KATHMANDU, Aug 2: In a bid to reduce hassles for new firms, the Department of Industry (DoI) has introduced the provision for firms with a fixed capital of less than Rs 250 million to get registration from provincial governments and their subordinate bodies.
Issuing a public notice, the DoI has stated that the work related to machinery, tools, and raw materials required for the business firms can be done at the sub-national levels.
Similarly, it has been clarified that recommendations for other exemptions, facilities, and concessions, including determination of norms for chemical import and bonded warehouse and raw material consumption, will be made by the concerned provincial governments and their subordinate bodies.
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The DoI also mentions facilitating online services for firms registration and seven additional types of related services. Targeting to move to a digital system, the DoI will be providing service recipients with complete processes of various complex administrative online – from new industry registration permission to various complex administrative procedures.
According to the DoI, work such as establishing a new industry, unit industry registration, amendment to the name or purpose of the industry, transfer, capital and capacity increase, industry renewal, extension of term, firm renewal and operation information will now be done online.
In addition, work related to share structure amendment, foreign investment approval including automatic route, business visa recommendation, repatriation, technology transfer agreement and share purchase and sale will also be based on the digital system.
Likewise, determination of raw material consumption standards required by the industry, annual progress report, recommendations for various exemptions and facilities, corporate social responsibility, initial environmental testing and its revised working conditions can now be easily obtained online.
