KATHMANDU, July 19: The government's recent announcement of free company registration and capital increase has hit a roadblock due to their inability to correct the national gazette. The announcement, which was supposed to come into effect on July 17 (Shrawan 1), was part of the budget for the financial year 2023/24.
Unfortunately, the Company Registrar's Office stated that the program has not been implemented as planned due to the lack of revision of the notification in the national gazette. Consequently, companies will be required to be registered under the old system and pay the usual registration fees.
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Company Registrar Mahesh Baral revealed that the Ministry of Industry, Commerce, and Supplies has already submitted an amendment to the Council of Ministers regarding company registration. However, until the amendment is approved and published in the national gazette, businesses will have to follow the existing registration process.
Baral advised companies in a hurry to go ahead and register with the applicable fee, while those without urgent deadlines can afford to wait for a week to 10 days until the situation is resolved.
One contributing factor to the delay is the unfortunate suspension of the Council of Ministers meeting, which was triggered by the Prime Minister's wife's passing. However, there is hope for a resolution as it is anticipated that the cabinet meeting will be held on Wednesday. Following this, a decision is expected, and the Company Registrar’s Office estimates that the national gazette will be printed during the last week of July.
