One-person company registration from mid-Mar

Business Desk :
The process of registering one-person company (OPC) is finally starting this month amid disappointment over a minimum paid-up capital requirement of Tk 2.5 million.
The Registrar of Joint Stock Companies and Firms (RJSC) has developed software for its website to begin registration online in mid-March.
But experts said the minimum capital limit, probably the highest of all countries that introduced OPC, might be the most upsetting feature in the provision.
This ceiling should be revised and fixed at a rational limit to attract small and new start-up companies.
RJSC deputy registrar Abu Essa Mohd Mostafa Bhuiyan said they had technically enabled their website and apps for OPC registration.
He hoped it would be launched on March 15.
On November 18 last year, parliament passed the ‘Companies (Second Amendment) Bill-2020’ with a provision of formation of single-person companies.
The new rule was framed to attract greater investment, do better in the global ease-of-doing business ranking and formalise informal business.
A “natural person” can start an OPC by registering online at the RJSC, reports FE.
According to the bill, a single-person company has to have a minimum paid-up capital of Tk 2.5 million to a maximum of Tk 50 million.
The minimum turnover of that company in the immediate past year will be Tk 10 million to Tk 500 million.
If the paid-up capital and turnover exceed the amount, the OPC can be transformed into a private limited company or in some cases into a public limited company.
An OPC has to hold at least one meeting of the board of directors every year.