No seal needed for company registration

19 February, 2020 12:00 AM printer

Parliament on Tuesday passed the Companies (Amendment) Bill 2020, dropping a provision of having a seal for getting a company registered, which will in turn help Bangladesh improve the ease of doing business index, reports UNB.

Commerce Minister Tipu Munshi moved the Bill and it was passed by voice vote.

The draft bill was approved amending some sections of the existing Company Act, 1994 to exempt the compulsory provision of having a seal for a company to get registered.

According to the Bill, if the compulsory provision can be withdrawn by March 31 next, Bangladesh would jump 7-8 notches in the index of ease of doing business.