Published: 10:54 AM, 09 September 2026
Govt seeks business input to modernise company law
Commerce and Industries Minister Khandakar Abdul Muktadir on Monday said the government wants to modernise the country's company law in line with the needs of the present time.
"We have sought clear opinions and recommendations from private-sector entrepreneurs and business leaders to make the existing company law modern and business-friendly," he said.
The minister was addressing a consultation meeting on the proposed amendments to the Companies Act, 1994, held at the FBCCI office in Motijheel as the chief guest.
He urged business leaders to take 30 to 60 days, if necessary, to thoroughly review the draft law and provide their recommendations.
Muktadir said updating the Companies Act, 1994, in line with contemporary needs has become essential.
The proposed draft has been prepared drawing lessons from successful models and experiences of developed and efficient economies, including Singapore, he said.
"There is no need to be impatient in conducting economic activities and making decisions. The business community will be the main beneficiary of the new law," he continued.
The government only frames regulations, while the private sector drives the core economic activities, he added.
The minister described the private sector as the main driving force of the country's economy and stressed the importance of formulating effective and timely laws for businesses.
He said the government would give due importance to the views of businesspeople in amending the company law.
"The country's economy is passing through a period of transition. We have to move forward patiently with proper planning. The government and the private sector must work together to build a strong economic foundation for the future," he said.
Addressing the business community, Muktadir said the private sector would ultimately implement the company law in practice.
"Therefore, the law should be amended in such a way that entrepreneurs can conduct their businesses easily, normally and comfortably," he said.
The minister said the government has set several policy targets and parameters to address the challenges Bangladesh will face during the three years following its graduation from the Least Developed Country (LDC) category.
"Amending the company law is an important part of this process," he added. FBCCI Administrator Fazlul Haque chaired the meeting while former MCCI President Barrister Nihad Kabir presented the keynote paper.
International Chamber of Commerce, Bangladesh (ICC Bangladesh) President and former FBCCI President Mahbubur Rahman welcomed the government's consultation with the private sector before finalising the proposed amendments.
He said policies had previously been adopted without adequate consultation with businesses.
"Consultation with the private sector should be institutional, not individual," he said, urging the government to engage business organisations regularly in the policymaking process.
Mahbubur said there should be a structured platform through which businesses could raise their concerns and discuss possible solutions with policymakers and relevant authorities.
He highlighted several concerns relating to corporate compliance and company law, including requirements for board meetings, directors' signatures, audit reports and tax returns.
He also pointed out that the term "officer" is defined in several sector-specific laws, including those governing the securities market, banking, insurance and taxation, and called for examining whether the Companies Act provides a clear definition.
The discussion also covered the roles and legal requirements of company secretaries and board secretaries, with participants calling for greater clarity under existing corporate laws.
Mahbubur stressed that consultation with businesses should not depend on individual invitations from government authorities.
"It should be institutional. The institution should be there, and consultation should take place more often so that the government has greater knowledge of the problems and practices of the private sector," he said.
BGMEA President Mahmud Hasan Khan, BKMEA President Mohammad Hatem, DCCI President Taskeen Ahmed, BTMA President Shaukat Aziz Russell and Bangladesh Chamber of Industries (BCI) President Anwar-ul Alam Chowdhury Parvez, among others, attended the meeting.
Business leaders and representatives from different industrial sectors were also present.
