First Business News Portal in English from Nepal
KATHMANDU: The government has made a provision through the budget of the upcoming fiscal year that a company can be opened by declaring a minimum authorized capital of Rs 100 only. This will make it simple for any start-ups to begin their operation.
Finance Minister Dr. Prakash Sharan Mahat announced a plan to permit the creation of new corporations with as little authorized capital as Rs. 100 starting in the upcoming fiscal year 2023–2024.
The government has included a provision in the budget for the upcoming fiscal year that states no fees or charges will be assessed during the new FY when a new company is registered or its capital is increased. “The procedure will be made transparent and easy so that companies can be registered and canceled online,” he said.
Dr. Mahat also declared that the process for obtaining visas for investors and skilled labor in foreign-invested industries will be made simple and flexible. In the budget for the upcoming fiscal year, the government has made plans to offer services like industry registration, investment approval, and other services from a single point service center via an electronic system.
The legal stipulations surrounding lease and deed will be examined in light of the simple availability of land needed for the creation of productive and export industries. In order to encourage foreign investment, the government will strengthen the investment board’s capacity.
A conference on investments will be held by the government in 2023 to entice foreign investment in sectors where it has a competitive advantage.
Following the completion of the identification and preparation work for potential large projects like expressways, tunnels, and hydropower with reservoirs, proposals for foreign investment will be invited.
The government will set up the required legal framework in the upcoming year to attract long-term capital from the global financial market.
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