KATHMANDU, May 15 (Xinhua) -- The Nepali government on Wednesday set up a One-Stop Service Center in Kathmandu aiming to provide various services and facilities for the investors from a single location.
Nepal's Ministry of Industry, Commerce and Supply said the service center established at the premises of the Department of Industry, a body under the ministry, will provide various services and facilities such as registration of enterprises, approval for expansion and exit of enterprises, approval to foreign direct investment, exemption of taxes, foreign exchange facilities and visas and work permits to foreigners.
Minister for Industry, Commerce and Supply Matrika Prasad Yadav opened the One-Stop Service Center formally.
"This will end the the investors' compulsion of making rounds of various government offices to get their jobs done," Binod Prakash Singh, director general of Department of Industry, told Xinhua. "The facility will particularly be very helpful for foreign investors who are not used to making rounds of various government offices."
Nearly two and half years after Nepal's new Industrial Enterprises Act made provision of One-Stop Service Center, the Nepal government set up the necessary infrastructure to establish such facility.
Singh, who heads the service center, said it would provide most of the facilities within a week. "We will facilitate the process of getting approval for acquiring land more than set limit by the law as it is time consuming process," he said. "We will also help investors to get timely approval to Environment Impact Assessment report."
The service center has been authorized to approve investment up to certain amount and repatriation of certain amount of dividends for the foreign investors.