Non-Resident Nepalese Association (NRNA) has registered NRN Investment Ltd to promote investment in Nepal.
"NRN Investment Ltd has been registered in Kathmandu under the Company Act 2063,” informed NRNA president and chair of Task Force — that has been formed to promote investment in Nepal under a collective investment programme — Jiba Lamichhane during the sixth meeting of the Taskforce held on September 22.
The company has also opened accounts in three A-class commercial banks for funds transfer,” he said, welcoming all the participants to deposit the fund by November 30.
The collective investment programme has been delayed due to delay in registering the company in Nepal.
There are nine founding members from the International Executive Secretariat (IES) of NRNA and Promotion of Investment in Nepal taskforce members including Jiba Limichhane (Russia), Rameshwar Shah (UAE), Tenzi Sherpa (South Korea), TB Karki (Qatar) and Bhaban Bhatta (Japan).
Similarly, task force includes Shesh Ghale (Australia), Krishna Pandey (Hongkong), Kumar Pant (Germany) and Mahesh Shrestha (Japan).
Lamichhane, on the occasion, requested all taskforce members to actively disseminate information on the project. The meeting also discussed on double taxation, eligibility of the investors and holding collective investment interaction programme in different countries.
Regional coordinator of Americas and an expert on international taxation Mukesh Singh, on the occasion, informed that taxation treaty between USA and Nepal was underway and the best remedy was to incorporate a new company amongst the interested investors in USA and invest through the company, if they were interested in repatriation of their investment and profit but if could not invest individually.
Some investors including NRNA-NCC USA president Prahlad KC asked whether interested investors could invest even after the deadline.