(1) The term of a registered private firm shall be five years.

(2) Notwithstanding anything contained in sub-rule (1), this sub-rule shall be in force at the time of its commencement. The period of private firm shall be maintained for the period mentioned in such private firm registration or renewal certificate and after the payment of that period, the renewal shall be for two years. Or (2) within 35 days from the date of expiry of the period for renewing the private firm, an application should be submitted to the concerned office by attaching the following documents:-
(a) Copy of Income Tax (Permanent Account Number) Registration Certificate,
(b) the amount of tax paid for the previous financial year, and
(c) Audit related report in case of private firm with capital of fifty lakh rupees or more. Explanation: For the purpose of this regulation, "Related Office" means the relevant department for commercial business in the case of Kathmandu Valley and the same office in the district where there is a commercial office in the case of elsewhere and the office designated by the relevant department in the district where there is no such office and the relevant department for industrial business. And in the district where there is a domestic and small industry office, the same office and in the district where there is no such office should be considered the office designated by the relevant department and the word also refers to the department or office of the provincial government that oversees commerce and customs.

(3A) Anything written in sub-rule (3) However, for the prevention and control of covid-19, due to the ban on the operation of public services and businesses and the movement of the general public, after 11th of Chaitra 2076, the owner of the private firm who could not renew the private firm within the period as per sub-rule (3) until the date of commencement of this by-law, this rule has been initiated. Within three months from the date, he may submit an application to the concerned office for renewal by attaching the documents mentioned in sub-rule (3). Additional fees or charges for such applicationIt won't work.

(4) If the application is private according to sub-rule (3) and (3A), the concerned office shall renew, change the name of such private firm by taking the following documents:-
(a) The renewal fee shall be ten percent of the registration fee as per Rule 4.
(b) Three hundred rupees for registration certificate. Copies
(c) An amount equal to the fee required for registration of the Namsari Dustur firm.
(d) The name change fee will be fifty percent of the fee required for firm registration. If an application for renewal is submitted within one year from the date of expiration of the said period by showing reasonable cause, and if it is found to be reasonable upon examination of the application given, the concerned office shall take the following renewal fee and renew such private firm:-

(a) Private Double the fee as per sub-rule (4) for thirty-sixth day to three months after the expiry of the term of the firm,
(b) Three times the fee as per sub-rule (4) for up to one year from the date of expiry of the period mentioned in clause (a).
(6) According to sub-rule (5), if the owner of a private firm does not submit an application for renewal of the private firm even within the deadline, the concerned department shall cancel such private firm according to Section 7B of the Act. (6A) If a private firm registered in the name of a person needs to be transferred to the name of its rightful owner, an application should be submitted to the relevant department in the format as per Schedule-2A with the following details and documents attached:-
(a) Full registration certificate of private firm,
(b) Copy of Income Tax (Permanent Account Number) Registration Certificate,
(c) Copy of Nepali citizenship certificate of both the receiver and the giver,
(d) Proof of tax payment certificate or tax statement filed for the previous financial year,
(e) I was in a situation where the owner of the private firm died and had to be registeredA death registration certificate, documents proving the relationship with the beneficiary and other beneficiaries also in his approval.
(6b) In the application submitted as per sub-rule (6a), the officer who will transfer the name of the department shall identify both the parties in his Rohwar and take the registration fee equal to the fee required as per sub-rule (1) of rule 4 and transfer the name of the private firm in the name of the person who wants to transfer the name in the format as per schedule-2. Certificate should be provided.
(6c) According to sub-rule (6b), the entire liability of the former firm will be transferred to the owner of the private firm.
(6d) If there is a dispute between the owners regarding the name of the firm, the department will take action regarding the name only after such dispute has been resolved in accordance with the prevailing law.
(7) Notwithstanding anything contained elsewhere in this rule, section 5A of the renewal, renaming or change of name of a private firm existing at the commencement of this sub-rule. As long as there is no provision in the law of the respective province, it can be done according to this regulation. In this way, the information about the renovation, name change or name change of the private firm must be given to the relevant ministry of the respective province within seven days.