The Companies (Amendment) Bill 2020 was placed in Parliament on Wednesday, withdrawing a provision for having a seal for a company to get registered, which will in turn help Bangladesh improve in the ease of doing business index.
Commerce Minister Tipu Munshi placed the Bill and it was sent to the respective scrutiny committee for further examination. The Committee was asked to submit its report within one day.
The draft bill was approved amending some sections of the existing Company Act, 1994 to exempt the compulsory provision of having a seal for a company to get registered.
According to the Bill, if the compulsory provision can be withdrawn by March 31 next, Bangladesh would jump 7-8 notches in the index of ease of doing business.