Over 1.3m companies renew registration taking benefit of concession

Two men are seen at the entrance of the Office of the Company Registrar under the Ministry of Industry, Commerce and Supplies, in Tripureshwor, Kathmandu in March 2021. Photo courtesy: Marut Dhungana

KATHMANDU: More than 1.3 million companies have renewed their registration, taking benefit of the concession provision announced by the government.

The number of companies renewing the registration has increased with the government providing concession in the renewal fees to the companies that had not renewed for long. Minister for Finance Janardan Sharma, through the Budget Replacement Bill 2021, had announced that the companies could apply for renewal till January 14, 2022, by paying 5 per cent of the penalty.

The government had announced to write off the remaining charges and fine if the companies do not renew and submit their annual particulars till the fiscal year 2018/19 deposited the particulars and 5 per cent amount of the fees and fines until January 14, 2022. The government had provided this concession in accordance with the Company Act, 2063 BS and the Private Registration Act, 2014 BS, Office of the Company Registrar (OCR) stated.

Registrar at the office, Pradeep Raj Adhikari, said that the companies registered in 2020 BS have come for renewal in the discount offers.

He shared that a remarkable number of companies have come for renewal after the government in its budget offered discounts to renew companies.  Around 150 applications are filed on a daily basis for the registration of new companies as well as for renewal in the recent periods.

A crowd gathers at the OCR to update the details of industries in recent days. Those who have not updated their details on time due to various reasons are encouraged to update after they get a discount.

Increase in industries’ registration

The industries’ registration and renewal have soared compared to the last year with the implementation of the discount provision. Till mid-October (end of Asoj of the current fiscal year) 9,794 companies have been registered and this number was 7,526 in the corresponding period last year.

According to the Office, the number of those registering (new) industries has increased by 30 per cent compared to the last year.  The office’s revenue collection from the registration and renewal until mid-October exceeds Rs 349 million.  The collection is nearly double of the previous year when just five per cent was charged by giving 95 per cent discount.

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