Company registration in six hours from Jan 1

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Jasim Uddin Haroon
The Registrar of Joint Stock Companies and Firms (RJSCF) Monday said new companies would get registrations within six hours from next January to promote trade and business activities.
Currently, new companies need at least few weeks to get registration after submitting applications and many face harassments as well.
"We've set a target to provide company registration within six hours from January 1 after submission of their applications online," Ahmedur Rahim, registrar of the RJSCF told the FE.
Mr Rahim said his office had completed all necessary procedures to provide such quick services to the business community saying: "We're now waiting from the approval of the Inland Resources Department relating to payment of stamps."
Currently, companies need to deposit fees through stamps but the new system will require paying in cash or cheques through banks.
RJSCF chief told the FE the new system will save the company and firm owners' time and money.
The government is quickening services of RJSCF through online procedures.
RJSCF is implementing a project styled computerisation of the office of Registrar of Joint Stock Companies and Firm since 2007 with financial assistance from the World Bank and the Australian government.
Officials at the RJSCF said earlier owners or representatives of companies needed to visit the office at least six times to get registration but with the implementation of the new and quick system a single visit will suffice.
RJSCF mainly provides services to the companies and firms under Company Act 1994, Societies Registration Act 1860, Trade Organisation Ordinance 1961 and other related acts.
According to the office, they receive around 100 applications each working day for registration of companies and firms.
RJSCF so far registered 2,795 public limited companies, 78,166 private limited companies, 35,136 partnership firms, 714 trade organsations and 9343 societies.