The Financial Express

Govt to allow single-person company

FE Online Report | Published: September 08, 2019 19:08:54 | Updated: September 09, 2019 10:55:42

Govt to allow single-person company

The government is set to amend the Companies Act-1994 to allow formation of a company by single person.

A new section, ‘One-Person Company’, will be incorporated with the existing law in this regard, according to a press statement issued on Sunday by Ministry of Law, Justice & Parliamentary Affairs.

To this effect, a consultation meeting with stakeholders was held at the Ministry of Law, Justice and Parliamentary Affairs on Sunday.

The meeting was organised by the Legislative Research and Reform Project and the law will be implemented by the Legislative and Parliamentary Affairs Department.

The objective of the proposed amendments is to improve the situation related to ease of doing business and attract local and foreign investors.

Law Minister Anisul Huq chaired the function while Finance Minister AHM Mustafa Kamal, Prime Minister Sheikh Hasina's adviser on private industry and investment Salman F Rahman,  President of the Parliamentary Standing Committee on the Ministry of Commerce and former Commerce Minister Tofail Ahmed, among others, were present on the occasion.

The next meeting is scheduled to be held on October 27.





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