Hard work, regular job and you will never be a millionaire in Nepal because the salary is too low. At least you will need a business or a profitable company to be rich. It all starts with a plan and a small attempt. In this article, I am going to show you how to register a company in Nepal. It may be a private company or any other.
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Before registering a company in Nepal, you will need to understand a few things. First is that you’ll have to be approved by relevant departments like the department of industry, electricity development, agriculture, roads, and Nepal Rastra Bank. After registration of the company, you will also need to obtain VAT and PAN from Inland Revenue Department.
You should be goal oriented while starting a company in Nepal. Take care of corporation, partnerships, and proprietorship seriously before rushing. You should have clear plans for methods of raising funds, taxes, employees, resources and company location. Also, prepare the name of a company like LTD or CORP, the trademark, and agreements. It is important to take care of these requirements because the profit that you’ll receive after paying taxes depends on them.
How to Register a Company in Nepal
The new amendment in company act 2074 describes that the registration process can be done in accordance to the electronic medium to approve company name. So in accordance with that, below are the steps to register a company in Nepal.
Define Company Type
There are certain types of companies that you can register in Nepal. So, first of all, you have to classify your company properly. Below are the types of companies that can be registered according to law.
- Public Company: A company having at least 7 shareholders with no maximum limit placeholder for the highest number of shareholders.
- Private Company: A company that limits the number of shareholders between 1 to 50.
- Non-Profit Company
Prepare Necessary Documents
Documents are the most crucial requirements while registering a company in Nepal or any other country. You should prepare the following necessary documents:
- Memorandum of a company (2 copies).
- Articles of association (2 copies).
- Agreements between different promoters or co-owners (for public company only).
- Consensus agreement (for private company)
- Approval or license from relevant departments.
- Copy of citizenship certificate (for Nepali owners).
- Copy of permission obtained by the government (for foreign owners) and other related documents.
- In case of a Nepali promoter, certificates related to the board of directors, registration of incorporation and other documents are required.
The above documents should be submitted to Company Registrar Office located in Kathmandu, Nepal. You can also search and register for a company online by visiting ocr.gov.np. I hope you find this information useful about how to register a company in Nepal. Please leave your feedback below.