KATHMANDU, May 19, 2012
Entrepreneurs would soon find themselves free from the need of approaching multiple government offices to get their firms registered and acquire permanent account number (PAN), if things moved on as smoothly as the government has planned.
By just approaching the Company Registrar´s Office (CRO), which is an agency where all businessmen need to visit for registering their businesses, they will be able to list the firm with the tax office and get the PAN while registering the firm itself.
The new arrangement has already been worked out and Inland Revenue Department (IRD) and CRO have already signed a memorandum of understanding to implement it at the earliest, said an official. “We are already in the final stage of implementing this facility,” said Company Registrar Keshav Thapa.
Once in place, the new mechanism will drastically reduce paperwork and hassles for businesses and industries. So far, entrepreneurs first need to register their firms at the CRO and then approach Inland Revenue Office to register the firm with tax and get the PAN.
The new mechanism will reduce the procedures to start a business, which currently comprises 7 procedures, according to International Finance Corporation (IFC).
Likewise, the government is also preparing to launch a licensing electronic portal in a bid to facilitate gathering of information and apply for different types of licenses, permits, related laws and regulations and necessary documents through one window. “We are preparing to launch the portal by the end of May 2012,” said Mahendra Man Gurung, joint secretary at the Prime Minister´s Office.
The government has taken these new initiatives mainly with an aim to project Nepal as easy destinations for doing business, particularly considering Investment Year 2012/13.
Under the reforms aimed at improving Nepal´s performance on Doing Business indicators, which the World Bank Group publishes annually, the government has already reformed registration procedures for approval of licensing and approval of foreign direct investment (FDI) at the Department of Industry.
“Together, these reforms have eliminated seven steps in the FDI approval process,” said Gurung.
Gurung and other officials disclosed these development and unveiled upcoming plans to cut hassles of starting business in Nepal while reviewing implementation of reforms. Office of the Prime Minister and Council of Ministers, Ministry of Industry and Nepal Business Forum Secretariat had jointly held the review workshop this week.
Source: Republica
Entrepreneurs would soon find themselves free from the need of approaching multiple government offices to get their firms registered and acquire permanent account number (PAN), if things moved on as smoothly as the government has planned.
By just approaching the Company Registrar´s Office (CRO), which is an agency where all businessmen need to visit for registering their businesses, they will be able to list the firm with the tax office and get the PAN while registering the firm itself.
The new arrangement has already been worked out and Inland Revenue Department (IRD) and CRO have already signed a memorandum of understanding to implement it at the earliest, said an official. “We are already in the final stage of implementing this facility,” said Company Registrar Keshav Thapa.
Once in place, the new mechanism will drastically reduce paperwork and hassles for businesses and industries. So far, entrepreneurs first need to register their firms at the CRO and then approach Inland Revenue Office to register the firm with tax and get the PAN.
The new mechanism will reduce the procedures to start a business, which currently comprises 7 procedures, according to International Finance Corporation (IFC).
Likewise, the government is also preparing to launch a licensing electronic portal in a bid to facilitate gathering of information and apply for different types of licenses, permits, related laws and regulations and necessary documents through one window. “We are preparing to launch the portal by the end of May 2012,” said Mahendra Man Gurung, joint secretary at the Prime Minister´s Office.
The government has taken these new initiatives mainly with an aim to project Nepal as easy destinations for doing business, particularly considering Investment Year 2012/13.
Under the reforms aimed at improving Nepal´s performance on Doing Business indicators, which the World Bank Group publishes annually, the government has already reformed registration procedures for approval of licensing and approval of foreign direct investment (FDI) at the Department of Industry.
“Together, these reforms have eliminated seven steps in the FDI approval process,” said Gurung.
Gurung and other officials disclosed these development and unveiled upcoming plans to cut hassles of starting business in Nepal while reviewing implementation of reforms. Office of the Prime Minister and Council of Ministers, Ministry of Industry and Nepal Business Forum Secretariat had jointly held the review workshop this week.
Source: Republica
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