KATHMANDU, OCT 13 - 2012
The International Finance Corporation (IFC) of the World Bank Group on Friday signed a memorandum of understanding with the Company Registrar Office (CRO) to implement an online registration system.
The online system is expected to cut paperwork and make documentation for registering companies hassle-free.
Under the project titled ‘Automation Business Process and Reengineering’, IFC is providing technical support worth $500,000. CRO is also investing the same amount.
CRO Registrar Damodar Regmi said work on the project was almost complete, and they aim to launch the service officially from January 2013. “The system will ease the documentation process, especially for people from outside the valley,” said Regmi, adding that the system would also help curb corruption.
Currently, businessmen based outside the valley have to come to Kathmandu to register companies and renew existing companies. Once the online system is implemented, it will allow them to submit their documents online. The system will also allow users to access their company’s status online.
“The system will help CRO reduce the company registration time to around 6 days from the existing two weeks,” said Taneem Ahad, project manager at IFC.
Implementing the online system, CRO also plans to start online payment of registration fees and delay charges, among others. “We are holding talks with banks and financial institutions for the purpose,” said Regmi. There are over 90,000 companies registered with CRO which also looks after the renewing their licenses and transfer ownership of the companies across the country.
Source: The Kathmandu Post
The International Finance Corporation (IFC) of the World Bank Group on Friday signed a memorandum of understanding with the Company Registrar Office (CRO) to implement an online registration system.
The online system is expected to cut paperwork and make documentation for registering companies hassle-free.
Under the project titled ‘Automation Business Process and Reengineering’, IFC is providing technical support worth $500,000. CRO is also investing the same amount.
CRO Registrar Damodar Regmi said work on the project was almost complete, and they aim to launch the service officially from January 2013. “The system will ease the documentation process, especially for people from outside the valley,” said Regmi, adding that the system would also help curb corruption.
Currently, businessmen based outside the valley have to come to Kathmandu to register companies and renew existing companies. Once the online system is implemented, it will allow them to submit their documents online. The system will also allow users to access their company’s status online.
“The system will help CRO reduce the company registration time to around 6 days from the existing two weeks,” said Taneem Ahad, project manager at IFC.
Implementing the online system, CRO also plans to start online payment of registration fees and delay charges, among others. “We are holding talks with banks and financial institutions for the purpose,” said Regmi. There are over 90,000 companies registered with CRO which also looks after the renewing their licenses and transfer ownership of the companies across the country.
Source: The Kathmandu Post
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