E-registration of companies to begin from Dec

Entrepreneurs would soon be able to register their firm with Office of the Company Registrar (OCR) from home.
This became possible after OCR and International Finance Corporation (IFC) signed a memorandum of understanding (MoU) on Friday in order to improve the environment of doing business in the country.
Under the MoU signed by Damodar Regmi, registrar of the OCR and Fred Zake, head of South Asia Enterprises Development Facility at IFC, IFC has committed to support installation of new system and upgrade operating environment at OCR, which on average registers 10,000 companies every year.
"The system and software that facilitates e-registration of companies will be formally launched in December," Taneem Ahad, project manager of Regulatory Reform Advisory Services in South Asia at IFC said. "It takes 15 days to register a company at the OCR now. After using this software, it will take just 7 days."
He further added that this will ultimately improve the situation of Nepal in the Doing Business Report.
According to the MoU, the government and IFC will together allocate US$ 1 million to install the system and upgrade the working condition of OCR. "Entrepreneurs can register a new company from home. They will just have to come for signing on the document," Ahad said.
"The renewal process also can be done from home itself and they can even get updates about the status of their company online."
The MoU aims to make the situation better for entrepreneurs in order to increase the volume of economic activities in the country. "There will be more and more firms registered in the country which will ultimately add value to the national economy," Zake said after signing the MoU.