Summary: 

The government plans to put third parties under the Registrar of Joint Stock Companies and Firms (RJSC) Monitoring third-party participation in the registration process will help to prevent excessive fees from being charged and lower the cost of doing business, officials say. Officials stated the MoC recently abandoned its plan to adjust the Office of Chief Controller of Imports and Exports’ taxes and fees. Bangladesh’s Ministry of Commerce (MoC) has decided to grant the Bangladesh Chamber of Commerce and Industry (CCI&E) a trade license. The office currently levies fees for only six services that are outlined in the 2012-15 import policy.

Content:

To check for anomalies in the process of registering corporations, the government plans to put third parties or intermediaries under the Registrar of Joint Stock Companies and Firms (RJSC).

According to reports, third parties will be involved under a licensing framework that will hold them accountable. A group is currently working on the strategy, according to Md Hafizur Rahman, assistant secretary and director-general of the Ministry of Commerce’s WTO Cell (MoC).

According to a study conducted by the Business Initiative Leading Development (BUILD), the RJSC registration process necessitates 89 percent third-party involvement, increasing the cost by up to 49.22%.

Intermediaries, brokers, and consultants are commonly used in business processes all throughout the world, although they are not recognized everywhere. Mr. Rahman stated that monitoring third-party participation in the registration process will help to prevent excessive fees from being charged and lower the cost of doing business.

Officials stated the MoC recently abandoned its plan to adjust the Office of Chief Controller of Imports and Exports (CCI&E) taxes and fees in the wake of the global economic downturn caused by the Russia-Ukraine conflict. Export and import costs would rise as a result of the potential increase in shipping expenses caused by the upheaval in the petroleum exporting countries.

The MoC agreed to explore the prospect of imposing new fees and charges on the CCI&E’s services at a meeting on January 17 of this year. To make doing business easier, the meeting also voted to look into adopting the RJSC’s registration certificate instead of a trading license.

The CCI&E would investigate the possibilities and inform the MoC of its findings. Representatives from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Dhaka Chambers of Commerce and Industry recommended the decision (DCCI).

FBCCI senior vice-president Mostofa Azad Chowdhury Babu told the FE that the RJSC registration can assure company responsibility and compliance better than a trade license. It has decided to form a three-member committee to consider fee adjustments and improve the office’s service delivery.

The committee has yet to submit its report, according to Mr. Rahman. He also stated that allegations against the CCI&E have decreased significantly, and the office has begun to provide online services.

He stated that the MoC intends to recognize RJSC’s third-party registration issuer by granting them a license. Recently, the CCI&E offers exporters and importers 60 different services. Some 50 services have already been digitized, while others are being done in accordance with e-Nothi.

Currently, the CCI&E levies fees for only six services that are outlined in the 2012-15 import policy. There are 54 sorts of services that are free of all fees and levies. Other services provided by the CCI&E, such as import or export permits, prior approval letters of import, import-cum-export permits, clearing permits, and so on, do not need payment of any fees.

Changes to registration certificates such as bank, name, sector, ownership, position, an extension of shipping, or letter of credit (L/C) settlement time, according to CCI&E controller Md Masudul Mannan, may not be altered currently since it would conflict with the export policy 2021-25.

Rather, he continued, the committee’s recommendations will improve service delivery even more. To make its license an alternative for a trade license, he said the CCI&E would have to be linked with the RJSC. However, he warned, such integration would necessitate upgrading the RJSC program, as well as the CCI&E software. To deliver online services, the CCI&E uses an online licensing module (OLM).

Pic Source: BrainKart

Article Source: Financial Express