USAID initiative to support RJSC streamline processes
The US-funded project is working on three major areas—food safety, trade facilitation, and business enabling environment improvement
To improve the company registration process in Bangladesh the Registrar of Joint Stock Companies & Firms (RJSC) has signed a Memorandum of Understanding with the USAID initiative 'Feed the Future Bangladesh Improving Trade and Business Enabling Environment Activity'.
Under the deal, signed on Thursday, 09 December, the parties will collaborate to streamline and digitalize the process of company registration, improve the provision of post-registration services, reduce the administrative hassle of company registration, and improve overall user experience, the Feed the Future Bangladesh initiative said in a statement.
According to the MoU, the parties will design and implement new processes and applications to reduce the time of company registration to less than one day and bring post-registration services online.
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RJSC Registrar Sheikh Shoebul Alam, Feed the Future Bangladesh Trade Activity Chief of Party Marc Shiman signed the MoU on behalf of their respective organisations at the conference room of Ministry of Commerce where Tapan Kanti Ghosh, secretary, Ministry of Commerce and other senior officials of both the organisations were present.
Marc Shiman and Sheikh Shoebul Alam highlighted the importance of company registration reform for the business enabling environment of the country.
They said, easier and more business friendly procedures will attract domestic and foreign investors and will increase the annual number of new companies by at least 25%.
The MoU is a part of initiatives taken by the US Government-funded Feed the Future Bangladesh project, which is working on three major areas in the country—food safety, trade facilitation, and business enabling environment improvement.
According to the project officials, Feed the Future Bangladesh Trade Activity will design and provide the necessary software, training to the RJSC while they will also bear all costs.
RJSC's complete automation and seamless services are crucial to the country's improvement goal in the ease of doing business index.
Earlier, RJSC had its activities partially automated in the 2000s under a collaboration with the International Finance Corporation (IFC), a concern of the World Bank Group.
The new software for RJSC is estimated to be initially introduced within a year and by October, 2024 it will be handed over to the RJSC following finalisation of the system and the needed skill training of the RJSC team.
