Name Approval
The first step is, of course, the name approval. The process is still the same, but the website has been changed. For name approval, you must first log in to the OCR website https://camis.ocr.gov.np/. First of all, make an account. You will also have to enter your phone number. Email and phone number must be unique. One thing to note is that when you create an account, it will send a link to your email to reset the password, but the link won’t work. What you can do is click the link for “Forgot Password” and then that link will work. Hopefully, the problem has been fixed by the time you read this blog.
Then a form will appear for name approval. Select the type of company (If you are a single shareholder, select “Sole Ownership,” and for multiple shareholders, select “Multiple Proprietor”). You should type the name of the company in both Nepali and English. Try to paste the Nepali Unicode in the Nepali form field. Read this blog on how to choose a company name. Then you should choose an NSIC code based on your company’s objectives. Yes, there are many topics, but once you go through them, you will get the pattern. There are categories like Manufacturing, Wholesale Trade, Retail Trade, etc. Choose NSIC codes that relate most closely to your objectives. Most of the time, you won’t find NSIC codes directly related to your business. But if you go through closely, you will find some general NSIC codes like “Non-Specialized Wholesale Trade,” “Manufacture of Other Household Items,” etc. Also, choose them in such a way that all of your objectives are covered. Like Manufacturing, Wholesale Trade, Retail Trade, etc. Don’t worry; you can change it later as well. That’s it. Just submit.
How many days does it take to get it approved?
There are 3 stages of name approval: “Submitted,” “Verified,” and “Approved/Rejected.” (Don’t worry about verified). On average, it takes 4-7 days, but it may take a shorter or longer time. We have experienced that once it is rejected and you submit again, it usually takes longer. So, be extra careful about how you name your company.
Above screen will appear once you have submitted.
Once verified, above screen will appear. Please note that verified does not mean approved. (Actually verified doesn't mean anything from our perspective, because your name might get rejected later on)
After your name has been approved the above screen will appear. Now you can start entering information about your company.
Company Registration
Once the name has been approved, now comes the documentation part. One thing to immediately remember is that all the shareholders should have an NID application/card and PAN number. It has been made compulsory from 2081-04-01. You will need the PDF of the NID. If your card has not been printed, the application will do just fine. For PAN, just your number will do.
Now that we have documents in place, start by filling out the form, which includes the address of the company, information about branches, and objectives. In the objectives section, edit the description. You might want to enter some detailed descriptions. After the objectives section, enter the shareholders' details section. You should first enter your NID info and validate it. After that, upon entering some details, the rest of your details will be fetched by the system. Enter the PAN number and other details as well. After that, enter witness details. In the documents section, you can upload a passport, NID, or license. If you upload the citizenship certificate, it has to be notarized.
After that, add directors. You can choose them from the list of shareholders you just entered. The phone number should be verified on at least one director.
In the document section, as per the user manual, the documents should be auto-generated. We have also talked with the IT team. They have suggested manually drafting the MOA, AOA, and the promoter's application. We hope this will be solved by the time you read this blog.
You will also need to enter the drafter's information. The drafter must be a lawyer. So if you are not a lawyer, you cannot proceed. Also, if you have not registered a company before, drafting MOA and AOA might be a little tedious.
After all documents have been submitted and forms have been filled out, hit that submit button. It will take approximately 4-5 days for approval.
After approval, you can proceed with payment.
After the payment is approved, it needs to be verified by the operator and it will appear in the payment verified tab.
After the payment has been verified, digital signature will be initiated and the payment will come under that tab as well as option for post operation activities will also be available.
The documents will be digitally signed by the OCR and will be available to you. The time for the whole process is a big mystery. We don't have enough data to conclude. We have seen name approved in 2-3 days as well as some taking 5-7 days. Also some are still "Submitted" to this day. After that it will take some time to get your registration approved, then it will take some time to get your payment approved, then again it will take some time to initiate the digital signature, then again it will take some time to get your documents. YES!! the process experience is better overall, but comparatively it takes more time to get your company registered than in the previous system. Hopefully OCR is working on it as well.
That’s it.
Now comes our little advertisement
Prabandha – A complete solution for your business needs. If you want to register your company without any hassle, we are your best option. For Rs. 5999, you can get your company registered, receive free consultation for a lifetime, get a client dashboard with all your data, receive frequent reminders, and also get other business advice.
