Lessons from the Past and the Way Forward (Mr. Begendra Raj Sharma Paudyal, Nepal)
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Lessons from the Past and the Way Forward (Mr. Begendra Raj Sharma Paudyal, Nepal)

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Lessons from the Past and the Way Forward (Mr. Begendra Raj Sharma Paudyal, Nepal) Lessons from the Past and the Way Forward (Mr. Begendra Raj Sharma Paudyal, Nepal) Presentation Transcript

  • Company Registration a bird eye view of Nepal Begendra Raj Sharma Paudyal Joint Secretary Ministry of Industry Government of Nepal May 10, 2011
  • CRO_Presentation 5/3/2011 2
  • CRO_Presentation 5/3/2011 3
  • Initiation Types ofSetup an organization in 1992 to facilitate companies companyand cope of business needs, •Private limitedGuiding laws : •Public limited• Company Act, 2006 •Profit not• Company Administration Directives, 2009 distributing co.New features in company law, 2006: •Any person may come directly without lawyers and C.A. •Provision of company secretary (at least 10 mill. Paid up capital •Independent directors •Provision for penalties •Provision for profit not distributing Before 1992 •Branch and liaison office of foreign companyCompany act, 1936 •Department of IndustryCompany act, 1964 •Department of small andCompany act, 1996 cottage Industry •Department of Commerce CRO_Presentation 5/3/2011 4
  •  To promote investment in industry, trade and business sector To be benefitted from economic liberalization To carry out dynamism in economic development of the country To make company registration, operation and administration more easy, transparent and accessible To facilitate & promote entrepreneur to start a new business CRO_Presentation 5/3/2011 5
  • Functional Procedure (A) Company RegistrationAny person desirous of undertaking any enterprises through acompany is required to incorporate it with the company registrar.Documents to be submitted for new registration: •Memorandum of Association (MOA) and Articles of Association (AOA) with signature affixed of each share holder • Certified copy of citizenship for Nepalese citizen, •Registration certificate if the promoter is body corporateFor foreign person/ company/body •Passport and visa •Approval of Department of Industry •Certified copy of the incorporation and other major documents relating to such incorporation, if the promoter is a foreign company or body Prior approval of designated agency if so required ( NRB - financial institutions) CRO_Presentation 5/3/2011 6
  • (B) Company administrationIt includes; • Registration of the records of the shareholders • Registration of the record of the Board of Directors(BOD) • Registration of the amendments to MOA and AOA  Approval to the change of the name of the company  Capital increase  Changes and addition in objectives  Changes in address of the company and address for service CRO_Presentation 5/3/2011 7
  •  Register in different institution,  Department of Industry,  Department of Cottage & Small Industries  Department of Commerce etc. CRO_Presentation 5/3/2011 8
  •  Tocope with economic liberalization, Office of the Company Registrar setup in 1992 ICTwas introduced as partial process of business registration system. CRO_Presentation 5/3/2011 9
  •  Integration of ICT in business registration sector, Business data - archive in digital format Start of registration of Profit Not distributing Companies (Social Goals Company). Start to register foreign companies branch and liaison office . Starting doing business from service delivery unit 10
  •  ICT is : Necessary tool for simplification and enhance performance of the administration and business process . To achieve company data properly for the effective service delivery. Required: Registration process should be delegated in different unit or branches. Simplify the legal system for business registration.  Main features / Substantial part should be in the primary legislation (Act).  Procedural part should be in secondary legislation (regulation). CRO_Presentation 5/3/2011 11
  •  Record Keeping System  Digital  Manual Capacity Building  Human Resources  Physical Resources Decentralization  Service Unit  Devolution Standardization  Documents (MOA, AOA) Awareness Building CRO_Presentation 5/3/2011 12
  • CRO_Presentation 5/3/2011 13
  •  Centralized Database Repository System of business registration Flexibility  A number of details such as procedural part of company might be dealt in secondary legislation (Regulation) Unique Identifier  For the purpose of common use among public authorities Compliance  Digital Main Streaming CRO_Presentation 5/3/2011 14
  • Highlights 12000 9979 10123 9956 10114 10000 8550 8660 8000Nuber of Companies 6715 6377 6000 5461 5556 5231 5266 4000 2000 312 1 34 47 48 26 53 57 65 79 83 75 0 2005 2006 2007 2008 2009 2010 Private Profit Not Distributing Public Total CRO_Presentation 5/3/2011 15
  • Private Profit NotYear Limited Distributing Public Limited Total2000 2733 0 39 27722001 2833 0 41 28742002 4546 0 18 45642003 4256 1 38 42952004 5550 0 50 56002005 5231 1 34 52662006 5461 47 48 55562007 6377 26 312 67152008 8550 53 57 86602009 9979 65 79 101232010 9956 83 75 10114 CRO_Presentation 5/3/2011 16
  •  Policy Reform Legal Reform Institutional Reform Structural Reform Procedural Reform Behavioral Reform Resource Allocation Institutional Capacity Building Individual Capacity Building Modernization in Process Cooperation and collaboration with private sector CRO_Presentatio 17
  • CRO_Presentation 5/3/2011 18