The Ministry of Economic Affairs (MoEA) launched the single window corporate registry system today. The system allows applicants to register a company online.
The system will ease the registration procedure and reduce turnaround time and costs involved in starting a company. It will also enhance service delivery for existing companies. For instance, seeking approvals for change in company’s records and information can be done online.
Karma Yeshey, the Registrar of Companies, said that the online system basically brings together all business procedures like approval of name, registration of company, verifying citizen status of an applicant, police clearance status on a single platform so that all documents can be verified for government approval using the single system.
The online system is part of the government’s commitment to improve the ease of doing business procedures in the country.
Speaking at the launch, the Minister of MoEA, Loknath Sharma, said that Bhutan’s ranking in ease of doing business has not been good for the last two years. He said Bhutan’s ranking is at 89 and the target is to bring it down to 65 or 70.
The new system is an upgraded version of the electronic online registry system for companies introduced in 2019 with support from the World Bank.
Also during the launch, the MoEA announced the implementation of two reforms: electronic registry reform and reform for protecting minority investors under the Companies Act of Bhutan 2016.
“These reforms are for public companies with hundreds and thousands of shareholders and to ensure that there is no oppression or mistreatment by the management, by the majority shareholders or major owners of a company against the minor shareholders,” said Karma Yeshey.
Phub Gyem
