(1) According to this Act, foreign investors who wish to make foreign investment in Nepal shall disclose the details including the schedule of bringing in foreign investment and the action plan of investment in the industry and submit an application to the foreign investment approving agency in the prescribed format for the approval of foreign investment.
(2) Upon examination of the application received under sub-section (1), if the prescribed documents are found to be complete, the foreign investment approving body shall grant approval for foreign investment in the prescribed format within seven days from the date of receipt of the application.
(3) If the industry approved in accordance with sub-section (2) wants to invest in the same industry or invest in any industry other than the industries listed in the schedule, foreign investment approval will not be required again. However, it will be the same in the matter of industry or company registration or tax purposes or any other work requiring a license or permission according to the prevailing law.
(4) If an industry is established in accordance with sub-section (3) or if there is a change in the ownership structure of an industry due to foreign investment, such industry shall inform the department and Nepal Rastra Bank. After receiving such information, the department will have to keep a record of it.
(5) If it is found that the approval cannot be given after examining the application according to sub-section (2), the foreign investment approving body shall inform the applicant in writing within seven days after revealing the basis and reason thereof.
(6) If the decision made by the department is not satisfied according to the information received in accordance with sub-section (5), the relevant investor may submit an application to the Ministry for review of such decision.
(7) On the application received according to sub-section (6), the Ministry shall make a decision within thirty days after making necessary investigations.