The Office of The Company Registrar under the Ministry of Industry, Commerce, and Supplies, Government of Nepal has digitized the company as well as share data registration processes, effective as of Bhadra 1, 2077. Following are the new rules to practice for registrations:
- Earlier, one could submit the registration documents online, hence visit the Office of the Company Registrar to complete the company registration process. However, as of Bhadra 1, the online submission itself will be considered official that includes 2 copies of the Article of Association, also known as, “Prabandha Patra” and the Article of Memorandum aka “Niyamawali”.
- Both the old and newly registered companies must submit the required documents including annual and audit reports online as per the Company Act, 2063. Meanwhile, they must maintain the original copies in respective registered offices.
- Companies shall keep a copy of the data during online share data registration while the Office of the Company Registrar will keep a scanned copy. Since companies themselves are supposed to prepare the share registration book, they are deemed to be accountable for every data submissions during registration.
- With the decision passed from the Board of Directors, companies will be able to contact the Office of the Company Registrar for updates concerning the difference(s) in share data details and scan copy.
The Office of The Company Registrar has done a commendable job bringing along the likes of the company and share data record registration online. The digitalization prevents the hassle of visiting the office while standing on queues for document submissions and authorization. Moreover, this will play a huge role to prevent potential spreading of the COVID-19 due to crowding.