Having an Exim code is a requirement for doing business in Nepal, whether you’re an exporter, importer, or a general trader. Before beginning business in Nepal, one must first register for an Exim Code. The Nepalese Exim code is distributed by the Nepal Customs Administration. Consequently, you must submit an application on the Department of Customs website in Nepal, together with the necessary documents and application form, if you wish to register an Exim code in that country.
Know about Exim Code
Each export and import in Nepal is given a unique 13-character identifier called an EXIM code by the Customs Department of the Ministry of Finance. In today’s globally integrated economy, obtaining an EXIM number in different countries is necessary for trading goods and services across international borders.
Why Exim Code in Nepal Important?
The EXIM Code allows a business to Import Export Code Registration from Nepal lawfully, while also supplying the government with up-to-date information in real time. The most recent Bank Guarantee must be included into the EXIM Code every year. To apply for an EXIM Code in Nepal, a firm needs a minimum of 10 Lakh in paid-up capital; however, if the application is made only for export purposes, the minimum is waived.
Know about the Validity of Exim Code in Nepal
For as long as your company is operational, your Exim Code will remain active or valid. This means it remains in effect indefinitely unless you voluntarily revoke it, fail to pay any outstanding taxes, or otherwise violate any applicable laws or regulations.
How to check Validity of Exim Code in Nepal
After getting the Exim Code in Nepal, you can check the validity of it through the official portal of Ministry of Finance and Department of Customs Nepal.
What’s the process of getting Exim Code in Nepal?
- Any business that wants to use an EXIM must first register with either the Department of Commerce or the Department of Industry/Department of Cottage and Small Industries.
- Companies that have already been registered with the Company Registration Office must also register with the Department of Commerce or the Department of Industry/Department of Cottage and Small Industries in order to obtain an EXIM Code. This can be done by paying rajaswa to the registering authority in an amount proportional to the company’s capital.
- The Department of Customs has an application form that must be filled out by businesses.
- A Commercial Bank in the “A” Category Bank Rating is required to issue a Bank Guarantee in the sum of NPR 300,000. (the period must be a minimum of 1 year)
- Present the aforementioned paperwork together with your EXCISE Duty license.
- The EXIM Code will be issued by the Department of Customs following successful registration. To get your license, you’ll need to bring in the original letter from the bank guarantee to the Department of Consumer Affairs.
When can the Exim Code in Nepal become invalid?
A firm’s EXIM Code will not change during its lifetime; nevertheless, the Department of Customs may revoke the code if taxes aren’t paid, if the company wants the code canceled, or if the bank guarantee is canceled. The code can be reinstated, however, if the company applies for this to happen and submits the necessary paperwork. The Bank Guarantee certificate must be renewed annually, and the EXIM must be renewed every year
Moreover, If you want any other guidance relating to Exim code in Nepal Please feel free to talk to our business advisors at 8881-069-069.
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