USAID funded Feed the Future Bangladesh Improving Trade and Business Enabling Environment Activity.
Santosh Kumar Pandit, Additional Registrar (Joint Secretary), Office of the Registrar of Joint Stock Companies and Firms said that Registrar of Joint Stock Companies and Firms present during the meeting has mentioned that the institution is planning automation and merger of name clearance, company registration and fee payment into a single process.
On Starting a business, the first indicator of Ease of Doing Business Index of World Bank Group, Bangladesh ranks 131-st because of digitisation efforts of the automation by the Registrar of Joint Stock Companies and Firms.
Pandit added that RJSC has registered over 245000 companies and their number is growing every year. Government has reduced company registration fees and ensured a business friendly registration environment.
He also mentioned the need to improve digital literacy of entrepreneurs to reduce their dependence from on the intermediaries. The Registrar of Joint Stock Companies and Firms is offering equal opportunities for both local and foreign investors under One Person Company (OPC) platform, however more promotion on OPC is required.
Referring to willingness of the Registrar of Joint Stock Companies and Firms to expedite the automation of its services Pandit informed that several new reforms on the way and for which they have initiated a number of projects.
BUILD CEO Ferdaus Ara has mentioned that some changes in the registration process will facilitate the businesses start-up. She further emphasized the need for simplifying the process of registration for one person company, self-amendment while having company registration, capitalization, and simplification on trade licenses.