No registration application so far!

Not a single firm has so far applied to register under One Person Company(OPC) at the Registrar of Joint Stock Companies and Firms (RJSC), after one and a half months of the opening of the registration process for entrepreneurs.
RJSC opened registration of OPC for the interested firms on May 23.
Deputy registrar of RJSC said not a single firm had submitted an application to be registered in the last one and a half months.
OPC means a company formed with only one person as a member, unlike the traditional private companies with at least two members.
Theparliament in November last passed the law to encourage entrepreneurship, draw investors and support the growth of small and medium enterprises.
"A lot of firms showed interest; they contacted us verbally but they were disappointed," he said, adding that fixing the minimum paid-up capital at 2.5 million was frustrating for all.
The OPC was introduced through an amendment to the Companies Act (Bangladesh), 1994 with an aim to improve the country's ranking in the World Bank's Ease of Doing Business index - the idea is that a single-person company faces lesser complications and is also easy to run.
On other hand, running private companies involves many legal issues, especially protecting the interests of minority shareholders as the majority shareholders usually dominate the business. In some cases, legal battleseven disrupt the activities of companies.
Any person, either a born citizen or a foreigner, can establish an OPC following registration with the RJSC.
The paid-up capital is fixed at a minimum of Tk 2.5 million and a maximum of Tk 50 million. OPC has to be written at the end of the company's name.
However, an official of thecommerce ministry told the FE that the ministry was considering an amendment in the law to bring down the minimum paid-up capital to Tk 500,000.
Seeing the cold response from the entrepreneurs, the ministry decided to cut both the upper and lower limits of the paid-up capital.
"A meeting was held before the lockdown to this effect, but nothing concrete came out of it," the official added.

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