Five new trade associations licenced

The commerce ministry has licenced five new trade associations under the Trade Organisations Ordinance 1961.

They are Bangladesh Rice Bran Oil Mills Association; Bangladesh Rodenticide, Pesticide and Insecticide Association; Bangladesh Tent and Tarpaulin Manufacturers, Importers and Dealers Association; Bangladesh LPG Autogas Station and Conversion Workshop Owners Association; and the VAT Consultants Association of Bangladesh.

On Sunday, Suleman Khan, director of the trade organisation wing of the ministry, approved the licences of four associations, and the other was approved on 29 September.

Each association now has to register with the Office of the Registrar of Joint Stock Companies and Firms as a limited liability company by removing the word “limited” from its name within 60 days.

A commerce ministry notice issued on Sunday said the first general meeting of each association must be held a month after registration or before three months elapse.

For each association, a full committee must be formed through an election within six months.

After registration, every association has to apply to become a member of the Federation of Bangladesh Chambers of Commerce and Industry within 60 days.

As per the notice, the associations will not engage in any activity against the government or public interest.

If any one of the 10 conditions given by ministry is not fulfilled properly, the licence will be revoked.

As business in different sectors is growing in the country, new trade associations are being formed. That is why the ministry is receiving many licencing applications.