Exporters and Importers or collectively traders in Nepal mandatorily need exim code in Nepal. The Registration of Exim Code in Nepal must be taken before pursuing the trade. The Department of Customs of Nepal issues the exim code. Therefore, to register exim code in Nepal, you need to file an application on the Department of Customs website along with the required documents and application form.
What is the Exim Code in Nepal?
The Department of Customs, Ministry of Finance (Government of Nepal) assigns an EXIM code (an Export and Import Code) consisting of 13 letters to each export and import transaction. Achieving an EXIM code is a prerequisite to selling or buying products or services on the worldwide market in today’s globally interconnected economy.
Importance of Exim Code in Nepal
With an EXIM Code, a company can legally export and import goods and services from Nepal while also providing the government with up-to-date information in real time. Using the EXIM Code makes it illegal to import or export commodities in a way that could reduce tax revenue to the government. Each year, the EXIM Code must be updated with the most recent Bank Guarantee. A Nepali company can apply for an EXIM Code with a minimum Paid up Capital of 10 Lakh, but if the application is for export purposes only, there is no such requirement.
Document Requirement to register exim code in Nepal
- Online Registration Form
- Citizenship copy of an individual or of all shareholders in a partnership firm
- PAN/VAT Certificate
- Registration Certificate of the company
- Passport size photo of the proprietor
- If the Company is registered under the Department of Industry, Department of Commerce or Department of Small and Cottage Industry, minimum 10 lakh paid up capital should be proven by providing Share Certificate.
- If the Company is registered at the Department of Small and Cottage Industry after 2074, a request letter from the Department of Industry is mandatory.
- Tax Clearance Certificate of the previous fiscal year
- Exact MAP tracing of office location
- Sifarish Patra from Bank
- Bank Guarantee Document amounting to NPR. 300,000 (Three Hundred Thousand)
Stepwise Process to register Exim Code in Nepal
- A business must first register with the Department of Commerce in order to obtain an EXIM Code.
- If you want your company to be able to import and export goods legally, you’ll need to have it registered with the Department of Commerce and pay the appropriate taxes.
- It is necessary to submit an application, which may be found at www.customs.gov.np.
- Include a bank guarantee from a “A” commercial bank in the amount of NPR 300,000 with your application and the other required paperwork, as well as your EXCISE Duty licence.
- Once the application has been processed, the Department of Customs will issue an EXIM Code.
Conclusion
In conclusion, Exim Code in Nepal is an essential legal registration and requirement for traders operating in Nepal. To get any further assistance regarding exim code in Nepal, you can contact our experts at: 8881-069-069.
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Moreover, If you want any other guidance relating to Import Export Code Registration Please feel free to talk to our business advisors at 8881-069-069.
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