To establish a business registration system and to provide a legal status to all enterprises not covered under the Companies Act 2000, the Enterprise Registration Bill 2014 was presented in the National Assembly, today.
The Economic Affairs Minister, Norbu Wangchuk said, the bill will give legal status to 98 percent of the business entities in the country. He added that at present only two percent of 42,000 business entities are registered under the Companies Act 2000.
Some of the parliamentarians were not in favor of a separate Enterprise Registration Bill. They said since the Companies Bill will also be introduced this session, the two bills should be merged together as Companies and Enterprise Registration Bill.
Lyonpo said that the economic affairs ministry saw no possibility to do that.
The bill was drafted with technical assistance from the Asian Development Bank in 2012. The house directed Economic Development and Private Sector Committee to review the Bill which will be discussed in this session.
