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Single member company comes under spotlight

Star Business Report
Leading businessmen have asked the government to incorporate the concept of a single member company in the new companies act to be formulated by next year.
They made the suggestion at a consultation on drafting a new companies act for Bangladesh at Ruposhi Bangla Hotel in Dhaka yesterday.
International Finance Corporation, which is helping the government draft the laws, has jointly organised the programme with the Federation of Bangladesh Chambers of Commerce and Industry.
“A single member company is present in many countries and time has come to incorporate it in Bangladesh,” said AK Azad, FBCCI president.
Beximco Group's Vice-chairman Salman F Rahman has also supported the idea and said single proprietorship must go.
The difference between a sole proprietor business and a single member company lies with the liability, which is unlimited for a sole proprietor and limited for a single member company on the basis of shareholding.
Barrister Tanjib-ul Alam made a presentation on the reform of the Companies Act 1994, referring to the latest situation in other countries.
He also proposed allowing a single member company in the new laws.
The Companies Act 1994 does not allow formation of a single member company though it is present in many countries including Pakistan.
Alam also made a series of recommendations including no object clause, codification of directors' duties, restriction on payments of dividends, appointment of alternate directors, minority protection and remedies, derivative action, electronic
communication and easing up registration of foreign companies.
Azad said companies laws are not up to the mark in Bangladesh and often cause troubles to the businesses.
He cited example that if a person fails to submit tax returns on time he may be imprisoned for six months. According to the existing laws, not having licence for possessing a radio or television set is also a crime, he added.
“We should review the whole thing (laws) and the situation in other countries including the neighbours,” said Azad.
Rahman of Beximco said many provisions in the present companies laws are obsolete and make businesses confused.
“The definition of stocks confuses everybody...this is very old,” he said, adding that there are a lot of such issues in the laws that confuse businessmen.
Masrur Reaz, programme manager of the IFC, also spoke.