If you want to start a company in Bangladesh, you must have to register it with the authority known as the Registrar of Joint Stock Companies and Firms (RJSC). RJSC is an essential component for entrepreneurs and investors looking to incorporate a business in Bangladesh.
RJSC is the primary government body responsible for overseeing your company registration in Bangladesh. RJSC ensures compliance of your company with the legal framework of Bangladesh under the Companies Act of 1994.
If you can clearly understand their role in the registration process, it will help you navigate the often complex regulatory landscape in Bangladesh smoothly and save you time.
The RJSC’s responsibilities extend beyond approving your registration. Explore the roles of the RJSC and how they help you to incorporate a business in Bangladesh.
Roles of RJSC in Company Registration in Bangladesh?
The process of registering a company in Bangladesh can be intricate, but the RJSC simplifies this by taking care of critical steps. Let’s explore the key roles they play in the process.
Name Clearance
The first and perhaps most important task the RJSC performs is granting name clearance for a new company. Before you can incorporate a company in Bangladesh, your business name must be unique and not conflict with existing companies.
The RJSC ensures this by conducting a thorough check of your proposed name in their database, rejecting names that are already in use. This step is essential as it ensures your business stands out in the market.
Verification of Documents
Once your company name is cleared, the next step is submitting your required documents to the RJSC. This includes your Memorandum of Association (MOA), Articles of Association (AOA), the list of directors, and shareholder details.
The RJSC carefully verifies these documents to ensure they comply with the Companies Act and other legal requirements. The RJSC ensures all the paperwork is in order before moving forward with registration.
Issuance of Certificate of Incorporation
After the verification of documents, the RJSC issues the Certificate of Incorporation. This document legally establishes your company and marks the official registration of your business in Bangladesh.
With this certificate, you are now authorized to open a company in Bangladesh and begin operations.
Maintenance of Company Records
The RJSC not only registers your company but also maintains an official record of your company’s details. This includes information about company names, directors, shareholders, and changes to company structures.
The RJSC ensures that these records are updated and accessible. This also serves as a public record, making it easy for interested parties to access business information.
Filing of Annual Returns
Another important role of the RJSC is overseeing the filing of your annual returns. You must submit an annual return that includes your company’s financial details and operational information.
The RJSC ensures these returns are submitted on time to help your business remain compliant with the prevailing law. Failure to file returns may result in penalties or other legal issues.
Regulation of Company Closures
In some cases, you may decide to close or dissolve your company. The RJSC plays a vital role in this process as well. If you choose to wind up your company, you must apply to the RJSC.
The RJSC will oversee the legal dissolution of your company. They ensure all legal requirements are met during this process, protecting the interests of shareholders and creditors.
Importance of RJSC in Business Compliance in Bangladesh
The RJSC plays a critical role in ensuring your businesses are compliant with national laws and regulations. They enforce rules related to registration, document verification, and record-keeping to ensure that your business operates in a structured and legal manner.
Their oversight provides a foundation for your business to thrive, and offers you peace of mind that you are following the required legal procedures.
Moreover, the transparency provided by the RJSC helps build trust in the market. For foreign investors looking to start a company in Bangladesh, having a reliable registration process increases confidence in the country’s business environment.
Conclusion
The RJSC plays an indispensable role in the company registration process in Bangladesh. Their involvement guarantees your business complies with national laws, making it eligible for operation and growth.
From name clearance to issuing the Certificate of Incorporation, RJSC’s responsibilities ensure that your business can register a company in Bangladesh smoothly within legal boundaries.
Ensure your startup is legally compliant and ready for the opportunities ahead to make your business journey a success with the RJSC.
Frequently Asked Questions
1. How long does it take to register a company with RJSC?
The company registration process typically takes 2-3 weeks, depending on the name clearance, completeness of the submitted documents, etc. Delays can occur if additional verification or documentation is required.
2. Can I register a foreign company with the RJSC?
Yes, foreign companies can register in Bangladesh with the RJSC. They must comply with the regulations set out for foreign investments.
3. How does the RJSC maintain company records?
The RJSC keeps a detailed and updated record of company information, including names, directors, shareholders, and legal status. These records are publicly available.
