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APPENDICES 225<br />
I. Horizontal and Sector Specific Commitments<br />
Table A12.5 Nepal’s Commitments<br />
Sector/Sub-sector Limitations on Market Access Limitations on National Treatment<br />
and Additional Commitments<br />
All Sectors included<br />
in this schedule<br />
(1) None, except with respect to foreign<br />
exchange provided to foreigners<br />
(excluding those categories of persons<br />
covered by commitments in this<br />
agreement) to pay for any cross-border<br />
services<br />
(2) None<br />
(3) None: (3) None, except<br />
The The conditions of ownership, operation and – A foreign investor reinvesting earnings<br />
juridical form and scope of activity as set out in a is required to obtain the permission of<br />
license or other form of approval establishing or the Department of Industry.<br />
authorising the operation and supply of services – All foreign investments except for<br />
by an existing foreign service supplier, will not be Financial Services require approval by<br />
made more restrictive than they exist as of the the Department of Industry.<br />
date of Nepal’s accession to WTO. – Incentives and subsidies are available<br />
only to enterprises wholly owned by<br />
Nepalese nationals.<br />
(4) Unbound, except for temporary entry and stay of (4) Unbound except for measures<br />
natural persons of another Member in the follow- concerning the categories of natural<br />
ing categories:<br />
persons referred to in the market<br />
Service sales persons<br />
access column<br />
Persons not based in the territory of Nepal and Selling and buying real estate is the<br />
receiving no remuneration from a source located constitutional right of every Nepalese<br />
within Nepal, who are engaged in activities<br />
citizen. The Civil Code prohibits<br />
related to representing a service supplier for the anyone from selling, mortgaging,<br />
purpose of negotiating for the sale of services of gifting or endowing or disposing any<br />
that supplier where:<br />
real property to a foreign individual.<br />
(a) Such sales are not directly made to the<br />
general public, and<br />
Additional Commitments<br />
(b) The sales person is not engaged in supplying Except where an environmental impact<br />
the service.<br />
assessment is required, decisions of the<br />
Entry for persons named in these two categories department are normally provided within<br />
is limited to a ninety-day period, which may be 30 days of the date of application.<br />
renewed.<br />
Approval of an investment will not<br />
Persons responsible for setting up a commercial normally be withheld except for failure to<br />
presence<br />
meet environmental standards.<br />
Persons who are employees of an enterprise not A foreign investor making an investment<br />
having commercial presence in Nepal and who in foreign currency shall be entitled to<br />
stay temporarily in Nepal for the purpose of repatriate the following amount outside<br />
setting up a commercial presence of that enter- Nepal:<br />
prise in Nepal. Personnel engaged in setting up (a) The amount received by the sale, in<br />
commercial presence shall present proof of the whole or part, of the investors share of<br />
commencement of business operation within one equity;<br />
year of the date of entry of that person. Entry for (b) The amount received as profit or<br />
the above-listed persons is limited to one year dividend as a result of an equity<br />
period, which may be renewed.<br />
investment;<br />
Intra-corporate transferees (ICTs)<br />
(c) The amount received as the payment<br />
Managers, executives and specialists as defined of the principal of and interest on any<br />
below who are employees of firms that provide foreign loan; and<br />
services in Nepal through a branch, subsidiary or (d) The amount received under an<br />
affiliate established in Nepal and who have been agreement to transfer technology<br />
in the prior employment of their firm outside approved by the Department of<br />
Nepal for a period of not less than one year<br />
Industries or the Department of Cottage<br />
immediately preceding the date of their applica- and Small Industries.<br />
Contd . . .