KATHMANDU, May 5: The much-awaited one-stop service center for investors and entrepreneurs is scheduled to come into operation from May 15.
Issuing a notice in the Nepal Gazette, the government has announced the establishment of one-stop service center as envisioned in the Industrial Enterprises Act, 2016, and recently introduced Foreign Investment and Technology Transfer Act, 2019.
The opening of the one-stop service center also got featured in the policy and programs for the upcoming Fiscal Year 2019/2020 which was presented by President Bidhya Devi Bhandari in the federal parliament on Friday.
“All services required for investors will be made available promptly from this May 15 from a single window,” said President Bhandari, in her statement delivered to the parliament.
The one-stop service center will provide services ranging from registration to operation to exit of an industry from a single window, ending hassles for investors to run from pillar to post for starting, running and shutting down their business.
The one-stop service center will not only implement all decisions on providing facilities, incentives and other subsidies to investors, enterprises and industries, but also facilitate in providing electricity, water, land and other infrastructures needed for any industry.
The one-stop service center will be set up at the Department of Industry (DoI).
Binod Prakash Singh, director general at the DOI, told Republica that works are at a full swing to bring the one-stop center into operation by May 15.
“We are currently busy on setting up infrastructure, managing human resources and drafting policy and procedures. The center will start providing services from May 15,” added Singh.
Though the one-stop service center was introduced in the Industrial Enterprises Act, it was not established yet. However, the government has given an impetus to the process of setting up the center, following the 'Investment Summit 2019' held in March.
However, not all businesses, enterprises or industries will be able to enjoy the services from the one-stop service center. According to the DoI, those enterprises or industries with capital above Rs 100 million and foreign direct investments up to the limit of Rs 6 billion will be provided services from this center.
Foreign investors with investment up to the limit of Rs 6 billion will get all services including approval of investment, labor permit, visa facility, environmental impact assessment and approval of foreign exchange, according to the officials of the DoI. The investment above Rs 6 billion will be dealt by the Investment Board of Nepal.
The functioning of the one-stop service center will also help the ease of doing business in Nepal, according to leaders of private sector.