Single identity framework for businesses as it aims to reduce the time needed to start a company. The initiative would create a unique business ID, which would serve as a single digital identifier for businesses across government agencies. This would cut startup time from nearly a year to just 14 days.
Jointly led by the Ministry of Commerce and Invest Bangladesh, the proposed system would have entrepreneurs applying for licences, clearances and approvalsle standalone processes
Currently, businesses must obtain a range of documents and approvals after company registration. It’s a process that requires trade licences, Tax Identification Numbers (TINs), bank accounts and, depending on the sector, fire safety and environmental clearances.
Many of these approvals are also required before companies can obtain an Import Registration Certificate (IRC) and open letters of credit (LCs) to import machinery or raw materials. According to government officials and business representatives, the process can take between 180 and 355 days, despite company registration itself being relatively straightforward.
The proposed unique business ID would function as a persistent digital identity, allowing entrepreneurs to submit information once and share it across multiple government agencies, according to
<p>Invest Bangladesh member Nahian Rahman Rochi
