The end of the Nepali month of Asar marks an important deadline for businesses in Nepal. Nepal’s financial year starts on Shrawan 1st and ends on Asar End. It is the time when companies need to prepare and submit their financial statements to ensure compliance with legal requirements.
Don’t worry if Asar is ending or just ended, you have THREE months to prepare and submit financial statements. However, it’s better to consult Bizsewa in time and get everything done as soon as possible.
In this article, we will discuss the necessary steps and processes that every company should follow to meet the annual compliance apart from the audit report. We will guide you through the submission of audited financial statements, minutes of the annual general meeting, renewal of your business at the ward office, and the importance of submitting specific licenses and permits. Bizsewa, a trusted partner in business compliance services, can assist you in preparing your company papers, financial statements, and submitting the necessary documents on your behalf.
Submit Audited Financial Statements (Audit Report) to Inland Revenue Department (Kar Karyalaya)
Before the end of Ashoj, every year, it is essential for companies to submit their audited financial statements, also known as the audit report, to the Inland Revenue Department (IRD). These financial statements must be signed by a registered auditor or a chartered accountant, the director of the company, and the accountant who prepared the statements. The audit report provides a comprehensive overview of the company’s financial performance, ensuring transparency and accountability.
To fulfill this compliance requirement, you must upload the audited financial statements on the IRD dashboard and complete the necessary records. By submitting the audit report on time, you demonstrate your commitment to complying with legal regulations and maintaining the integrity of your business.
Submit Audited Financial Statements, Minutes of Annual General Meeting to Office of The Company Registrar (OCR)
In addition to the Inland Revenue Department, companies are required to submit their audited financial statements and the minutes of the annual general meeting (AGM) to the Office of The Company Registrar (OCR) before the end of Poush. The AGM is an essential gathering of company shareholders where important decisions and resolutions are made. The minutes of the meeting capture the discussions, decisions, and resolutions taken during the AGM.
Submitting the audited financial statements and minutes of the AGM to the OCR ensures that the company’s information is updated and accurate in the official records. It provides a transparent view of the company’s financial health and operational activities.
Renew Your Business at Ward Office and Pay TDS on Rent
As the Asar month comes to an end, it is crucial to renew your business registration at the ward office. This renewal process involves updating your business details and paying the necessary fees. By renewing your business, you ensure that your operations remain legal and compliant with the local authorities.
Additionally, if your business involves renting premises, you are required to pay Tax Deducted at Source (TDS) on rent. This TDS payment should be made on time to avoid penalties and maintain a good standing with the tax authorities. The timely payment of TDS demonstrates your commitment to fulfilling your tax obligations and operating your business ethically.
Submitting Specific Licences, Affiliations, and Permits
Apart from the above-mentioned compliances, businesses with specific licenses, affiliations, or permits obtained from various authorities may have additional documentation requirements. These documents need to be submitted to the respective authorities before the specified deadlines.
To ensure a smooth and hassle-free process, it is crucial to understand the specific requirements associated with your business licenses, affiliations, or permits. By staying updated and submitting the necessary documents on time, you maintain the legal validity of your business operations and avoid any potential penalties or complications.
Bizsewa: Your Trusted Partner for Business Compliance
Managing the annual compliances and preparing the required documents can be a time-consuming and complex process. This is where Bizsewa comes to your rescue. We are a trusted partner offering comprehensive business compliance services to help you meet all the necessary requirements.
Our team of experienced professionals is well-versed in Nepali business regulations and processes. We can assist you in preparing company papers, financial statements, and submitting the required documents on your behalf. With Bizsewa, you can have peace of mind, knowing that your compliances are being taken care of efficiently and accurately.
FAQs
Q: Why is it important to submit audited financial statements?
Submitting audited financial statements is essential to comply with legal regulations and maintain transparency and accountability in your business. It provides stakeholders, including investors and regulatory authorities, with an accurate understanding of your company’s financial health and performance.
Q: Can I prepare and submit the financial statements myself?
While it is possible to prepare and submit financial statements yourself, it is recommended to seek professional assistance. However, an independent auditor should check and verify the truthfulness of the financial statements. A registered auditor or a chartered accountant has the expertise to ensure accuracy and compliance with accounting standards. Bizsewa can help you with professional financial statement preparation.
Q: What are the consequences of not meeting the compliance deadlines?
Failing to meet the compliance deadlines can result in penalties, fines, and legal complications. It may also damage your business reputation and hinder potential opportunities. It is crucial to prioritize compliance and ensure timely submission of required documents.
Q: How can Bizsewa assist me in the compliance process?
Bizsewa offers comprehensive business compliance services. We can prepare your company papers, financial statements, and other necessary documents. Our team will ensure that all required submissions are made on time, reducing your administrative burden and helping you maintain compliance.
Q: How do I contact Bizsewa for assistance?
You can contact Bizsewa through our website or reach out to our customer support team. We will be happy to assist you with your compliance needs and provide you with the necessary guidance and support.
Q: Can Bizsewa handle specific licenses and permits?
Yes, Bizsewa can handle the submission of specific licenses, permits, and affiliations required for your business. Our experienced team is well-versed in the documentation processes and can ensure that all necessary documents are submitted on time.
Final Words
As the Asar month comes to an end, businesses in Nepal must focus on fulfilling their annual compliance requirements. Submitting audited financial statements, minutes of the annual general meeting, and renewing your business at the ward office are essential tasks to maintain compliance with the authorities. Additionally, submitting specific licenses and permits, if applicable, ensures the legality and credibility of your business operations.
To ease the burden of compliance and ensure accuracy, Bizsewa offers professional business compliance services. Our dedicated team can assist you in preparing company papers, financial statements, and submitting the necessary documents on your behalf. By partnering with Bizsewa, you can focus on your core business activities while leaving the compliance responsibilities to the experts.
