
Objective Change: This is the process of changing or updating the goals and targets of a company in Nepal
What is Objective Change?
Objective change refers to a shift in the goals, targets, or aims of a project, organization, or policy for a Private Company registered under OCR.
It involves altering the fundamental objectives to adapt to new circumstances or improve outcomes, ensuring alignment with evolving needs, priorities, or external conditions.
Which authority grants Objective Change in Nepal?
In Nepal, the authority responsible for granting an objective change in various contexts can include:
- Department of Industry (DoI):
- Role: Manages changes in business objectives, particularly for registered companies or industries seeking to alter their scope or goals.
- Process: Companies must submit an application detailing the proposed changes and obtain approval.
- Company Registrar’s Office:
- Role: Oversees changes in the objectives of companies, including alterations to business activities or corporate goals.
- Process: Requires companies to file updated documents reflecting the new objectives.
- Ministry of Finance:
- Role: Involved in approving changes related to financial objectives or budgetary allocations, especially for government projects or initiatives.
- Process: Review and approval of revised financial plans or objectives.
- Local Authorities:
- Role: May be involved in approving changes related to local projects or initiatives, including municipal or regional objectives.
- Process: Review and grant approval based on local regulations and policies.
What is the process of obtaining Objective Change in Nepal? (In 4-5 Detailed Steps)
To obtain an objective change for a company in Nepal, follow these steps:
- Board Resolution: Pass a resolution from the Board of Directors approving the change in objectives. This resolution should be documented in the meeting minutes.
- Prepare Documentation: Prepare and gather necessary documents, including the application form for objective change, the updated Memorandum of Association (MoA) reflecting the new objectives, and a copy of the Board resolution.
- Submit Application: Submit the application for objective change to the Office of the Company Registrar, along with the updated MoA, Board resolution, and any other required documents.
- Review and Approval: The Office of the Company Registrar will review the application and documents to ensure compliance with legal requirements. They may request additional information or documentation if needed.
- Update Records: Once approved, the Office of the Company Registrar will update the company records to reflect the new objectives. Obtain a revised certificate of incorporation or a confirmation of the change for official records.
What are the Documents required for Objective Change in Nepal?
To request an objective change for a business in Nepal, one generally need to provide the following documents:
- Application Form: A completed application form for objective change, available from the Department of Industry or the Office of the Company Registrar.
- Board Resolution: A resolution from the company’s board of directors or general meeting approving the change in objectives.
- Amended Memorandum of Association (MOA): Updated MOA reflecting the new objectives, signed by the company’s authorized representatives.
- Company Registration Certificate: Copy of the current company registration certificate.
- Updated Articles of Association (AOA): If applicable, updated AOA reflecting any changes related to the new objectives.
- Identity Proof: Identification documents of the company’s directors or authorized signatories, such as citizenship certificates or passports.
- Tax Clearance Certificate: A certificate from the Inland Revenue Department indicating that the company’s tax obligations are up to date.
- Fee Payment Receipt: Proof of payment for any applicable fees related to the objective change process.
Read More:
What are the requirements for Objective Change in Nepal?
To make an objective change (modification of the business objectives) for a company in Nepal, the following requirements typically need to be met:
- Board Resolution: A resolution passed by the company’s board of directors approving the change in objectives.
- Amendment Proposal: A formal proposal outlining the changes to the company’s objectives.
- Updated Memorandum: Submission of an updated Memorandum of Association reflecting the new objectives.
- Shareholder Approval: Approval from the shareholders through a general meeting or special resolution.
- Application Form: Submission of an application form to the Office of the Company Registrar for the amendment.
- Fee Payment: Payment of the prescribed fee for processing the change.
- Supporting Documents: Provision of any additional documents required by the Office of the Company Registrar, such as identification documents of directors and shareholders.
What is the time taken for Objective Change in Nepal?
In Nepal, changing the objectives of a company or organization typically takes about 1 to 3 months.
This process involves updating the company’s documents, such as the Memorandum of Association, and obtaining approvals from the Department of Industry or relevant authorities.
What is the cost for Objective Change in Nepal?
The cost for changing the objectives of a company in Nepal generally involves:
- Application Fee: Charged by the Company Registrar’s Office.
- Document Preparation: Costs for preparing and notarizing necessary documents.
- Processing Fee: Administrative costs for updating records.