Kathmandu:The government has announced an extension of the deadline for companies to update their details and benefit from fine exemptions until mid-January. This decision provides businesses additional time to submit their annual statements and pay dues for the financial year 2082/83 BS, thereby avoiding penalties.
According to National News Agency Nepal, the extension adds two months to the previous deadline of mid-November. Registrar of Companies, Krishna Kumari Shrestha, highlighted the importance of timely updates for companies to take advantage of this exemption.
In addition to the deadline extension, there has been a notable increase in new company registrations. During the fiscal year 2081/82, a total of 20,736 companies were registered. The subsequent year saw a rise to 26,291, marking an increase of 5,555 registrations. As of last October in the current fiscal year, 10,480 companies have already been registered. This surge is attributed to returning Nepali nationals who are investing their skills and resources into local businesses.
The Companies Act, 2063 governs the operations of the registrar’s office, which oversees the establishment, registration, and regulation of various types of companies. The office is responsible for managing company structures, names, and compliance with legal requirements, including the submission of necessary documents and annual statements. To date, a total of 388,690 companies have been registered, with 14,970 having been cancelled. The office also plays a crucial role in monitoring compliance and initiating liquidation processes for companies that fail to operate within legal frameworks.