The approval came from the cabinet meeting held with Prime Minister Sheikh Hasina in the chair. The PM joined the meeting through a videoconference from her official residence Ganobhaban, while other cabinet members joined from Bangladesh Secretariat.

“Here (in the bill), the provision has been kept that a one-man company could be formed and its owner and shareholder would be a single entity (person) … A separate part with provisions over registration, operation and management of one-man company were incorporated in it,” said Cabinet Secretary Khandker Anwarul Islam at a press briefing after the meeting.

He said the government has got the proposal from different quarters for giving recognition to one-man companies to attract huge investment. “If so, huge investment will come,” he said. 

In case of winding up of a company, the repayment of debts of the company shall be given priority, according to the proposed law.  In the bill, the provision for an online registration system has been kept for companies, he said.

In the proposed law, the notice time for holding a board meeting was increased to 21-day period from the existing 14-day one, he said adding that foreign investors have been demanding to extend the notice time to 21 days.

”The provision of formation of one-man company and extending the notice time to 21 days would help Bangladesh climb up in the ease of doing business ranking and attract larger foreign investment,” said the Cabinet Secretary.

The Cabinet also cleared the draft of Bangladesh Travel Agency (Registration and Regulation) (Amendment) Bill, 2020 keeping provision of maximum six-month imprisonment or Tk 5 lakh fine or both in case of violation of any provision under the proposed law, said Khandker Anwarul Islam.

In the bill, a provision has been kept that a travel agency can renew its licenses within the six months even after the expiry of the stipulated time paying penalty, can open branch offices at home and abroad, and hand over its ownership, he said.

“In some cases, many travel agencies work as recruiting agencies. If so, the travel agencies would be fined. If any travel agency wants to deal with visa or recruitment. It would have to take separate licenses for these,” said the Cabinet Secretary. 

Besides, the cabinet decided to observe June 4 as the national tea day every year.

In the meeting, a proposal was endorsed declaring June 4 as the national tea day and include the day in the Kha Serial (list) of the gazette notification concerned, he said.

The Cabinet also okayed the draft of a proposed technical cooperation agreement to be signed between the Civil Aviation Authority of Bangladesh and Directorate General of Civil Aviation, France, said the Cabinet Secretary.