Highlights:
- To startup a company, the founder should apply for company registration process.
- A private company owner can register the company via the website of Office of Company Registrar.
- Important factors to consider during company registration: company name, objectives, official documents and shareholders’ authorization.
Setting up a private business can be really overwhelming. There will be so many challenges on the path of being a successful company. However, the foremost task is to get started by formally registering the company. You might need to go through several paper works and submit official documents to the administration. In this article, you will find a helpful guide to register your first ever business.
Every new business or private company owner has to make company registration in the authority, before actually starting the business. The Office of Company Registrar (OCR) handles the registration process and all the companies are registered under the Companies Act, 2006 of Nepal.
Once you’ve come up with a good business idea, you can register your company in following steps:
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Find a suitable Company/Brand name
The very first thing you need to do before company registration is to name your company. It is obligatory that the suggested name must be unique and not in use by any other existing company.
- To check the existing company names, visit the official OCR website and browse through ‘OCR eServices’ section. Here, click on the ‘Check Name’ tab.
- A new page will open where on the top left corner, you’ll find an option, “To establish a new company, please click here ‘New’!” Click the option and then you’ll require to create a new user ID.
- Next, a fill-up from will appear. Enter all the necessary information and click ‘Create User’ to submit.
- Once the submission is completed, you’ll receive a confirmation mail with your login credentials, consisting the username and the password. The confirmation link will redirect you to the login page.
- Sign in to the ‘OCR eServices’ page using the given username and password. Here, you will to change your password for security.
- After you successfully change the password, the system will logout and redirect you to the sign-in page. Login again using your username and the new password.
- The webpage for new company registration will open. Then in the ‘Name Check/Registration’ menu in the navigation bar, select the ‘Name Reservation Form’ option.
- Fill up the ‘Request Name’ and ‘Objectives’ details and then click the ‘Submit’ button to submit the Name Reservation Request Form. You’ll receive a mail confirming the submission and asking you to wait until the OCR finalizes your request.
- It might take few days for OCR to review your request and will send you another mail informing whether the name that you proposed has been approved or rejected.
- If approved, you need to start preparing documents required while filling up the company registration form.
- In case of rejection, you need to recheck the name and repeat the whole process from start with a new company name.
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Prepare Official Documents and Submit
There is a list of documents required to submit during the process of company registration. However, you need to submit the hard copy of only two of the documents, Articles of Association and Memorandum of Association. The documents are verified and certifies by the legal officials. Other documents can be scanned and uploaded online.
- Prepare all the necessary documents and scan them to make their soft copies.
- Login to the OCR website and browse through ‘Company Registration Form’.
- In the registration form, fill up the details of company, branch, objective, capital and company shareholders.
- Upload the scanned copies of documents in the documents section.
- Preview the form to confirm all the details added and then click on ‘Save’ button to submit the registration form.
Company Certification
After the completion of both company name registration and company registration process, a page will appear where you can view the information such as revenue to be paid, temporary application ID, and confirmation message of the registration. You will also receive an email with an attachment of company registration details.
You’ll be notified about the company approval via mail; you can also check that on the lodgement section of your OCR account. After approval, you will need to physically visit the OCR with the original copies of the articles of association and memorandum of association. The documents should contain signature of all shareholders at the bottom of each page and a full page details of the founders’ name and address. You also need to pay the revenue according to your authorized capital.
Now, the OCR will finally verify your registration process. The OCR will further issue a certificate of company incorporation and other documents including a letter to the TAX office and a letter with a reserved PAN number. After all the registration process is complete and the company goes official, stakeholders need to register themselves for tax (VAT/PAN) at the Inland Revenue Office.
