'Commerce ministry will continue to work for ease of doing business'

The commerce ministry would continue its advocacy with other ministries to simplify the process of obtaining certificates and registration, including five-year trade licences, to ensure ease of doing business, Commerce Minister Tipu Munshi said today. 

As part of it, the commerce ministry issued a notice in November 2022 to provide Import Registration Certificate (IRC) and Export Registration Certificate (ERC) for five years rather than one.

The minister made the comments when Business Initiative Leading Development (BUILD) Chairperson Nihad Kabir paid a courtesy call on him at the commerce ministry in Dhaka.

Stressing the need for full-scale automation of company registration process, the BUILD chair expressed concern over the high paid-up capital requirement for one-person companies (OPC).

As a result of the enforcement of high paid-up capital, the nation has yet to see the predicted rise in OPC, she said.

The existing paid-up capital of Tk 25 lakh should follow the example of private limited companies, Kabir added.

Referring to the BUILD request for complete automation of RJSC services, he said, "We will go for full-scale automation, and we will be going through some internal proceedings while we aspire to be a paperless office in delivering faster business registration services online."

The BUILD chair also urged the commerce minister to consider eliminating the Tk 25 lakh minimum paid-up capital requirement for one-person companies while there could be a maximum limit.

She also advocated for eliminating the necessity for a commercial address when applying for a trade licence to facilitate company operations throughout the country.