RJSCF likely to earn over Tk 500m rev in FY '10
Friday, 22 January 2010
Fazlur Rahman
The Registrar of Joint Stock Companies and Firms (RJSCF) will earn more than Tk 500 million in the current fiscal year, as more companies are seeking approval for opening new businesses, officials said.
In the first six months of 2009-10, the state-owned body recorded earnings of over Tk 250 million. Officials said they would fare better this fiscal.
In 2008-09, the RJSCF earned Tk 420 million, more than five-times of its income in 2003-04, when it earned Tk 80 million.
The revenue collection of RJSCF has been showing an upward trend recently as more private limited companies are seeking approval to set up new businesses.
A total of 9,855 companies and firms got RJSCF approval in the calendar year 2009.
Of them, 7,420 won permission as private companies, 60 as public companies, 27 as trade organisations, two as foreign companies, 2,089 as societies and 78 as partnerships.
The number of companies seeking approval has increased after the government introduced online registration system in early 2009 which is largely credited to have simplified the process of registration in different categories. RJSCF since its inception was notorious for long delays, harassment and corruption.
Officials said the new system has not only drastically cut delays and harassment, but also increased revenue.
"I think more people will be interested to apply for registration in the coming days, which will in turn boost our revenue," Registrar Ahmedur Rahim said Tuesday.
"If the current trend continues, the annual income will easily cross Tk 500 million mark," he told the FE.
Mr Rahim said his office was exploring ways to further simplify the process, as they still think the harassment the intending companies and firms face is still far from over.
"We have already issued registration to companies within 24 hours of submission of applications. We want to complete the process in just four hours."
"We are simplifying the process as much as possible," he said.
He said the increased number of registration seekers indicates that there exists a congenial investment climate in the country. "We want to play our part in helping the nation grow economically."
The government arm provides registration to applicants under Company Act 1994, Societies Registration Act 1860, Trade Organisation Ordinance 1961 and other related acts.
The RJSCF has so far registered 2,855 public limited companies, 85,586 private limited companies, 35,214 partnership firms, 741 trade organsations and 11,423 societies.
The Registrar of Joint Stock Companies and Firms (RJSCF) will earn more than Tk 500 million in the current fiscal year, as more companies are seeking approval for opening new businesses, officials said.
In the first six months of 2009-10, the state-owned body recorded earnings of over Tk 250 million. Officials said they would fare better this fiscal.
In 2008-09, the RJSCF earned Tk 420 million, more than five-times of its income in 2003-04, when it earned Tk 80 million.
The revenue collection of RJSCF has been showing an upward trend recently as more private limited companies are seeking approval to set up new businesses.
A total of 9,855 companies and firms got RJSCF approval in the calendar year 2009.
Of them, 7,420 won permission as private companies, 60 as public companies, 27 as trade organisations, two as foreign companies, 2,089 as societies and 78 as partnerships.
The number of companies seeking approval has increased after the government introduced online registration system in early 2009 which is largely credited to have simplified the process of registration in different categories. RJSCF since its inception was notorious for long delays, harassment and corruption.
Officials said the new system has not only drastically cut delays and harassment, but also increased revenue.
"I think more people will be interested to apply for registration in the coming days, which will in turn boost our revenue," Registrar Ahmedur Rahim said Tuesday.
"If the current trend continues, the annual income will easily cross Tk 500 million mark," he told the FE.
Mr Rahim said his office was exploring ways to further simplify the process, as they still think the harassment the intending companies and firms face is still far from over.
"We have already issued registration to companies within 24 hours of submission of applications. We want to complete the process in just four hours."
"We are simplifying the process as much as possible," he said.
He said the increased number of registration seekers indicates that there exists a congenial investment climate in the country. "We want to play our part in helping the nation grow economically."
The government arm provides registration to applicants under Company Act 1994, Societies Registration Act 1860, Trade Organisation Ordinance 1961 and other related acts.
The RJSCF has so far registered 2,855 public limited companies, 85,586 private limited companies, 35,214 partnership firms, 741 trade organsations and 11,423 societies.