The Registrar of Joint Stock Companies (RJSC), the body which manages business registration, will provide automated memorandum of association (MoA) and articles of association (AoA) facilities for all types of companies in the country from now on.
The initiative will enable companies to accept and use model articles that are universal and in full compliance with the law, instead of drafting articles of association for their companies, said a press release.
This facility is currently available for private limited, public limited, foreign companies, one person companies, and companies registered under Section 29 of the Companies Act 1994.
The RJSC will extend the facility for the registration of societies, trade organizations, partnership firms, and companies under Section 28 of the Act.
The USAID Feed the Future Bangladesh Trade Activity is supporting RJSC in this initiative, the release also said.
The MoA is a document that regulates the company's external affairs and the articles of association covers the company's internal constitution.
According to the RJSC data, over 13,000 business entities are registered with the RJSC annually.
In the current company registration process, it is mandatory to prepare the MoA and AoA as per the Companies Act 1994.
But many cannot prepare these documents and they have to spend time and money to take the help of consulting firms or individuals.
The authorities said that when the service will launch, it will be possible to do it automatically for free.
It will also reduce the suffering, time, and cost of starting a business in Bangladesh.
The new MoA and AoA were reviewed and validated on December 7-8 and will be uploaded on the RJSC website for the users after necessary verification, amendment, and correction.
The RJSC also validated the new proposed company registration and post-registration process.