New private firm registrations dropped 6.76% year on year to 7,479 in FY24, according to official data, as traders see a deteriorating investment climate since the pandemic that has discouraged new business formation.
During the recently concluded financial year, total firm registration logged a 4.39% YoY decline.
Annual data from the Registrar of Joint Stock Companies and Firms (RJSC) shows a broader and gradual decline in total firm registrations since FY20, marked by the Covid-19 pandemic.
The Registrar of Joint Stock Companies and Firms (RJSC) saw a revenue increase, Tk287 crore in FY24 compared to Tk270 crore in FY23, despite the decline in new firm registrations -- due mainly to the RJSC's fee hikes last year.
Last year, the RJSC increased a total of 37 types of fees, such as application charges for firm registration, name and location changes and branch opening or closing, by two to more than five times, while 22 services remained unchanged.
The RJSC has also introduced fees for three types of services that were previously provided free of cost.
Till June 30 this year, there were 293,139 companies registered with the RJSC.
These include public and private limited companies, liaison offices of foreign companies, partnership firms, trade organizations, societies, and one-person companies.