The government will introduce Electronic Business Registration System (eBRS) to eliminate bureaucratic delays, manual dependency, and lengthy procedures.
The Registrar of Joint Stock Companies and Firms (RJSC) will implement it.
The progress of the new management in modernizing RJSC activities was reviewed at a meeting at the commerce ministry on Monday.
Commerce Minister Khandakar Abdul Muktadir was present as chief guest, with commerce secretary Ataur Rahman Khan in the chair.
RJSC Registrar Shibir Bicitro Barua and its senior officials were also present.
Under the new system, entrepreneurs will be able to complete all activities from company name clearance to final registration from home.
At the initial stage, RJSC officials are working to complete the registration process, subject to quick verification, within hours.
The commerce ministry said customers (entrepreneurs) would not have to go to the RJSC office for company registration.
RJSC is working to be fully automated to offer a facility so that customers get the registration within a short period at home.
Entrepreneurs will soon be able to apply for company registration online at any time under eBRS.
To ensure data accuracy and prevent fraud, the new system integrates real-time pre-verification using National Identity (NID) cards, e-TINs, and mobile numbers.
This automated mechanism is designed to quickly identify errors or inconsistencies in applications.
The government has also introduced measures to streamline the legal process of company formation.
Entrepreneurs will have three distinct options regarding the Memorandum of Association (MOA) and Articles of Association (AOA).
To fully automate the workflow, eBRS is being integrated with several key national institutional databases.
The final stages of connection are underway with the Election Commission (EC) for voter and NID data verification, Bangladesh Telecommunication Regulatory Commission (BTRC) for mobile SIM ownership verification, and Bangladesh Data Centre Company Limited (BDCCL) to ensure cloud data security and uninterrupted service.
During the initial six months, officials will promptly re-verify name clearances upon application submission.
If all the required information and documentation are correct, the registration process is targeted for completion within a few hours.
Stakeholders believe that once fully implemented, the initiative will reduce both time and expenses for entrepreneurs in establishing companies.
The digital transformation by RJSC is expected to create rapid business set-up opportunities for new entrepreneurs, start-ups, and domestic and foreign investors alike, playing a vital role in fostering an investment-friendly environment and lowering the overall cost of doing business in the country.
