IFC supporting govt to provide faster, easier business registration to spur growth

International Finance Corporation (IFC), a member of the World Bank (WB) Group, is supporting the government in simplifying and automating procedures for issuing licenses and other approvals, reducing compliance burden for investors.

A faster, streamlined and automated business registration process will help companies apply and file for registration online, curtailing uncertainty and processing time.

The SouthAsia Enterprise Development Facility, managed by IFC in partnership with the UK government and the Norwegian agency for Development Cooperation, has supported this initiative, said IFC in a statement.

“The government is committed to providing services to citizens and businesses at their doorstep,” said Minister for Industry Anil Kumar Jha.

“This IFC-supported automation project has enhanced transparency and accountability in service delivery for businesses, taking a step towards promoting good governance.”

On average, almost 10,000 new companies are registered annually in Nepal. According to the Doing Business Report 2013, the process now takes 21 days instead of 29 days it took earlier, thanks to a 7-step internal procedure in place of the 15 earlier. The automated system offers a host of e-services including the option to update documents.

“IFC has played a catalytic role in this major automation initiative. It can now be replicated in other areas affecting businesses,” said IFC Resident Representative in Nepal Valentino S. Bagatsing. “Facilitating private sector growth through a supportive business environment has been a key focus of IFC programs in Nepal.” Nepalnews.com