Online-facility expedites registration of private companies
Sunday, 10 January 2010
Fazlur Rahman
The Registrar of Joint Stock Companies and Firms (RJSCF) has provided registrations to 15,000 private limited companies within 24 hours of submission of applications thanks to the introduction of online system which has been able to drastically cut delays and harassment, officials said.
For years, the office of RJSCF had been notorious for long delays, harassment and corruption.
But the situation has changed dramatically after the government equipped the RJSCF with online facilities early last year.
Now its officials boast of issuing approval to private limited companies to set up new business in the shortest period of time, even within 24 hours' of seeking registration through transparent and hassle-free system.
"The situation has improved a lot. The introduction of online system has simplified the process. It has also reduced harassment drastically," said RJSCF chief Ahmedur Rahim Thursday.
He said his office has approved registration of 26,892 private limited companies since March last year. "Of them, 14,998 received approval within 24 hours."
The number of private limited companies seeking registration for opening new business has doubled due to the congenial investment climate and introduction of online system, he said.
Mr Rahim said in the past, the intending companies needed to visit the office of RJSCF six times officially and unofficially many times more.
"It took several months to obtain name clearance and the intending companies had to visit the office several times."
"Now they just require to visit us only once at the final stage as they have to deposit money with the banks and apply online," the registrar told the FE.
Despite all these achievements, Mr Rahim said delays and lengthy process are still far from over.
"We still believe the harassment has not been eliminated totally from the system and are now exploring ways to further cut the procedures and time."
In order to expedite the registration process applicants will be asked to submit pay orders alongwith their application.
The RJSCF chief said: "I have written to the law ministry urging to issue an order in this regard. Hopefully, we will receive a positive answer by next week."
"It will save the company and firm owners' time and money," he said.
He said the surge in number of registration for forming public limited companies proves the activity of the entire economy particularly in creation of fresh employment for skilled workforce in the country.
The Registrar of Joint Stock Companies and Firms (RJSCF) has provided registrations to 15,000 private limited companies within 24 hours of submission of applications thanks to the introduction of online system which has been able to drastically cut delays and harassment, officials said.
For years, the office of RJSCF had been notorious for long delays, harassment and corruption.
But the situation has changed dramatically after the government equipped the RJSCF with online facilities early last year.
Now its officials boast of issuing approval to private limited companies to set up new business in the shortest period of time, even within 24 hours' of seeking registration through transparent and hassle-free system.
"The situation has improved a lot. The introduction of online system has simplified the process. It has also reduced harassment drastically," said RJSCF chief Ahmedur Rahim Thursday.
He said his office has approved registration of 26,892 private limited companies since March last year. "Of them, 14,998 received approval within 24 hours."
The number of private limited companies seeking registration for opening new business has doubled due to the congenial investment climate and introduction of online system, he said.
Mr Rahim said in the past, the intending companies needed to visit the office of RJSCF six times officially and unofficially many times more.
"It took several months to obtain name clearance and the intending companies had to visit the office several times."
"Now they just require to visit us only once at the final stage as they have to deposit money with the banks and apply online," the registrar told the FE.
Despite all these achievements, Mr Rahim said delays and lengthy process are still far from over.
"We still believe the harassment has not been eliminated totally from the system and are now exploring ways to further cut the procedures and time."
In order to expedite the registration process applicants will be asked to submit pay orders alongwith their application.
The RJSCF chief said: "I have written to the law ministry urging to issue an order in this regard. Hopefully, we will receive a positive answer by next week."
"It will save the company and firm owners' time and money," he said.
He said the surge in number of registration for forming public limited companies proves the activity of the entire economy particularly in creation of fresh employment for skilled workforce in the country.