Business leaders and corporate governance experts have called for an immediate overhaul of the Companies Act 1994 to align the country’s corporate legal framework with contemporary business needs and international best practices.

The demand was made during a workshop hosted by the Dhaka Chamber of Commerce & Industry (DCCI) on Saturday.

Titled “Importance of Board Meeting, AGM, EGM and Compliance of Limited Companies,” the event brought together regulators, legal professionals, and corporate representatives to identify bottlenecks and recommend reforms to promote transparency, accountability, and ease of doing business.

Speaking as the chief guest, AKM Nurunnabi Kabir, Registrar (Additional Secretary) of the Joint Stock Companies and Firms (RJSC), noted that more than 275,000 business entities are currently registered with the RJSC.

He said most company registration services have been digitised, with the share transfer system remaining as the last manual component—soon to be digitalized following security evaluations.

Mr Kabir emphasised strict compliance with existing rules. He urged companies to invest in the education and training of their staff regarding the Companies Act, Articles of Association, and relevant regulations to avoid operational lapses.

DCCI President Taskeen Ahmed, in his opening address, pointed to widespread confusion among entrepreneurs about compliance obligations. He said such gaps often lead to procedural missteps that could impact governance and business sustainability.

Keynote speakers Mohammed Sanaullah and Md. Selim Reza, FCA, reiterated the need for all companies, public, private, or sole proprietorship, to ensure full legal compliance, regardless of structure or scale.