Written by The Banking Post
The government is planning a major overhaul of business registration and licensing procedures, aiming to reduce the time required to start a business from nearly a year to just 14 days.
Commerce Minister Khandakar Abdul Muktadir said on Monday that the initiative is part of a broader effort to create a more business-friendly environment by eliminating unnecessary bureaucracy and procedural delays.
“The government wants entrepreneurs to complete all required formalities within two weeks and, ideally, open a letter of credit (LC) for machinery imports on the 15th day,” he said while addressing a programme on investment, trade and decent work in Dhaka.
The minister said a dedicated committee has already been formed to identify bottlenecks, remove overlapping procedures and streamline registration and licensing processes. A formal announcement detailing the reforms is expected in July.
Highlighting Bangladesh’s upcoming graduation from Least Developed Country (LDC) status, Muktadir said the transition period should be used as an opportunity to strengthen institutional capacity, improve competitiveness and diversify the country’s production base rather than simply viewing it as an extension of time.
Referring to the proposed national budget, he said the government’s economic strategy is built around creating a democratic, humane and inclusive economy. Simplifying business procedures, easing licensing requirements and expanding market diversification remain among its key priorities.
The minister also stressed the growing importance of sustainability and responsible business practices in global trade. He noted that international buyers and investors increasingly assess countries based on environmental standards, labour rights, human rights and climate resilience.
“In this changing global landscape, countries that can align economic growth with social responsibility and sustainable development will be best positioned to succeed,” he said.
To support that goal, the Ministry of Commerce has recently established a Responsible Business Conduct (RBC) Cell, which is expected to strengthen coordination among government agencies, regulators, business groups, labour representatives and development partners.
