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News / India / Finance

NEPAL SIMPLIFIES BUSINESS REGISTRATION WITH IT

Thanks to a partnership between the Government of Nepal and the International Finance Corporation, a member of the World Bank Group, business owners can simply go online to apply and file for registration, thereby reducing compliance burdens and proces...

01/03/2013

According to Toya Nath Adhikari, the automated business registration process is part of the Government’s commitment to provide efficient services to citizens and industries. He added that the move also stemmed from the Government’s objective to improve the business climate and “ease of doing business” in the country.

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.

Apart from automating business registration procedures, IFC has also helped Nepal 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.

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