Every entrepreneur has a dream of opening their own entity in the market. However, it requires the proper implementation of rules and regulations. You would also need important forms and templates to document your company activities.
RJSC is one governing body in Bangladesh that acts as an authority and regulatory figure. So, do you want to find the answer to what is RJSC and know its activities and importance?
This article will provide a brief understanding of RJSC and its importance in the business sector of Bangladesh.
What Is RJSC?
The full form of RJSC is Registrar of Joint Stock Companies and Firms. If you wish to formulate a company, the RJSC is solely authorized to do so. The RJSC is also authorized to resolve any issues related to company ownership.
The RJSC is run by the registrar, who is the head of the office of RJSC. It deals with several different types of companies in Bangladesh.
Initiating with private companies, the RJSC plays a crucial role in formulating public entities as well. RJSC also deals with foreign companies and trade firms. Finally, the authoritative figure has rights over societies and partnership firms as well.
Key Activities of RJSC
If you want to open up your own firm, you have to the registrar at the RJSC. Your entity must also fulfill the basic lawful requirements set by RJSC.
The primary function of RJSC is to ensure that companies administer according to the central law. In this regard, you can be familiar with three acts. These are the Companies Act, 1994 (Amendment of Companies Act 1913) for the Companies and Trade Organizations, Societies Registration Act, 1860 for any Societies entities, and the Partnership Act, 1932 regulated for Partnership Firms.
Moreover, several other major functions are carried out by RJSC. It is solely responsible for ensuring that the companies abide by their respective company law. RJSC ensures that any new and old firm is registered under the law.
Furthermore, RJSC administers company activities to follow the rules and regulations set by the relevant acts. In addition to this, they have the authority to rule out or file complain when companies act unlawfully under their nose.
In summary, RJSC provides a wide range of services. They are in charge of company registration, filing returns, company wind-ups and suck-ups, recording mortgage, and keeping everything up to date.
3 Significant Importance of RJSC
RJSC is a significant entity in the corporate world. It is one key governing body that can regulate the formulation and activities of any company. Here are 3 key significances of RJSC.
Registration of Ownership
First and foremost, if you want to open a new company or go into a new partnership, you must go to the RJSC. Having one authoritative figure is an extremely beneficial part of formulating and beginning a business in the Bangladesh market.
RJSC will ensure that you can begin your business with proper legal properties. It is always advantageous and efficient when there is one single place to go for these purposes. You can ensure that the beginning of an ownership or a partnership is abided by the country’s legal system.
Regulatory Authority
RJSC is also responsible for regulating the companies of the activities. The government of Bangladesh has been developing plans and strategies to boost the business sector of the country. RJSC is extremely crucial to the purpose.
It is beneficial to have a regulatory authority that can look upon all the businesses and their activities. If there are any unlawful activities, RJSC has the power to act on them as well. Therefore, the autonomy of RJSC is also important in maintaining a proper chain of regulation of the companies.
Implementing the Legal Acts
Finally, RJSC maintains proper implementation of the three mentioned acts.
The acts ensure that the companies are formed and partnered in accordance with the principles of the acts. Moreover, the legal acts are a way to maintain companies are following trade rules set by the government.
RJSC is a legal authority that acts to implement the acts for the businesses and their functions. The authoritative figure properly regulates that the law and regulations are implemented in and across the market.
Conclusion
It is crucial for entrepreneurs to know- what is RJSC and know its activities and importance. The Registrar of Joint Stock Companies and Firms is the sole authority for new businesses. If you wish to formulate a sole proprietorship or a joint entity, you need to reach out to RJSC. They handle numerous activities and regulate the business sector in Bangladesh.
