The Registrar of Joint Stock Companies and Firms (RJSC), Bangladesh: Statutory Compliance, Governance, and Modernization Status Report

I. Executive Summary: Strategic Overview of RJSC and Corporate Governance in Bangladesh

The Registrar of Joint Stock Companies and Firms (RJSC) operates as the singular governmental authority responsible for the formation, registration, and continual regulation of all corporate, non-profit, and partnership entities within Bangladesh.¹ Its oversight, primarily derived from the foundational Companies Act 1994, along with the Societies Registration Act 1860 and the Partnership Act 1932, establishes the regulatory framework defining legal status and corporate governance requirements for businesses operating in the jurisdiction.

For international investors and legal counsel, successfully navigating the Bangladeshi corporate environment hinges on meticulous adherence to strict regulatory sequencing and time-sensitive compliance obligations. A critical precursor to final incorporation, particularly for foreign equity, is the demonstration of inward capital remittance.³ Furthermore, the operational compliance calendar is rigidly anchored to the Annual General Meeting (AGM) date, triggering mandatory filing windows, such as the 21-day period for Schedule X (Annual Summary of Share Capital) and the 30-day window for submitting audited financial statements.² Non-compliance within these short windows invites late filing fees and potential judicial action, including winding-up proceedings.⁵

While the RJSC successfully underwent significant reform in the late 2000s, drastically reducing registration time from 57 days to as few as three days ⁷, the system has reached an “automation plateau”.⁸ The current operational environment is characterized by a reliance on legacy software, which necessitates substantial manual intervention.⁸ This inefficiency often compels promoters to utilize professional intermediaries, thereby significantly inflating the effective cost and time commitment associated with regulatory compliance, even though the official government fees remain relatively low.⁹ Therefore, immediate attention to pre-registration equity remittance compliance and proactive internal tracking of statutory return deadlines (e.g., Schedule X, Form 23B) are paramount for mitigating critical operational and legal risks.

II. Regulatory Foundation and Jurisdiction of the RJSC

II.A. Historical Context and Operational Mandate

The RJSC was formally established shortly following the partition of India in 1947, operating initially under the jurisdiction of the Ministry of Commerce. The original office was situated in Chittagong, which served as the capital of East Pakistan at the time. To better facilitate the requirements of the expanding business community, the RJSC office was subsequently relocated to Dhaka in 1962.¹

The organizational structure is hierarchical, headed by a Registrar. Support is provided by a Deputy Registrar based in Dhaka and Assistant Registrars serving in regional offices located in Chittagong, Khulna, and Rajshahi.¹ The government recognizes the need to accommodate the growing volume of entities under its purview; thus, plans are currently in place to expand operations to additional divisional offices, specifically in Sylhet, Barisal, Bogra, and Comilla.¹ The overarching mandate of the RJSC is to serve as the exclusive government authority for facilitating the inception, registration, and sustained regulation of all private and public limited companies, foreign company branches, trade organizations, societies, and partnership firms, simultaneously maintaining official records of ownership and compliance status as legally required.¹ As of 2024, the RJSC oversees a substantial register of approximately 290,000 entities, encompassing public companies, private companies, one-person companies, and partnership firms.¹

II.B. Core Legislative Frameworks Administered by RJSC

The RJSC ensures lawful administration and accords registration to entities under a mixed legislative portfolio, reflecting both contemporary and historical statutes ¹:

1. Companies Act, 1994: This is the primary law governing the incorporation, operation, capital structure, annual compliance requirements, and eventual dissolution of corporate bodies, including private limited, public limited, and foreign companies.
2. Societies Registration Act, 1860: This statute dictates the procedures for the formation, registration, and ongoing administration of non-profit societies and other charitable or literary organizations.
3. Partnership Act, 1932: This legislation governs the definition, structure, and registration of partnership firms, establishing the mutual rights and liabilities of partners.²

The administration of these three distinct legislative frameworks—dating from 1860, 1932, and 1994—by a single regulatory body introduces a layer of operational complexity. The disparity between the regulatory processes required by the older Acts and the fully digital workflows intended for the Companies Act necessitates that the RJSC maintain complex, hybrid regulatory pathways. This requirement for procedural flexibility is a contributing factor to the persistence of manual intervention within the registration and filing ecosystem.⁸

A salient point regarding the Partnership Act, 1932, is its explicit reliance on general contract law. Section 3 of the Act stipulates that the unrepealed provisions of the Contract Act, 1872, continue to apply to firms, save where they are inconsistent with the express provisions of the Partnership Act.¹⁰ Consequently, any review of partnership agreements and the determination of rights and liabilities must incorporate a foundational understanding of the Contract Act, 1872. This interdependence ensures that partnership disputes and definitions are governed not only by the specialized Act but also by broader contractual principles.¹¹

Table 1: RJSC Jurisdictional Scope and Governing Legislation

Entity Type

Private & Public Limited Companies

Foreign Company Branches/Liaison Offices

Trade Organizations

Societies

Partnership Firms

III. Corporate Entity Classification and Registration Procedures

III.A. Mandatory Pre-Registration: Name Clearance

Securing a Name Clearance Certificate is a mandatory preparatory step for registering any new company, society, or trade organization, although it is typically not required for foreign companies or partnership firms.¹⁴ The process is initiated via an online application submitted through the official RJSC website.¹⁴ The RJSC examines its database to ensure the proposed name does not closely match any existing registered entity. If approved, the certificate is issued and is valid for 180 days.¹⁴ This timeline requires that the applicant complete the registration process within this period. If more time is required, the clearance can be extended, often with a fee (e.g., BDT 200 for a 30-day extension).¹⁵ The associated fees for name clearance are minimal, frequently cited in the range of BDT 230 to BDT 500.⁹

III.B. Sequencing of Private Limited Company Incorporation

The incorporation of a private limited company follows a structured, multi-step process, with particular requirements for entities involving foreign shareholders:

1. Name Approval: The first procedure is to obtain the Name Clearance Certificate as a prerequisite.³
2. Document Preparation: Key foundational documents, specifically the Memorandum of Association (MoA) and Articles of Association (AoA), must be drafted.³
3. Banking and Equity Compliance: This step is crucial for foreign investment. Before submitting the final application, a non-operating bank account must be opened with a scheduled commercial bank in Bangladesh. This account is essential for complying with Bangladesh Foreign Exchange Regulations regarding the necessary inward equity remittance.³ The promoters must then remit the paid-up capital and obtain a Bank Encashment Certificate as verifiable proof of the capital contribution.¹⁵
4. Online Filing and Submission: The application, incorporating the MoA, AoA, prescribed forms, and the bank encashment certificate, is submitted electronically via the RJSC web-portal, along with payment of the statutory registration fees at a designated bank.³
5. Verification and Certificate Issuance: Following scrutiny of the documents, if the RJSC is satisfied with the submission, the Certificate of Incorporation is formally issued.¹⁴

The procedural order, which mandates capital commitment via inward equity remittance prior to final regulatory approval ³, significantly impacts the risk profile for foreign investors. This sequencing ensures that the committed capital is physically transferred to Bangladesh before the company’s legal status is finalized. This structure, which contributed substantially to the historical reduction in business registration time ⁷, shifts the initial financial commitment burden directly onto the investor and requires expert navigation of foreign exchange regulations alongside RJSC compliance.

III.C. Registration Nuances for Specialized Entities

Trade Organizations: The process for establishing a trade organization is characterized by inter-agency dependency and regulatory complexity.¹³ Promoters must first obtain name clearance, not only from the RJSC database but also from the Director General of Trade Organizations (DGTO). Public notices regarding the organization’s formation must be published in national and sometimes regional newspapers. Furthermore, securing an opinion from the relevant chamber or federation is required.¹³ The organization is subsequently registered with the RJSC as a limited liability company under the Companies Act, 1994, but with the explicit exclusion of the word “Limited” from its name.¹³

Societies and Partnership Firms: These entities are registered under their distinct foundational acts, the Societies Registration Act, 1860, and the Partnership Act, 1932, respectively.² They require the submission of specific forms (e.g., Partnership Form I) and adherence to their own registration fee schedules.¹² The requirement for Trade Organizations to secure DGTO licensing prior to corporate registration with the RJSC underscores a regulatory concern with market integrity, ensuring that specialized business entities meet sectoral licensing standards before achieving corporate recognition.

IV. Statutory Compliance and Returns Filing Obligations

The RJSC mandates that registered entities submit documents pertinent to management and operation, known as Returns Filing, which are broadly categorized into Annual Returns and Returns for Change.⁶

IV.A. Mandatory Annual Returns Filing (Companies Act, 1994)

The annual compliance schedule for companies is strictly linked to the date of the Annual General Meeting (AGM).²

Table 2: Mandatory Annual Filings and Deadlines (Companies Act, 1994)

Filing Requirement

Annual Summary of Share Capital & Members List

Balance Sheet

Profit & Loss Account

Auditor Appointment Notification

Schedule X Compliance: This is the most time-sensitive statutory filing, requiring submission within 21 days of the AGM.⁴ This schedule includes the annual summary of share capital and the updated list of shareholders and directors.² The document must be signed by at least two directors, including the managing director, if applicable.⁴

Financial Statement Filing: The Balance Sheet and the Profit & Loss Account are required to be filed within 30 days of the AGM.² This requirement enforces synchronization between the corporation’s statutory meeting cycle and its public financial reporting. Additionally, the Auditor’s Notice (Form 23B) must be filed within 30 days of the company providing appointment information to the auditor.²

The reliance on the AGM date as the compliance anchor creates a significant point of regulatory risk. A delay in holding the AGM or a failure to finalize audited accounts on time automatically results in multiple critical returns becoming non-compliant simultaneously. This interconnectedness magnifies the failure risk, potentially leading to cumulative penalties and the risk of winding-up proceedings under the provisions of the Companies Act.⁵

IV.B. Returns for Changes and Trigger-Based Filing

In addition to annual returns, entities must file specific returns for any structural or managerial change, often under very short deadlines ⁶:

• Change in Registered Office: Filing of Form VI must occur within 28 days of establishing or changing the registered office.²
• Increase in Capital: Any increase in share capital or membership must be reported via Form IV within 15 days of the event.²
• Director Particulars: Changes in directors, managers, or managing agents must be reported using Form XII within 14 days of the change.² Additionally, Form IX (Consent of Director to act) must be filed within 30 days of the appointment.²
• Special Resolutions: Special or Extraordinary Resolutions, including those governing name change or conversion into a public company, must be filed via Form VIII within 15 days of passing the resolution.⁶

These stringent, short deadlines for reporting changes in capital structure and management reflect the RJSC’s commitment to maintaining a current and accurate public register. This regulatory focus on rapid disclosure of structural changes is vital for enhancing corporate governance and providing reliable data to third parties, such as creditors or potential investors, who rely on the registry for due diligence.

IV.C. Compliance for Societies and Trade Organizations

Societies (1860 Act): Compliance requires the filing of the Annual List of Managing Body. Specific returns, such as Form-II, are used to notify the RJSC of alterations to the society’s name or address.¹²

Trade Organizations: These entities are required to file corporate returns applicable to limited companies, such as Form IX and Form XII, but must also submit financial accountability documents, specifically the Balance Sheet and the Income and Expenditure Account.²

V. Financial Framework: Fees, Charges, and Costs

The cost structure for corporate compliance under the RJSC is multi-layered, comprising stamp duty, filing fees, and progressive capital-based charges.

V.A. Components of Incorporation Costs

Stamp Duty: This is a substantial component of the initial registration cost, applied primarily to the MoA and AoA. The rate is directly determined by the company’s authorized capital.⁹ For companies with capital up to BDT 1,000,000, the stamp duty is approximately BDT 18,000.⁹

Filing Fees: These statutory charges are proportional to the amount of authorized capital. For example, BDT 1,000,000 of authorized capital might incur filing fees between BDT 1,000 and BDT 1,500, while BDT 5,000,000 in capital could push fees above BDT 10,000.⁹

An analysis of registration costs for a small company with BDT 1,000,000 authorized capital reveals an official RJSC fee total of approximately BDT 4,730 (including Name Clearance Fee of BDT 230, Stamp Duty of BDT 2,000, Filing Fee of BDT 1,500, and Incorporation Certificate Fee of BDT 1,000). However, the engagement of professional consultancy services often adds a variable cost between BDT 10,000 and BDT 20,000, resulting in a total practical startup cost ranging from BDT 20,000 to BDT 30,000 when post-registration costs like Trade License and VAT registration are included.⁹ The discrepancy between the official fees and the market cost of compliance underscores the systemic friction and complexity that professional intermediaries help resolve.

V.B. Detailed Schedule of Registration Fees

The fees for MoA and AoA are progressive based on the capital structure ¹⁶:

Table 3: Articles of Association (AoA) Filing Fee (Companies Act, 1994)

For Authorized Capital (BDT)	Private Company Fee (BDT)	Public Company Fee (BDT)
Up to 20,00,000.00	3,000.00	4,000.00
> 20,00,000.00 up to 6,00,00,000.00	8,000.00	8,000.00
> 6,00,00,000.00	20,000.00	20,000.00

Furthermore, the fixed registration filing fees cover the mandatory documents: BDT 2,400.00 for a Private Company (six documents at BDT 400.00 per document) and BDT 3,200.00 to BDT 3,600.00 for a Public Company (eight or nine documents).¹⁶ The progressive increase in Stamp Duty and Filing Fees based on authorized capital effectively constitutes a regulatory mechanism that taxes larger economic undertakings more heavily, thereby generating revenue proportional to the scale of the company.

V.C. Non-Company Registration and Annual Filing Fees

Registration for Societies and Partnership Firms is set at a fixed registration fee of BDT 1,000.00 plus a registration filing fee of BDT 400.00.¹⁶

Annual Return Filing Fees for Trade Organizations and Societies are determined by the entity’s membership count ¹⁶:

Table 4: Annual Return Filing Fees Based on Membership Count (Trade Organizations/Societies)

Member Count	Trade Organization Fee (BDT)	Other Entity Fee (BDT)
For up to 20	1,000.00	600.00
For >20 up to 100	2,500.00	1,500.00
For every 100 or part above the first 100 (limited)	300.00	150.00
For unlimited members	7,500.00	4,500.00

Note: The fee schedules presented in official government communications may vary slightly.¹⁶ Prudent planning dictates using the higher fee structures when budgeting for compliance costs.

VI. Transparency and Access to Corporate Records

The RJSC functions as the central custodian of corporate records, facilitating public transparency while enforcing specific restrictions on commercially sensitive data.¹⁸

VI.A. Public Search Mechanism and Certified Copies

The procedure for obtaining certified copies of corporate documents is facilitated online via the RJSC website.¹⁸ The RJSC maintains records for all registered entities, and, upon application and payment of the requisite fee, certified copies of most statutory records are issued.¹⁸

For a Private Company governed by the Companies Act, 1994, publicly available documents for which certified copies are issued include the Memorandum of Association, Articles of Association, the Certificate of Incorporation, Declaration on Registration, the List of First Directors, the Annual Summary of Share Capital and list of shareholders/directors (Schedule X), and the Balance Sheet.¹⁸ Other time-sensitive documents, such as notices of changes in share capital (Form III, Form IV), changes to the registered office (Form VI), and various resolutions, are also publicly accessible.¹⁸

A progressive step toward modern governance is the use of digital certification for specific filings. The explicit BDT 0.00 fee for the issuance of a digital certificate for certain documents ¹⁶ indicates an institutional drive to promote and integrate secure digital documentation, thereby enhancing the reliability of public corporate searches and reducing opportunities for procedural corruption.

VI.B. Restriction of Commercial Confidentiality

The key restriction on public disclosure concerns the financial performance of the company. The Profit & Loss Account (P&L Account) of a company is not openly available to the general public.¹⁸ Access to this document is limited exclusively to authorized personnel of the respective company, who must apply for it.¹⁸

This limitation on P&L Account disclosure critically affects the scope of public due diligence, particularly for international mergers, acquisitions, or significant lending decisions. While public access to the Balance Sheet provides a clear snapshot of the company’s financial position (assets and liabilities), the inability to access the P&L Account prevents external analysts from verifying profitability, assessing operational efficiency, and scrutinizing revenue streams based on public records. Consequently, third-party reliance must shift entirely to internal company documentation and specialized audits, which increases counterparty risk and demands enhanced contractual safeguards.

VII. Modernization, Challenges, and Future Regulatory Outlook

VII.A. History of Automation and Initial Success

The RJSC has a documented history of successful, international-backed modernization. The World Bank Group, through its arm the International Finance Corporation (IFC) and the Bangladesh Investment Climate Fund (BICF), collaborated with the Ministry of Commerce to simplify and automate the business registration environment.¹⁹ This ambitious project, aligned with the government’s “Digital Bangladesh by 2021” initiative, resulted in profound improvements in service quality and efficiency.¹⁹

The reforms led to a substantial reduction in the time required for business registration, falling dramatically from 57 days in 2008 to only three days in 2010.⁷ Key milestones of this automation included the introduction of online name clearance in February 2009, expansion to include online business registration in March 2009, and automated processes for filing returns in 2010.¹⁹

VII.B. Current State and Challenges in Service Delivery

Despite the initial breakthrough, the RJSC currently operates with “partial automation with so much manual intervention”.⁸ The system utilizes core software prepared and handed over by the IFC/World Bank in 2006, which the RJSC began actively using in 2009.⁸ The reliance on technology that is nearly two decades old poses significant operational and security risks, including system capacity constraints and limited capability for integration with modern digital infrastructure.

This technical stagnation, or automation plateau, contributes directly to persistent inefficiencies. Reports indicate that the complexity and intermittent manual requirements associated with certain processes have sustained the role of professional intermediaries, or “middlemen,” in company registration corridors.⁸ This reality confirms that the successful automation of the base process has not eliminated friction across the entire lifecycle of corporate compliance, particularly in areas requiring extensive document verification or complex statutory filings.

VII.C. Proposed Legislative Reforms (Companies Act 1994 Amendment)

Stakeholders recognize that ongoing technological efforts must be coupled with comprehensive legislative reform to address structural governance deficiencies.²⁰ Key proposals for amending the Companies Act, 1994, aim to elevate corporate compliance standards:

• Mandatory Company Secretary: A proposal suggests making the appointment of a Company Secretary mandatory for companies exceeding a specific capital threshold, such as Tk 50 million.²⁰ This would professionalize the internal compliance function, ensuring better adherence to regulatory timelines.
• Introduction of Secretarial Audit: Advocates suggest implementing a secretarial audit to formally review and confirm the company’s compliance with regulatory directives and corporate governance standards.²⁰
• Establishment of a Company Law Tribunal: A significant structural proposal calls for the establishment of a specialized Company Law Tribunal, potentially comprising four members.²⁰ This tribunal would centralize expertise to rapidly address complex, specialized corporate disputes, including amendments to the Memorandum of Association (Section 15), alterations to the Articles of Association (Section 16), and rectifications of the register of members (Section 43).²¹ Currently, such matters often require time-consuming intervention by the High Court (Section 81(3)).²¹ Establishing a specialized body would significantly reduce judicial backlog and provide faster legal certainty, which is essential for attracting and retaining international investment.
• Efficiency Mandate: Overall, the reform efforts are geared toward making regular filing procedures “easy, efficient and cost-effective”.²⁰

VIII. Conclusion and Strategic Recommendations

The Registrar of Joint Stock Companies and Firms (RJSC) is a pivotal regulatory entity in Bangladesh, having successfully digitalized initial business entry, but now facing the challenge of evolving beyond legacy infrastructure to support complex, long-term corporate governance. Navigating this environment requires expert regulatory planning that anticipates the requirements of both the automated systems and the manual interventions that persist.

VIII.A. Summary of Key Takeaways

The corporate compliance ecosystem is defined by three critical realities: (1) The RJSC achieved a dramatic reduction in incorporation time, from 57 days to 3 days, proving its modernization capability.⁷ (2) Statutory compliance remains rigidly focused on the AGM date, with zero tolerance for delays in filing Schedule X (21 days) and financials (30 days).² (3) The true effective cost of entry is inflated by necessary professional fees, highlighting the lingering complexity of the partially automated system.⁸

VIII.B. Strategic Recommendations for International Investors

1. Strict Adherence to Foreign Exchange Compliance: For foreign entities, treat the process of opening a non-operating bank account and demonstrating inward equity remittance as the critical path item. This financial compliance requirement must be satisfied before final RJSC submission can proceed effectively.³
2. Mandatory Internal Compliance Calendaring: Implement a robust internal governance calendar that tracks all annual filing deadlines (Schedule X, Balance Sheet, Form 23B) using the AGM date as the absolute regulatory trigger. Failure to comply with these short deadlines results in cumulative late fees and exposes the entity to potential regulatory enforcement.²
3. Enhanced Due Diligence Protocols: Due to the explicit restriction on public access to the Profit & Loss Account ¹⁸, investment and lending strategies must mandate enhanced contractual provisions ensuring full access to internal financial statements and require independent third-party audit verification to adequately assess commercial performance.
4. Support for Legal Specialization: Recognize that the proposed establishment of a Company Law Tribunal is a necessary structural reform. Its successful implementation would significantly increase legal certainty and efficiency in resolving complex corporate structural issues, benefiting all international stakeholders by streamlining judicial review.²⁰

IX. Appendix: Key Statutory Forms and Purpose

The following table details key statutory forms and schedules mandated by the RJSC for entity registration and ongoing compliance under the Companies Act, 1994, Societies Registration Act, 1860, and Partnership Act, 1932.¹²

Table 5: Key Statutory Forms and Purpose (Registration and Returns)

Form/Schedule ID	Entity Type	Primary Purpose
Form I	Partnership Firm	Registration Application 12
Form III	Company	Notice of consolidation, division, subdivision, or conversion into stock of shares 2
Form IV	Company	Notice of increase in share capital/member 2
Form VI	Company	Notice of situation of Registered Office and change therein 2
Form VII	Public Company	Statutory report (pre-AGM) 2
Form VIII	Company	Special Resolution/Extraordinary Resolution filing 6
Form IX	Public Company/Trade Organization	Consent of Director to act 2
Form XII	Company/Trade Organization	Particulars of Directors/Managers and any change therein 2
Form 23B	Company	Notice by Auditor of appointment 2
Schedule X	Company	Annual summary of share capital and list of shareholders, Directors 2
Balance sheet	Company/Trade Organization	Annual Financial Statement Submission 2
Profit & Loss Account	Company	Annual Financial Statement Submission (Restricted Access) 2
Society registration form	Society	Registration Application 12
Annual List of Managing Body	Society	Annual compliance requirement 12

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