In order to create a commercial and investment environment, the High Level Economic Advisory Commission has advised to establish a 'single registration body' so that all types of businesses, private firms, partnerships and companies are registered in one body.
The commission formed under the coordination of former finance secretary Rameshwar Khanal has also stated that the company registrar can be designated as another suitable entity. It has been suggested to the government to make all procedures related to registration and submission of necessary documents online, business registration certificate and income tax permanent account number to be available at the same time.
It is recommended to use the national identity card number of the person who owns the firm when registering all types of businesses, and it is suggested that all types of business registration should be free. Similarly, it has been said that the provision of renewal should be removed.
Commission has also suggested not to set the maximum percentage of profit . "By creating a competitive environment in the market without allowing a monopoly, any business should not set a maximum percentage of profit for the services it sells," the commission said in its suggestion to the government.
Although the commission mentioned that the profit percentage will not be set, it did not talk about what to do in case of cheating by keeping excessive profits. The government is also silent on how to regulate businessmen.
