Registrar of Joint Stock Companies and Firms takes initiative to speed up company registration
In order to speed up company registration, the Office of Registrar of Joint Stock Companies and Firms (RJSC) has launched model articles and memorandums of association.
The initiative will enable companies to accept and use model articles that are universal and in full compliance with the Companies Act 1994, instead of drafting articles of association for their companies.
RJSC has made these available in the company registration system for all company types including the most frequently registered types such as private limited companies, reads a press release.
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Meanwhile, model memorandums of association simplified the process of selection of company objects following the adoption of Standard Industrial Calcification as issued by Bangladesh Bureau of Statistics.
Therefore, companies can now simply choose their object from a list of standardized company objects based on the International Standard Industrial Classification of All Economic Activities of the United Nations.
On the occasion, Registrar Md Sheikh Shoebul Alam expressed his gratitude to USAID Feed the Future Bangladesh Trade and Business Enabling Environment Project for their support to the initiative and other ongoing reforms at RJSC.
He said the reforms will significantly simplify the process of company registration and that entrepreneurs in Bangladesh will be able to benefit from faster company registration and less interaction with RJSC and third parties.
"Implementation of model articles of association is a major step forward that brings company registration in Bangladesh closer to global best practices from countries like United Kingdom, New Zealand and Singapore. These reforms are a gift for millions of entrepreneurs in our country to commemorate the 101st birthday anniversary of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman and a demonstration of RJSC's desire to create a better business enabling environment for our future economic development," he added.
RJSC and USAID Feed the Future Bangladesh Trade and Business Enabling Environment Project pledges to continue to work on new reforms that will contribute to the economic development and prosperity of the people of Bangladesh.
Reportedly, RJSC is planning to completely revive its internal processes and upgrade its ICT infrastructure to bring more services online that will improve user experience and will generate additional time and cost savings for entrepreneurs.
