Investors
today suggested the government to take immigration, labour and industry issues seriously
for smooth service delivery that will ensure more foreign investment.
During an interaction with foreign investors organised
by Department of Industry and International Finance Corporation (IFC) here today, they also sought
one-window facility for the company registration and tax services, apart from
relaxation of visa regime for the foreign investors.
However, director
general at the Department of Labour Krishna Hari Pushkar asked the foreign
investors to follow law of the land and donot depend on middlemen to get visa.
He also committed
that the investors will be issued non-tourist visa within a week, if they apply
with all required documents directly. "But the investors, who are working in
Nepal as full-time employees must get non-tourist visa,” he said, adding that
more than 50,000 foreigners are working illegally in Nepal. "They come to
Nepal on tourist visa and work here without seeking work permit
illegally."
According to
the law of the land, foreign investors can come to Nepal on tourist visa and they
can apply for a non-tourist visa after getting FDI approval from the Department
of Industry.
Currently, the process of granting non-tourist visas to foreign employees has been reduced to two weeks – unlike earlier when it used to take almost six months – and only requires the involvement of four government agencies.
Currently, the process of granting non-tourist visas to foreign employees has been reduced to two weeks – unlike earlier when it used to take almost six months – and only requires the involvement of four government agencies.
Similarly, the
government also provides business visa of five years to investors and foreign
employees on different categories based on their size of investment, income tax
paid, employment generation in different categories including national priority
projects.
Foreign
investors including the representatives of Himal Power, Ncell, ZTE Corporation
and Unilever Nepal though on the occasion hailed the reforms in FDI approval
process, they complained of sluggish service delivery and red tape.
The Department of Industry has – under the reform programme – has recently streamlined the FDI approval process from 21 steps to 15 shortening the time period to 10 days from earlier around a month, director at Foreign Investment Section of the Department of Industry Bipin Rajbhandari informed.
Likewise, the investors also sought transparent and time-bound service delivery, work permit and repatriation of earnings.
“There is not much restriction on repatriation of earnings provided the companies present the required documents like clearance of annual general meeting and audited financial statements,” said director at Nepal Rastra Bank’s Foreign Exchange Management Department Bishnu Raj Dhungana.
The Department of Industry has – under the reform programme – has recently streamlined the FDI approval process from 21 steps to 15 shortening the time period to 10 days from earlier around a month, director at Foreign Investment Section of the Department of Industry Bipin Rajbhandari informed.
Likewise, the investors also sought transparent and time-bound service delivery, work permit and repatriation of earnings.
“There is not much restriction on repatriation of earnings provided the companies present the required documents like clearance of annual general meeting and audited financial statements,” said director at Nepal Rastra Bank’s Foreign Exchange Management Department Bishnu Raj Dhungana.
Investors should
bring investment through banking channels, he said, adding that it will make
easier for repatriation in the future as they will get investment certificate
from the commercial banks at the time of bringing investment.
Industry secretary
Krishna Gyawali, on the occasion, said the government is introducing Integrated
Industrial Information Management System by the end of this fiscal year to discourage
middlemen and facilitate the foreign investors.
Though FDI commitments have
been increasing in recent years, actual investment is far lower compared to the
commitments. In the last fiscal year 2012-13, the government had received FDI
commitments worth Rs 19.93 billion for 317 projects, according to the central
bank statistics.
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