A not for profit company - Registration & other details for Nepal - Trilegal Nepal

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11 Dec Business
A not for profit company - Registration & other details for Nepal - Trilegal Nepal
“Trilegal Nepal” is the best firm that you can find if you are planning to get incorporated for " A not for profit distribution company ".

A not for profit company is a company incorporated on conditions that it shall not be entitled to distribute or pay to its members any dividends or any other profits earned or savings made for the attainment of any objectives.

These companies are generally incorporated with the following objectives:

1. Development and promotion of any profession;

2. Protection of collective rights and interests of the persons engaged in a specific profession or occupation

3. For the attainment of any scientific, academic, social, benevolent or public utility or welfare objective on the condition of not distributing profits in Nepal.

1. Legal Service:

# Online reservation of company name at Office of Company Registrar (OCR).

# Drafting and submission of physical copy of document (Article of Association and Memorandum of Association).

# Registration of Company at OCR.

# PAN registration at Inland Revenue Department.

# Registration at Social Welfare Council.

2. Number of members/promoters required for registration:

# A profit not distributing company required at least 5 promoters for registration. The Companies Act does not limit the maximum number of promoters. Any person, trustee of a public trust or corporate body can incorporate a company not distributing profits.

# The membership is not transferable and expires only as a result of death, cancellation of registration or dissolution, voluntary resignation and merger with another company.

3. Documents and details required:

# Proposed name of the Company.

# Address of the Company.

# Objective of the Company.

# Name of the members/promoters of the Company.

# Designated position.

# Citizenship certificate of promoters and witnesses.

# Power of attorney for the registration.

4. Government Fees applicable for registration at OCR.

# NPR. 15,000/-

# Other government fee shall be applicable at ward office and SWC, which will depend on the service you are providing.

5. Timeline:

# It takes around 15 to 30 days for the completion of registration process.

The team of “Trilegal Nepal” has been well-known for executing complex domestic and cross-border cases as well as advising a significant number of national and international clients who has to give nothing but positive feedback about this team for their notable deals. The team has been offering outstanding services in areas of Foreign Direct Investment, Intellectual Property Rights, Retirement Visa and many more. So, this firm provides you the best deal and it certainly is a wise choice if you choose to obtain your retirement visa orany kind of residency visa through “Trilegal Nepal”.