Without a standard procedure for doing business, private individuals often complain about contradicting information, multiple visits to the authorities, delays and frustration.
With e-Regulations portal launched, however, traders and investors will no longer have to go through the hassle.
e-Regulations is an online portal that provides a step-by-stepguide on investment procedures that include foreign direct investment, domestic businesses, trading, and construction permits.
Users can access information of different agencies, dealing officers, forms and documents, applicable fees, expected cost and timeline, and applicable laws about a particular service.
It has more than 300 procedures and guidelines in 40 different languages.
Senior Industry officer of the Foreign Direct Investment division, Sonam Lhamo, said that the platform would enhance investor experience, minimise costs and time associated with accessing information to start a business.
She said that the portal would make administrative procedures transparent, efficient and conducive for private sectors. “It also promotes public awareness and stimulates public-private dialogue on the procedures and improve the ease of doing business.”
For instance, if a person wants to set up an FDI business within an industrial park in Thimphu, he or she has to follow 35 steps, including how to request security clearance, obtain company’s name, FDI registration to getting tax payer’s number.
“He or she has to visit 11 institutions such as post office to buy a legal stamp, Royal Monetary Authority, any commercial banks, among others with 38 documents. The estimated cost for processing is Nu 19,270, and it would take around four weeks to complete the process,” she said.
The project began in 2015 and the system is successfully used in over 30 countries.
The portal also received a Global Enterprise Registration (GER.co) award during the opening reception of the World Investment Forum in Nairobi, Kenya in July 2016.