The Ministry of Commerce has extended the validity of both the Import Registration Certificate (IRC) and Export Registration Certificate (ERC) to five years from one year.
The ministry in a notification said that as part of the ease of doing business and following the demand from businesses in the country, the government has decided to extend the registration validity for IRC and ERC.
The traders can get IRC or ERC as per the requirement of 1 to 5 years by paying the necessary fees. The tenure will be counted from the issuing date of the certificate. The IRC and ERC are renewable.
The trade bodies and businesses have been demanding extension of the tenure and a hassle-free renewal system for a long time.
Marking the decision as is a business friendly, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruqe Hassan said that it will reduce the time required for obtaining various documents needed for the export and import licenses.