KATHMANDU, May 30: Making it easy for any start-ups to begin their operation, the government has made provision through the budget of the next fiscal year that a company can be opened by declaring a minimum authorized capital of Rs 100 only.
While presenting the budget for the next fiscal year 2023/24, Finance Minister Dr Prakash Sharan Mahat has made an arrangement to allow opening new companies with as little authorized capital as Rs 100 from the next fiscal year.
The government, through the budget of the next fiscal year, has made a provision that no fees or charges will be levied from the new FY when registering a new company and increasing the company's capital. "The process will be made simple and transparent so that companies can be registered and canceled online," he said.
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Dr Mahat also announced that the process of obtaining visas for investors and skilled manpower in foreign-invested industries will be made simple and flexible. The government has made arrangements to provide services such as industry registration, investment approval and other services from a single point service center through an electronic system in the budget of the next fiscal year.
For the easy availability of land required for the establishment of productive and export industries, the legal arrangements related to lease and deed will be reviewed. The government is going to develop the capacity of the investment board to promote foreign investment.
The government will hold an investment conference in 2023 to attract foreign investment in areas of comparative advantage. Proposals for foreign investment will be invited after completion of identification and preparatory work for possible big projects such as expressways, tunnels, hydropower with reservoirs.
The government is going to prepare the necessary legal infrastructure to mobilize long-term capital from the international financial market in the coming year.
