The amendment will approve an individual to establish a company all by himself
The government is going to make an amendment to the Company Act-1994, letting an individual to establish a company all by himself.
One Person Company" means a private company, of which an individual will be the sole shareholder, as per the definition.
The amendment also focuses on attracting both local and foreign investments through the creation of an investment-friendly environment.
The upcoming amendment to the Company Act will also emphasise on protecting the interest of the general creditors and common shareholders of a company.
To this end, the law ministry held a meeting with the stakeholders on Sunday.
The Legislative Research and Reform Project of Legislative and Parliamentary Affairs Division organised the meeting.
At the meeting, the formation of 'one Person Company' along with other issues concerning this type of company were discussed.
Law Minister Anisul Huq presided over the meeting.
Finance Minister AHM Mustafa Kamal, Prime Minister's Private Industry and Investment Adviser Salman F Rahman, President of the Parliamentary Standing Committee on commerce ministry and former commerce minister Tofail Ahmed, Senior Secretary to the finance division Md Asadul Islam, and representatives of different ministries, public and private financial institutions attended the meeting.
The next meeting concerning the amendment to the act will be held on October 27.
Earlier on November 26 of last year, a regular meeting of the cabinet with the Prime Minister Sheikh Hasina presiding over, approved, in principle, the draft of the "Company (Amendment) Act, 2018".
At the time, the cabinet secretary said, "We are lagging far behind in the ease of doing business. The act is being amended to make business easier."
In the 'ease of doing business ranking', Bangladesh currently stands at 177.
The government aims to reach the 100th position by next five years.