KATHMANDU, Feb 8: Entrepreneurs who have been suffering due to different bureaucratic hassles while registering their business ventures have a reason to cheer as the government has formally launched a new automated system of issuing licenses and other approvals required to run business.
After installing this service, aspiring entrepreneurs and businesspeople who want to register their enterprises won´t have to visit the doorsteps of public offices with documents to get approval.
However, they will have to visit the Office of the Company Registar once to pay the registration fee.
A faster, streamlined and automated business registration process will help companies apply and file for registration online, curtailing uncertainties and cutting processing time as the government brings the e-registration system into operation.
Inaugurating the service, Anil Kumar Jha, the industry minister, said the system would enhance transparency and accountability in service delivery for businesses in the country.
The Office of the Company Registar, with support from the International Finance Corporation (IFC), a member of the World Bank group, installed the new system that has come into operation from Thursday.
The automated service for business registration has come on the backdrop of entrepreneurs and businesspeople´s complaints about the lengthy process of company registration.
According to Doing Business Report 2013, it takes 21 days to register a company at the Office of the Company Registar.
The e-registration system also offers a host of other services, including the option to update documents of the companies.
According to statistics compiled by the Office of the Company Registar, on an average, almost 10,000 new companies are registered annually in Nepal.
"This is to create a supportive environment for robust private sector growth in Nepal," Valentino S Bagatsing, the IFC resident representative in Nepal, said at the inaugural of the e-registration system on Thursday.
Additionally, the UK government and the Norwegian Agency for Development Cooperation have provided assistance to develop the service to make business registration more smooth and transparent.