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Budget FY21: One-person company can be registered as a company

  • Published at 07:16 pm June 11th, 2020
Companies_act-Collected

Steps will also be taken to introduce legal reforms in issues, such as faster business registration, dispute settlement, says the finance minister

Finance Minister AHM Mustafa Kamal has said that the government is planning to amend the Companies Act so that one-person company can be registered as a company.

“Steps have been taken to improve business environment by making necessary amendments in the Companies Act, 1994. The mandatory provision of using ‘company seal’ for registering a company has already been withdrawn,” he said while placing the national budget for fiscal year 2020-21 in parliament on Thursday, reports BSS.

This year, he informed that the government will bring further changes in the act so that One Person Company can also be registered as a company.

“Besides, steps will be taken to introduce legal reforms in issues, such as faster business registration, dispute settlement, etc,” he added.

The finance minister has proposed a national budget of Tk568,000 crore for the next fiscal year, biggest in the country's history, in a bid to drive the government's efforts to salvage the economy battered by the Covid-19 epidemic and safeguard public health.