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Lessons from the Past and the Way Forward (Mr. Begendra Raj Sharma Paudyal, Nepal)
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Transcript of Lessons from the Past and the Way Forward (Mr. Begendra Raj Sharma Paudyal, Nepal)
Company Registration a bird eye view of Nepal
Begendra Raj Sharma PaudyalJoint Secretary
Ministry of Industry
Government of NepalMay 10, 2011
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New features in company law, 2006:
InitiationSetup an organization in 1992 to facilitate companies and cope of business needs,
Guiding laws :• Company Act, 2006• Company Administration Directives, 2009
Company act, 1936Company act, 1964Company act, 1996
Before 1992
•Department of Industry
•Department of small and
cottage Industry
•Department of Commerce
•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
•Branch and liaison office of foreign
company
Types of
company
•Private limited
•Public limited
•Profit not
distributing co.
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
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Functional Procedure
Any person desirous of undertaking any enterprises through a company 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 corporate
For 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 companyor body
Prior approval of designated agency if so required
( NRB - financial institutions)
(A) Company Registration
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• 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
(B) Company administration
It includes;
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
Register in different institution,
Department of Industry,
Department of Cottage & Small Industries
Department of Commerce etc.
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To cope with economic liberalization, Office
of the Company Registrar setup in 1992
ICT was introduced as partial process of
business registration system.
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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).
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Record Keeping System
Digital
Manual
Capacity Building
Human Resources
Physical Resources
Decentralization
Service Unit
Devolution
Standardization
Documents (MOA, AOA)
Awareness Building
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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
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52315461
6377
8550
9979 9956
1 47 26 53 65 8334 48312
57 79 75
52665556
6715
8660
10123 10114
0
2000
4000
6000
8000
10000
12000
2005 2006 2007 2008 2009 2010
Nuber
of
Com
panie
s
Highlights
Private Profit Not Distributing Public Total
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Year
Private
Limited
Profit Not
Distributing Public Limited Total
2000 2733 0 39 2772
2001 2833 0 41 2874
2002 4546 0 18 4564
2003 4256 1 38 4295
2004 5550 0 50 5600
2005 5231 1 34 5266
2006 5461 47 48 5556
2007 6377 26 312 6715
2008 8550 53 57 8660
2009 9979 65 79 10123
2010 9956 83 75 10114
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 sectorCRO_Presentatio 17
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