RJSC extends MoA and AoA facilities for all types of companies
It is mandatory to prepare the documents as per the Companies Act 1994
The Registrar of Joint Stock Companies (RJSC) – the regulatory body that manages business registration – will provide automated standardised Memorandum of Association (MoA) and Articles of Association (AoA) facilities for all types of companies in Bangladesh.
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 organisations, partnership firms, and companies under Section 28 of the Act.
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The USAID Feed the Future Bangladesh Trade Activity is supporting RJSC in this initiative, the press release said.
In corporate terminology, the memorandum of association is the 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 each year. 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.
Sheikh Shoibul Alam, registrar of the RJSC, said, "We are reforming the business registration process. This will make the company registration process easier and faster. It will be possible to provide better services to the citizens through the use of information technology."
The new MoA and AoA were reviewed and validated on 7 and 8 December 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.
