Govt should end hassles in doing business: Speakers

Speakers at a webinar on Sunday urged the government to take necessary steps to reduce the hassles in doing business including obtaining name clearance, a company registration certificate from Registrar of Joint Stock Companies, trade licence, TIN and VAT registration.

They also recommended one-stop service for all stages of company registration, capacity development of applicants, embedding mobile financial services for payment, ensuring mobile-friendly website, simplification in amending the online application, express service for foreign investors, etc.

They made the remarks in the virtual meeting on “Streamlining the Company Registration Process in Bangladesh” organised by Business Initiative Leading Development (BUILD) in collaboration with The Feed the Future Bangladesh Improving Trade and Business Enabling Environment supported by USAID.

Findings of a study titled ‘Measuring the Administrative Burden of the Company Registration Process in Bangladesh” were presented at the programme. The BUILD conducted the study through interviews during March-April, 2021 on different registered local and foreign business organisations in the country followed by a focus group discussion in June, 2021 regarding the company registration process.

Commerce Minister Tipu Munshi, MP, said the government is committed to implementing high-impact regulatory reforms such as streamlining the existing company registration process and reducing administrative costs in the procedures.

“Bangladesh has already improved in ease of doing business index and it will further improve. So, cordial cooperation from the authorities concerned is needed. Our ministry has already taken some initiatives. Automation system has been started for company registration. Besides, some reformations have also been done,” he added.

BUILD CEO Ferdaus Ara Begum said Bangladesh is still behind the South Asian average in terms of the procedure, time, and cost related to starting a business.

“RJSC registration requires 89 per cent of 3rd party engagement and thus cost enhances up to 49.22 per cent. In the case of obtaining a trade licence, 67 per cent of 3rd party engagement is required, incurring an additional 32.33 per cent cost,” she added.

Igor Gutan, Team Leader, Business Enabling Environment, USAID Feed the Future Bangladesh Improving Trade and Business Enabling Environment Activity said the study is very important to know about the true cost and time incurred during company registration in Bangladesh.