foreign investment and technology act nepal

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Foreign investment and technology act nepal roger mitchell fidelity investments

Foreign investment and technology act nepal

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JONAS ZYGAS EVERCORE INVESTMENT

Pursuant to the notice of the Ministry of Industry, Commerce and Supplies dated 29 May , a foreign investor is required to invest at least NPR 50 million approx. USD , The approving authority of foreign investment is determined by the amount of investment as set out below:. Foreign technician and managerial staffs can be enrolled in company if those kind of manpower is not available in Nepal upon obtaining work permit. FITTA has incorporated new provision of one-stop service mechanism which was not included in previous provision to provide exemptions, facilities, concession or services to foreign investor through single service mechanism.

One-stop Service Centre has recently been established within the premises of the Department of Industry for the facilitation of foreign investment. FITTA enables foreign investors to repatriate all forms of investment as per the law after clearing all applicable taxes. FITTA permits to repatriate profits, benefits, income, proceeds of sale of shares.

Investors can repatriate the amount of investment in the same currency of investment or in other convertible foreign currency with approval of Nepal Rastra Bank. In case of dispute between a foreign investor and Nepalese nationals, disputes should be settled by mutual discussions or negotiations.

If the disputes can not be settled by mutual discussions or negotiations within 45 days of arising of the disputes, such must be resolved as per the joint investment agreement or through dispute resolution agreement if any. If the dispute cannot be resolved even after taking the afore mentioned measures, the dispute must be resolved in accordance to the prevailing arbitration laws of Nepal.

The firm shall not be liable for consequences arising out of any action undertaken by any person relying on the information provided herein. Foreign Investment and Technology Transfer Act, , covered the following as foreign investment: a Investment in share Equity ; b Re-investments of the earnings derived from the investment; and c Investment made in form of loan or loan facilities as investment.

FITTA considers the following as foreign investment: a Investment in shares in foreign currency; b Re-investment of the profits earned from foreign currency or shares; c Investment through lease of airlines, ships, machinery; d Investment in venture capital fund; e Investment in secondary stock market; f Investment by issuing securities in foreign stock markets g Investment done by purchasing shares or assets of company established in Nepal; h Technology transfer licensing of foreign intellectual property, franchising, management, technical and marketing services ; and i Investment done by establishment and expansion of industry in Nepal.

FITTA does not allow companies shareholder loans. Recommendation from Ministry of Industry and approval from NRB is required to borrow money from foreign banks. This is a very difficult test in law and is bound to create more uncertainty and discourage foreign investment. In addition to this, applicable taxes should also be paid. Approval is required from the approving authority and the Nepal Rastra Bank for each repatriation.

Maximum of 2 person and their family members can obtain business visas if the investor is a company. Non-business visa, i. It should be noted that this provision contradicts the provision in the Labour Act which provides for 3 work permits on fast track basis and it is uncertain what will apply. Investment is only allowed in sectors classed as industries by the Industrial Enterprises Act It is also proposed to be amended soon.

Please note that this guide is published for information only and should not be considered as legal advice. You are requested to seek legal advice for specific factual situations. Key Contacts. Balkrishna Neupane Senior Partner. Anjan Neupane Partner. Tej Bahadur Katuwal Partner. The FITTA considers the following as foreign investment: Investment in shares of an industry; Investment through purchase of shares or asset; Investment through lease of airlines, ships, machineries and equipment; Technology transfer i.

What approvals are required? What procedures need to be fulfilled after obtaining approval? However, investors should be aware that following registrations, consents and approvals will be required after foreign investment approval prior to commencement of business: Company registration; Local authority registration; Tax registration; Industry registration; Approval from NRB as discussed in Q2 ; Environmental approvals if applicable ; and Specific sectoral business licenses if applicable.

Is there a minimum investment amount? What is the timeline for investment? What bank accounts can investors open? How can investors repatriate earnings or gains from sales of their shares? What obligations are imposed on investors?

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The Ministry shall make a decision on such an application within thirty working days. In addition to its functions, duties and powers referred to, elsewhere in this Act, other functions, duties and powers of the Board shall be as follows:. In addition to the functions, duties and powers referred to, elsewhere in this Act, other functions, duties and powers of the Department shall be as follows:. Provided, however, that approval of the Nepal Rastra Bank shall be obtained to carry on transaction by opening an account in convertible foreign currency.

Such industrial security shall be provided to any industry with foreign investment as may be available to any other industry established in Nepal. The Department may provide an identity card in the prescribed form to any foreign investor who makes such foreign investment as prescribed. The land that is not subject to such ceiling shall be used only for the same purpose for which it has been purchased. If it is required to expropriate it for the public purpose, due process referred to in the prevailing law shall be fulfilled.

Notwithstanding anything contained elsewhere in this Act or the prevailing law, if any provision made in a manner to change the terms of foreign investments and any exemption, facility or concession receivable by foreign investors is to the disadvantage of any foreign investor having obtained approval prior to the making of such provision, such a change shall not apply to such an investor. If any foreign investor or industry with foreign investment is found to have done any act contrary to this Act or the rules framed under this Act and the terms specified while giving approval for foreign investment, such approval may be revoked or it may be caused to rectify the error, upon fulfilling the procedures as prescribed.

The Government of Nepal may bring into foreign investment by concluding a multilateral or bilateral investment agreement with any foreign friendly country or international institution for the promotion of foreign investment. Provided, that the parties shall not be bound to give information about on what terms and conditions such a settlement has been made.

Provided, that with respect to the case referred to in sub- section 2 , the provision contained in that sub-section shall apply. Information of the agreement so made shall be given to body registering the industry. The foreign investment approving body may perform functions relating to approval for foreign investment in accordance with this Act and other acts and actions related thereto through recognised electronic means, in accordance with the prevailing law relating to electronic transactions.

A foreign investor shall comply with the terms as prescribed, in addition to the terms referred to, in this Act. All acts, actions performed by the authorised person in accordance with the power of attorney shall be deemed to have been performed by the investor himself or herself. The foreign investment approving body may, if it so considers necessary, look at the original of such a power of attorney. The power of attorney shall become invalid from the date on which the person giving such power of attorney registers the information of such withdrawal of the power of attorney with the foreign investment approving body.

The Board or Department may, as required, delegate some powers out of the powers conferred on it in accordance with this Act or the rules framed under this Act to any body or officer of the Government of Nepal. The matters contained herein shall be governed by this Act and the other matters shall be governed by the prevailing law relating to industrial enterprises and other prevailing law.

The Government of Nepal may, by notification in the Nepal gazette, make necessary alteration in the Schedule. The Government of Nepal may frame necessary rules for the implementation of this Act. The Government of Nepal may, without prejudice to this Act and the generality to the Regulation framed under this Act, make and enforce necessary Directives, Procedures or Standards. Investment Laws Navigator. Investment Laws Navigator The Investment Laws Navigator is a comprehensive and regularly updated collection of national investment laws.

In this regard, please note: 1. Provision listing: the database follows the source document style. Obvious formatting mistakes have been corrected, inconsistencies in formatting have not been changed. Report error. Date of Authentication March 27, Act No. Now, therefore, be it enacted by the Federal Parliament.

Short Title and Commencement:. Unless the subject or the context otherwise requires, in this Act,-. Chapter 2: Foreign Investment. Foreign investment may be made:. Foreign investment may be made individually or jointly:. Foreign investment may be made by purchasing assets or shares of industry:. Lease investment may be made:. Investment may be made through technology transfer:. Foreign investment may be made by establishing a branch:. Foreign investment may be made by establishing venture capital fund:.

Trading in securities may be made:. Loan may be borrowed or foreign currency acquired by issuing securities:. Loan may be borrowed from foreign financial institution:. Maximum Ceiling threshold of foreign investment not to be prescribed:. Agreement may be made with commercial bank:. Chapter 3: Approval and Repatriation of Foreign Investment. Application to be made for approval to make foreign investment:.

To give information to the Nepal Rastra Bank:. Foreign Investment Approving Body:. Period within which investment has to be made:. To give information on sale of or transfer of title to shares:. Repatriation of investment and earnings:. Functions, duties and powers of the Board:. Functions, duties and powers of the Department:. Services to be provided through the Single Stop Service Centre:.

Facilities to be obtained by industries:. Facility to deal with foreign currency:. Facility of foreign currency:. Provision relating to experts, top-level technical and managerial employees:. Provision relating to industrial security:. Facilities and Concessions: 1 ……………………. See author's posts. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Facilities and Concessions: 1 …………………… 1a …..

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