Report

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