Monday, September 3, 2012

Company registration to be easier

Office of the Company Registrar has made company registration and e-filing of company documents easier to encourage possible investors.
Earlier, the business registration process had always been a combination of electronic and manual processes that required manual intervention at each process, making it lengthy and cumbersome.
Now, once the company name is selected, it can be further reserved for the time being within which the company registration application should be e-filed, explained Er Sansar Jung Dewan giving an overview of the Business Processing Reengineering of registration and administration processes, service design aspects, business continuity and information governance and security.
He gave a live demonstration on how a company can be registered online by checking the available company name.
For already registered companies, a user name needs to be created for post registration online services and all the relevant documents complying with the Company Act should be e-filed, he said, adding that on the successful completion of the process, a user will receive a notification. "Once the automated system comes into practice, electronic registry will be maintained, which will have e-documents of all the companies."
For those companies, which do not have internet connectivity, service centres will be set up to upload the relevant documents, he added.
The first session of the seminar on 'Online Company Registration and e-filing of Company Documents' in cooperation with International Finance Corporation (IFC) of World Bank Group, was chaired by secretary at the Ministry of Industry Uma Kanta Jha and acting registrar at the Office of the Company Registrar Toya Nath Adhikari.
Similarly, the second session was chaired by joint secretary at the Ministry of Industry Anil Kumar Thakur.
The system of online registration of a company has been developed after a year of IFC- supported study that highlighted how electronic work flow will raise process efficiency, reduce time and cost for the business community, and most importantly improve accountability and transparency.
The Office of the Company Registrar, on the recommendation of the study, automated the entire business registration process, providing relief to all potential and existing business community members, said assistant registrar Dinesh Sagar Bhusal.

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