Business registration process becomes easier

The government has simplified and automated the business registration process that will help companies apply and file for registration online, curtailing uncertainty and processing time.

International Finance Corporation (IFC), a member of the World Bank Group, has supported the government in simplifying and automating procedures for issuing licences and other approvals, reducing compliance burden for investors, said acting registrar of the Office of the Company Registrar Toya Nath Adhikari, here today.

A faster, streamlined and automated business registration process will help companies apply and file for registration online, curtailing uncertainty and processing time, he added.

The SouthAsia Enterprise Development Facility, managed by IFC in partnership with the UK government and the Norwegian Agency for Development Cooperation, has supported this initiative.

"The government is committed to providing services to citizens and businesses at their doorstep,” said minister for industry Anil Kumar Jha while inaugurating the Automated System and e-Services formally here today.

"The IFC-supported automation project has enhanced transparency and accountability in service delivery for businesses, taking a step towards promoting good governance," he added.

On an average, almost 10,000 new companies are registered annually in the country. According to the Doing Business Report 2013, the process now takes 21 days, instead of 29 days that it used to take earlier, thanks to a seven-step internal procedure in place of the 15 steps earlier.

The automated system offers a host of e-services including the option to update documents.

"IFC has played a catalytic role in this major automation initiative," said IFC resident representative in Nepal Valentino S Bagatsing, adding that it can now be replicated in other areas affecting businesses. "Facilitating private sector growth through a supportive business environment has been a key focus of IFC programmes in Nepal."

To create a supportive environment for robust private sector growth in Nepal, IFC has helped introduce an electronic portal of licences, establish a formal platform for greater public-private cooperation for reforms, reduce cost of tax compliance for businesses, and form an investment board.

IFC is committed to supporting inclusive economic growth, and promoting increased private investment, crucial to creating employment opportunities and reducing poverty in Nepal, he added.