Staff Correspondent

The Regulatory Reform Commission is planning to recommend that the time needed to register new companies be reduced to 24 hours.

This is important for Bangla-desh as the country has ranked a dismal 107 out of 178 countries in the Doing Business category of the International Finance Corporation, said an RRC official. 'If the registration time is reduced, our country's rank will improve,' he said hopefully.

RRC chairman Ali Akbar Khan on Tuesday had a meeting with the Registrar of Joint Stock Companies in which the commerce secretary and IFC officials were present. They discussed how the registration time could be reduced to one day from 7 to 8 days, said the RRC chairman.

The RJSC has only eight officials, which is insufficient to handle so many applications, he said. The establishment ministry can look into the issue and send some officials to the RJSC, he said. The RRC is also planning to recommend simplification of the company registration application form, he added.

About 90,000 companies have been registered with the RJSC and the institution will develop a complete database with full profiles of those companies this year, he said.

The IFC's Doing Business report of 2008 showed that it takes 74 days and eight procedures to start a business concern in Bangladesh. It was 50 days in 2006 and 2007, according to the report.

The procedures a business concern must follow to get registered are verification of the company's name, verification of the memorandum and articles of association by lawyers, buying stamps, filing documents with the Registrar of Joint Stock Companies, making a company seal, being registered by the tax authority, being registered for VAT and obtaining a trade licence.

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