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The government has recognized the startup as an industry. The government has given legal recognition to startups for the first time through an ordinance to amend some Nepal Acts related to investment facilitation.
The Cabinet meeting held on Monday directed the President’s Office to issue an ordinance amending some Nepal Acts related to investment facilitation.
By amending the Industrial Business Act through an ordinance, an enterprise or business that has been commercially operated by using innovative research and creative thinking in the development, production, operation and distribution of any product or service and process to be registered as a startup enterprise or business when registered as an industry by the industry registration body under this Act, It has been arranged.
An enterprise that has not exceeded ten years from the date of registration and whose annual turnover has not exceeded 150 million in any financial year after registration can be registered as a startup. It can rapidly upgrade and use innovative thinking and technology to produce goods or services.
The Act allows the Nepal, state, or local governments to establish and operate enterprise promotion centers to promote startup enterprises or businesses.
In addition, there is a provision that the Nepal government, provincial government or local level can provide incentives, discounts, concessions or financial and non-financial facilities to startup enterprises or businesses as prescribed by the government of Nepal. is
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