The official company registrar to simplify the formation of the companies in Bangladesh and to keep track of all issues related to ownership as prescribed by the laws of Bangladesh is The Registrar for Joint Stock Companies and Firms (RJSC).

Every company must follow the laws of registration under RJSC. The authority has upgraded every procedure from manual to online, saving a lot of time and pressure on the entrepreneurs’ end. This is where NetworkBD can be the platform to set off. 

Company registration is a complicated process to follow by oneself. Especially for newcomers, there is a lot to get messed up if not familiar enough. These procedures follow:

1. Name Clearance:

Name clearance is the prerequisite to registering a new entity. Prior to the application of registration, a business promoter has to apply for and must get the name clearance, which is valid for ninety days from the date of issue. A name clearance can be obtained using the government-provided website roc.gov.bd as the government has upgraded almost everything to digital. 

2. Drafting Documents:

After getting the name clearance, one must draft the Articles of Association and Memorandum of Association. Article of Association is the descriptive draft that specifies a company’s regulations of operation and purpose. On the other hand, a memorandum of association works as the boundary and limitation which will not be crossed by the company it’s mend for. It also helps the shareholders, and creditors to know their rights and powers.

3. Post Registration Compliance:

After registering a company in Bangladesh, there comes the last load that includes proceeding with some necessary documents like trade license, Tax Identification Number, VAT registration certificate, fire certificate, environmental clearance certificate, etc as necessary. 

Apart from the legalization of the business, registering a business also helps an owner protect the limited liabilities, grants legal recognition followed by rights about the company, eases up loan grants, lowers tax liabilities. Registering a business thus helps reach the expected height and empowers the owner with a stable reputation. There are many benefits of registering a company. They are:

1. You are legally liable for all parts of your business as a single trader or partnership, including debts and losses. Furthermore, you will be held personally accountable if you sell a defective product or make an error. Running a business in this manner might be risky since it puts your personal assets at risk.

2. You will likely pay less tax under a company form, depending on how much money your organization generates. In Australia, the current corporate and small business tax rate is lower than the highest personal tax rate. As a sole trader, you are taxed as an individual, and the profits from your firm are included in your personal income.

3. If you have a disagreement with one of your co-founders, having a company helps a lot. When you register your firm, the amount of shares you own determines how much power you have. The owners will be aware that their investment in the firm is not based on any verbal or written assurances made prior to registration. In the event of a disagreement, share allocation will establish who has the greatest decision-making authority.

4. Consider some of the most well-known brands in the world today: Google, Nike, and Facebook. These are all legitimate businesses. A corporate structure is required for a business to be as effective and broad as it may be.

RJSC works to observe and maintain all the procedures regarding company registration from name clearing to striking off the business in Bangladesh. In these processes, NetworkBD is the one-stop center that comes forward to help the seeking clients through this without much trouble to face. Though RJSC is a simple site to get into the process, and also doesn’t require any software or hardware installation to start, it is pretty simple for people to get registered online on their own. This provides instant approval of the suggested name for the business to emerge, and also, all the processes of incorporation are completed digitally. NetworkBD helps their clients in these and offers:

1. To process everything in a faster way
2. Information update is instant
3. It is an easy-to-use and intuitive website.
4. Assurance of data integrity and accuracy 

NetworkBD uses its online filing and information system and works as the medium between the entrepreneur and the government in Bangladesh company registration, which has an improved user interface. Also, with the emergence of the Bangladesh company registration website, one no longer needs to go through the long process of business formation. NetworkBD made the company registration process easier, and they offer to unburden their clients from all the hassles.