Overview

About 40% of Nepal's GDP is made up of agriculture, the next 41% is made up of services, and the last 22% is made up of industries. Agriculture, services, and manufacturing/craft-based industries collectively employ 76% of the workforce.

Tea, rice, corn, wheat, sugarcane, root crops, milk, and the meat of water buffalo are among the agricultural exports that are mostly farmed in the Terai area, which borders India.

Furthermore, The main sectors of development in Nepal are in farming and agro processing, tourist industry, energy production, and infrastructural development.

Besides, Medicines, wildlife, human resource development, the healthcare and education sectors, and IT-related businesses are booming in Nepal day by day.

Nepal has also pledged to open up industries such as legal services, engineering, architecture, R&D, advertising, market analysis, couriers, telecommunication, musical items, higher education, financial services, hotels, and restaurants and many more.

As a result, starting an import-export business in Nepal is the profitable decision now. There are huge opportunities available if you wish to start import export business in Nepal. However, you need to get essential registrations such as Exim Code registration to legally conduct your import export business in Nepal.

An Exim Code in Nepal is an important and mandatory registration as per the governments rules and regulations.

What is the EXIM Code in Nepal?

Exim Code in Nepal is a 13-digit code issued as a registration certificate by the Nepal Government. It is similar to a passport for import export business.

The main goal of implementing an EXIM Code in any nation is to keep an eye on the fraudulent companies that are accountable for the government's income leaks. Exim Code in Nepal also allows unique identification of the export import business of Nepal.

In the context of exporting or importing goods or services from Nepal, the EXIM Code grants an institution the authority to conduct cross-border sales or purchases of goods or services with real-time transfer of data to the authorities.

Is the Exim Code mandatory to export and import in Nepal?

Selling and purchasing products or services to a worldwide market is easily possible in this day and age, but it comes with a series of regulations that must be followed before doing, such as obtaining an EXIM code.

Exim Code in Nepal is made mandatory by the Department of Customs, Ministry of Finance (Government of Nepal).

Key points for Exim Code Number in Nepal

#1. The 13-letter EXIM Code contains the company's registered PAN number (9 digit).

#2. The next two digits denote the business entity type.

#3. If it has (01) it means it is a single owner or sole proprietor business.

#4. A partnership has (02) as 10th and 11th digit,

#5. Last two digits are software-generated 2-digit unique numbers.

#6. An EXIM Code in Nepal ends with NP denoting Nepal.

#7. A company incorporated in Nepal with a minimum Paid up Capital of up to 10 Lakh can apply for an EXIM Code in Nepal.

#8. However, if you are applying Exim Code in Nepal for export business only, then there is zero minimum paid up capital requirement,

Benefits of Exim Code in Nepal

It helps in Business Expansion
Today, every business needs to expand its business and scale up the profitability. This is easily possible if business crosses the borders. By having Exim Code in Nepal, you can legally expand your business across the globe.

No complicated process & requirement of return filings
Exim Code in Nepal doesn't have any return filings. You only have to update it once a year which you can easily do online.

Makes your business compliant with the Law
Wrong entries can lead to delay in shipment, high cost of shipping, increase risk of penalties and charges, affect quality of service and create difficulties in financial transactions with other countries. Furthermore, it can also result in punishments and therefore Exim Code in Nepal helps to be compliant with the law.

No need to renew the Exim Code in Nepal
Exim Code in Nepal is valid for a lifetime or till the companies tend to exist. Therefore, you don't need to renew the exim code in nepal. It can be cancelled only if liability of unpaid taxes exists, voluntarily cancellation request, or Bank Guarantee cancellation request.

Avail the beneficial schemes launched by the Nepal Government
EXIM code in Nepal offers significant advantages to both exporters and importers. The registered business organisations would be eligible for any advantages announced by Customs, ministry of commerce(Nepal) or any government agencies. For example, if you need to avail cash incentive scheme for exports from the Nepal government, you will need a valid exim code along with the PAN and VAT Certificates.

Validity of Exim Code in Nepal

Exim Code in Nepal is valid as long as your business exists. It means it is valid for lifetime unless and until you have unpaid taxes, do not comply with rules and regulations or voluntarily cancel it.

Why choose E-StartupIndia for applying Exim Code in Nepal?

E-StartupIndia is amongst India's leading platforms for providing online legal services to businesses. Our team of experts comprise of CAs, CS, lawyers, accountants and professional executives who can provide you quality services at an affordable cost. Our procedure is simple and you need not to visit several websites or apps to get your work done.

All our professional and experienced Lawyers, Chartered Accountants, & Company Secretaries are available at one place on our mobile platform and website. If you have any queries feel free to contact our experts at: +91-8881-069-069 or info@e-startupindia.com. We will be more than happy to assist you in resolving all your queries and provide you quick support to get hassle-free exim code in nepal.