The government has extended the validity of the Import Registration Certificate (IRC) and Export Registration Certificate (ERC) to five years from one year aiming to ease the business environment.
A circular issued by the Ministry Of Commerce to this effect on Wednesday mentioned that the decision was made at a commerce ministry meeting on 28 September this year.
According to the notification, any trader can take a licence for any period between one year and five years, and the registration/ renewal fees will be calculated proportionately.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruqe Hassan welcomed the decision and termed it "business-friendly".
This will reduce the time required for obtaining various documents needed for the export and import licences, he added.
He further explained, "We have to renew these licences every year, and it requires a lot of documents including those of banks which also need many verifications."
For obtaining these documents, businessmen have to go to various offices, he mentioned, adding that if the government takes the same decision for the rest of the licences and certificates, traffic congestion in the city will reduce.
The BGMEA President went on to say that they had long been demanding that tenure for different licences including trade licence, bond licence, and fire licence be increased at least five years.
In this way, businessmen will pay five years' registration fees at the same time, which will help the government obtain more revenue in advance.
Faruqe Hassan said it is also an eco-friendly decision as it will reduce the use of paper.