Starting a business in Nepal can be a very exhausting and exhilarating experience. More exhausting work comes when you set up that business—one paper here, another there, different processes, and many signatures.
If you are unfamiliar with the requirements for registering a business in Nepal but want to start one soon, we have put up a step-by-step tutorial on how to do so.
Step 1: Claim Your Business Name
First and foremost, the business founders must reserve their company name with the OCR (Office of Company Registrar). In creating a private business in Nepal, it is essential to check if the chosen company name is already used or reserved.
Founders can visit the OCR’s official website and look for the ‘eServices’ area. Then, click the ‘Check Name’ option under this section.
Step 2: Obtain Approvals
It is essential to be able to take approvals from everywhere around. Obtain the necessary permissions from the relevant ministries/departments/bodies for business permits/licenses. These are some of the relevant departments that you can take permissions from:
- Department of Industry
- Department of Electricity Development
- Nepal Rastra Bank
- Department of Agriculture
- Department of Roads
Step 3: Register a Company
You will be redirected to a new page. “To start a new company, please click here ‘New’!” is written in the top left corner of the OCR’s web page. When you select this option, you will be prompted to create a user ID. To submit, fill up all of the requested information and click ‘Create User.’ After you submit the form, you will receive an email with your login information (including your username and password) sent to the address you provided. After receiving the confirmation message, you’ll be taken back to the login page.
Step 4: Register With The Tax Office
Following company formation, investors must get PAN and VAT registration numbers from the Inland Revenue department, if applicable.
Information on how to register can be found at http://www.ird.gov.np
Step 5: Open a Bank Account
Foreign investors must open a foreign currency account with the Nepal Rastra Bank, the country’s central bank. Local investors should create an NPR bank account in any one Nepalese bank.
Conclusion
It is a difficult job to start and run a business but backing up from a challenge is not acceptable. Follow the above steps to start a business in Nepal.