Cabinet okays draft law on formation of one-person company

The cabinet on Monday gave the final approval to a draft law with a provision allowing formation of a company by one entrepreneur to attract more investments and improve the country’s position as regards ease of doing business.

The commerce ministry placed the draft Companies (2nd Amendment) Bill 2020 before a virtual cabinet meeting chaired by prime minister Sheikh Hasina from her Ganabhaban residence while the ministers and secretaries concerned  joined it from the secretariat.

‘We have no such provision of forming a one-person company in which one could be the owner and sole shareholder. The cabinet today has given the final approval to the draft Companies (2nd Amendment), Bill 2020 with a provision of forming a company by one entrepreneur that would bring more investments,’ cabinet secretary Khandker Anwarul Islam told at a press briefing after the meeting.

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