PNGINFORMEDIA

How To Register Your New PNG Company Using Your Favorite Email Client

noreply@blogger.com (Danny ToViran) — Wed, 18 Jun 2014 05:22:00 +0000

In a recent post I mentioned an email service that was offered by the Investment Promotion Authority to help its clients to electronically file their PNG Company forms from the comfort of their homes or office. This is was a prepaid account email service introduced in 2009 referred to as EFF or electronic filing facility that was unfortunately phased away when the IPA launched its online lodgment system (OLS) in November last year. This post is in response to the fact that after the IPA went live with its online lodgment system, online filing of new PNG company registration and business name applications through its online portal was disabled pending certification of passed amendments and folks had to continue filing with paper instead either in person or through the postal system.

If you were a former user of the IPA EFF service under the old company registration (CORE) system this post reveals how you can still email your applications with evidence of payment for processing at IPA even though the EFF service has been done away with and online filing of a new PNG company application through the IPA website is yet to be available for public use; which should save you time in posting through the postal system or lodging over the counter at the ground of IPA Haus at Konedobu in the nation’s capital.

Did you know that many PNG folks still do fly in to Port Moresby just to file their new PNG Company application over the counter and then fly back to their home province a few days later hopefully with their company certificate? An expensive exercise considering the fact that Air Niugini has the most expensive air fares in PNG due to its monopoly on the PNG airline industry.

EMAIL FILING YOUR COMPANY REGISTRATION APPLICATION

So here are the steps to begin filing your PNG company application to IPA through email:

You will first need to download and complete company forms 1, 2, 3, 4 & 6 from here. Refer to this guide on completing a PNG company registration application.
Next sign and scan your application form into PDF format.
Then make internet banking payment of the company registration fee of PGK500 into the IPA ANZ Bank account number 1150909, Port Moresby branch. The BSB number for the ANZ Port Moresby branch is 018-900.
Finally email your application to the Registrar of Companies attaching evidence of your internet banking transaction in your email to online[earth]ipa[dot]gov[dot]pg. Your email subject line should clearly point out that this is a new PNG company registration application. Once your application is received, confirmation of the internet banking transaction will be requested from the finance unit of the IPA before receipting and processing is done.

WHATS NEXT?

As soon your application is approved you will receive a system generated email from IPA containing a cover letter, the original company certificate issued upon approval of your application and a company extract of your company including an official IPA receipt of your payment. Your company is now registered and you can do business. One thing you will note under this online lodgment system is that company certificates are now electronic under the IPA OLS and are not printed on the blue hard copy certificates like in the past under the old registry system. Company certificates and extracts can also now be easily retrieved from the IPA website.

The next thing you should consider doing is creating an external user account on the IPA website so you can claim authority over your company to maintain and update your company records directly online. Although online filing of new PNG company and business names is yet to be enabled under the IPA OLS you are able to do online filing of other business forms instead such as change of directorship, change of shareholding, issuance of new shares, change of registered office and address for service including email; etc.

There are certain business forms filed through the IPA OLS that do not require internal review by the IPA and the information inputted by you on the IPA OLS for your entity is updated as soon as you make the prescribed payments with your credit or debit card. For example the following business forms do not require internal review by IPA:

Change of directors and particulars of directors;
Change of secretaries and particulars of secretaries;
Change of postal address;
Change of registered office;
Change of address for service;
Change of email address;
Change in certain particulars of a business name.

Some of the main business forms that do require internal review by the IPA include:

Update of local and overseas company name;
Reservation of a local company name and overseas company name;
Registration of a new PNG and overseas company;
Registration of a new business name;
Registration of company charge;
Registration of an amalgamation proposal;
Transfer and issuance of shares; and
Company annual returns.

Now that you know how to email your PNG company applications to the IPA for processing you can click here to register your external IPA OLS user account. If you have already registered your PNG company through paper but have yet to claim authority over your company you should consider doing that now. Claiming authority over your company ensures that you are the authorized person doing online maintenance and updating of your registered company records.

Registering Your PNG Company Through The Online PNG Register

noreply@blogger.com (Danny ToViran) — Tue, 21 Jan 2014 10:21:00 +0000

UPDATE: At 2 P.M. on 19 February 2014, the PNG Government passed the bill in parliament on legislative amendments to the Business Names Act 1963 and the Companies Act 1997 which therefore now allows for online filing of business names and local company registrations . These features will be available soon on the IPA website. The amended legislation are now referred to respectively as the Business Names Act 2014 and the Companies Act 2014.

For those of you trying to file a new local company application through the online PNG Companies Register you will have realised that this feature is not yet available.

It has been disabled purposely because there are pending amendments that have yet to be passed providing for online filing of local company applications without the need to submit consent forms as in the current practice under the current Companies Act 1997.

So for now you still have to file your application through paper or email to the PNG Companies Office. But the good thing with this new PNG Companies Register is that once you have registered your local company and have received a certificate of incorporation, you can then proceed to claim authority over your company on the online PNG Companies Register so that you can then maintain and update your company details directly online.

Quick steps to file through paper:

Register a user account on the PNG Companies Register website. Click on the Do It Online tab and select Register Account to create your user account.
Log on with your user account, click on Do It Online and select search a company to confirm that the proposed name you intend to use does not appear in the search result. If it does appear among the search results then it is not available for you to register as the name has already been taken. Note that even slight variations of your proposed name may appear in the search result and if you do try to reserve your own proposed although it may be slightly varied from the name in the search result it may not be accepted on the grounds of name similarities. Doing a search on your proposed name on the online PNG Companies Register ensures that when you do file your application through paper there won’t be any delays with registration just because the name you want is already taken.
Download a local company application from here to complete . Refer to this guide to correctly complete the form.
Submit your application to PNG Companies Office through post or hand deliver to: The Registrar of Companies, PNG Companies Office, Investment Promotion Authority, Ground Floor, IPA Haus, Corner Munidubu Street & Lawes Road Konedobu National Capital District; PO Box 1281 Port Moresby, NCD, Papua New Guinea.
You may even file your application through email with evidence of your payment to online[earth]ipa[dot]gov[dot]pg. Filing your application through email assumes that you have subscribed to your local bank’s internet banking service. Bank South Pacific, Westpac and ANZ Bank provide internet banking services to their customers so you might want to consider applying for this service just so you can file your application for a new local company through email.

Payment Methods

The IPA accepts payments for local company applications in the following manner:

Bank cheques made payable to the “Registrar of Companies”. Personal or company cheques are not acceptable.

Cash deposits strictly using IPA Deposit Slips available at Bank South Pacific, Westpac Bank and ANZ Bank. Confirm with your local bank if they have any IPA Deposit Slips in stock. Otherwise pick one up from the public counter at the Ground Floor of IPA Haus at Konedobu in Port Moresby or at your local IPA regional offices located in Buka, Lae, Mt Hagen and Kokopo. IPA recently signed an MOU with Post PNG so IPA deposit slips should also be available at your local Post PNG offices in the following towns/cities in PNG:

Lorengau, Manus Province;
Kavieng, New Ireland Province;
Kimbe, West New Britain Province;
Tabubil, Western Province;
Alotau, Milne Bay Province;
Kiunga, Western Province.

ETPOS facilities available ~~only~~ at the public counters located on the ground floor of IPA Haus at Konedobu. Your local IPA regional offices do not have ETPOS facilities installed so you will have to use IPA deposit slips or internet banking instead.

Internet Banking. You can make internet banking payments for your local company application into the IPA ANZ account, Port Moresby branch. The IPA ANZ account number is 1150909 and the BSB number for the ANZ Port Moresby branch is 018-900. Ensure that when you email your local company application that you enclose your internet banking transaction statement with it. Once your transaction statement is received it will be forwarded to the finance unit of the IPA to confirm that payment has gone through before it is receipted for processing.

That's it. If you are still in doubt just email your query to online[earth]ipa[dot]gov[dot]pg.

PS: The above step can also be applied to register a business name. You can download a business name application from here.

PPS: The prescribed registration fee for a local company is PGK500 which is inclusive of the fee to reserve a local company name while for a business name it is PGK50.

How The New PNG Companies Online Registry Affects Doing Business In PNG

noreply@blogger.com (Danny ToViran) — Sat, 18 Jan 2014 10:25:00 +0000

Its been more than a month since the PNG Companies Register went online and there has already been mixed reactions about the new online lodgement system.

Wouldn’t there be a security risk to have all this business information at the finger tips of the public, some have queried. There’s this assumption that because the registry is now online some folks would try to take advantage of this freely available information to use it for fraudulent purposes.

I wonder how that works out? You see, unless, you hired a computer nerd to hack the registry system, which I doubt would never happen, the catalyst registry software, the platform on which the PNG Companies Register is built, is a robust web application with tested security systems in place assuring reliability of the information presented on the online PNG Register.

Others have questioned why all company details are now freely viewable or accessible online. Why doesn’t the PNG Companies Office charge fees to view and access the information on the online PNG Register?

Yes, information on the PNG Register has always been available to the public at a fee, in the old registry system. A service fee used to be charged on things such as conducting company searches, obtaining extracts and certificate copies or reprints and even doing photocopies of registered filings. Back then all these information was offline and was not always readily available or easily accessible until now.

To keep up with global trends of doing business in the information age this has all changed with the new online PNG Register. Now all these information is freely available for downloading or emailing from anyway in the world where you have internet access and without any service fee being imposed to access them.

In many ways this empowers everyone concerned with doing business in PNG including you. It empowers the banks especially, as they can now easily verify any new business checking account opening applications by simply conducting their searches freely online without waiting for feed back on company searches done through their headquarters in Port Moresby. It empowers the government or private bodies granting business contracts to a company where they need to verify if the company is legitimate and they simply need to go online to do the verification instead coming physically to IPA Haus at Konedobu NCD. It even empowers the business consultant maintaining and updating information on behalf of their clients where they can now easily view their clients business details on the online registry from the comfort of their offices. Last but not least it empowers anti-corruption agencies scrutinising companies that have questionable deals with the government by having company details at their finger tips 24 hours a day 7 days all year around.

When the companies registry went live in November 2013 many folks who fronted up at the IPA Haus to obtain extracts, copies of certificates or do company searches were disappointed to find out that they can’t now get these information over the counter at the IPA Haus in Port Moresby like they used to in the old registry system but instead they were directed to go to an internet cafe and log on to the IPA website to obtain them. You can imagine the reaction of those who didn’t know how to use a computer or have never surfed the internet or even being to an internet cafe for that matter.

It would beat the purpose of having these business information freely online when people still came to the ground floor of the IPA Haus to obtain it. It would also just be an expensive exercise for the PNG Companies Office to be printing out these information on paper every time someone came to the counter to get them and without being able to charge them under the new online registry system when that same information is already freely available online.

From experience in the mobile communication industry, folks in PNG are smart. When BeMobile first started in PNG not many had a mobile phone handset or even used the BeMobile service. It was not because they did not know how to use a handset but simply because BeMobile only targeted the upper income market and for several years made it such an expensive exercise for the lower income earners in PNG to own a handset or make calls using their network. They ultimately paid the price very dearly by losing the mobile communication share market to Digicel.

When Digicel came on to the mobile communication scene in PNG back in 2007 a veil was removed from the eyes of the public. They targeted the rural population, which is more than 80% of the total population of PNG, by offering much cheaper handsets and even cheaper call rates so that even your grandpa was making calls from his sweet potatoe garden back in the village.

So it is with this new online PNG Register. Many folks in PNG may not know how to use a computer or even own a computer to start with or how to access the world wide web but out of necessity either they will have to learn how to do so and may purchase a new computer, so that they can file their own business filings on the online PNG Register or better still they could just pay someone with the know how who probably is already equipped with a computer who will do it for them at a minimal cost.

Which would you think would be the smarter option?

There in itself my folks is a micro business opportunity for you where if you had a fair idea about how to correctly file business documents at the PNG Companies Office, you could help folks around the country register and maintain their business records at the PNG Companies Office, at a fee off course, simply because you know a little bit more about computers and the internet then these folks who don’t and you probably already have a laptop and a Digicel 3G modem or you know someone who has a laptop or PC who you could go into partnership with and share the risks and profits with. I will let you think about it.

Anyway, now that the PNG Companies Office is online the next government agency that will be also going electronic hopefully in the middle of 2014 will be the IRC - the Tax Man. A renewed memorandum of understanding (MOU) was recently signed between the IPA, the IRC and the Customs Office at the launching of the online PNG Register at the Dynasty Restaurant on 29 November 2013 for the sharing of information between these three government agencies.

One of the anticipated agenda talked about during the launching coming from right at the top is a proposed one-stop-shop at the ground floor of the IPA Haus between the IPA and the IRC. What this basically means is that if and when the IRC went online you would be able to get your business certificate and tax file number at the same time at one location instead of the current practice where after business registration you had to file a separate application for a business tax file number which normally would take several weeks to obtain. So that's something good to look forward to this year in terms of the ease of doing business in PNG. Hopefully this would increase the global index rating of doing business in PNG which is currently at the bottom percentile.

2014 PNG National Budget

noreply@blogger.com (Danny ToViran) — Thu, 17 Oct 2013 04:35:00 +0000

Dear Clients

With the review of Mining and Petroleum Taxation by the IMF and the establishment of a tax reform committee comprised of a number of past Commissioners General, tax reform in PNG seems to be just around the corner. Whether we will see any reforms in this year's budget remains to be seen. However, I am sure this year's PWC/Badili Club Budget Breakfast will provide an opportunity for an update on the tax reform process and to suggest to the Treasury ideas for tax reform.

From a PWC perspective our suggestions will include changes we have been lobbying for in 2013. Some of these are of course matters raised in prior years but experience suggests one year is not always enough! Consequently, the purpose of this note is to bring you up to date with submissions we have made in 2013 to enable you to join with me in measuring the success of our submissions and the Government's response at the 2014 Budget Breakfast next month. The following points summarise the areas of the law which we would like amended:

Import GST- The GST on importation of goods into PNG by most businesses results in no net revenue to the State, but the timing of collection is a potentially significant cost to business. PwC has recommended PNG operate a GST deferral scheme in respect of the importation of goods whereby payment of the GST due on import is deferred until the due date for lodgement of the GST return. As the input tax credit for the payment is allowed in the same return there is no net cash cost to the importer.

GST on Low Cost Housing - the current income tax and stamp duty law provide concessions which assist citizens acquire residential property. However, there is no similar concession for GST where a citizen acquires a home from a person who is registered for the purposes of the GST Act. We have suggested an amendment to zero-rate the supply of new housing to a value not exceeding K500,000.

Dividend withholding tax - The imposition of dividend withholding tax on dividends paid to resident companies is an impediment to the operation of company groups and has the potential to reduce the amount which would otherwise be available for future investment or available for repayment of debt. We have submitted this impediment should be removed by exempting from dividend withholding tax dividends paid to resident companies.

Management Fee (Withholding) Tax on technical fees - One of the consequences of the change to the definition of management fees in the 2005 National Budget is that management fee withholding tax now applies to fees paid for technical services rendered outside PNG. This includes technical fees paid to third parties. We continue to suggest that as this was originally introduced as a tax avoidance measure; management fee (withholding) tax should only apply to non-deductible management fees.

We have also suggested an amendment to ensure the management fee (withholding) tax only applies to services rendered outside PNG. This is to avoid any potential conflict between management fee withholding tax and foreign contractors’ tax.

Resource Project Amendments-

We have requested a technical amendment to deal with abandoned prospecting authorities and mining leases. The current law does not deal with exploration expenditure in respect of prospecting authorities or mining leases which have been surrendered cancelled or expired or allowable capital expenditure incurred on mining leases or special mining leases which have been surrendered cancelled or expired. However, specific provisions exist which apply to petroleum projects and designated gas projects, respectively. Consequently, this amendment is sought to ensure consistency between the minerals and petroleum industries.

The current rate of deduction for allowable capital expenditure (ACE) for new mining projects is 25% on a diminishing value basis. However, under the general rules for deduction of ACE the rate of deduction effectively switches to a straight line basis where the life of the project falls below 4 in the case of short life ACE. We have requested an amendment to ensure the rate of deduction is consistent with the standard provisions to ensure equity as projects approach the end of their lives and for smaller projects which may have an expected life of mine of less than 5 years.

We have requested an amendment to ensure the 10% dividend withholding tax applicable to dividends paid by mining companies applies to dividends paid directly or directly out of mining income. This would ensure the treatment of dividends paid by mining companies is the same as the treatment of dividends paid from petroleum or gas income.

Refund of Excise- A refund of excise is available in respect of manufactured goods which become unfit for human consumption. However, under the current law the time in which the claim for the refund must be made is within 14 days of the excise being paid. It has been suggested a more realistic time frame for making such a claim is 8 weeks.

Superannuation- We continued to lobby for amendments to the Superannuation law and income tax law to enable self-employed persons and partners in professional firms to have full access to tax effective superannuation savings as well as suggestions for age-based limits on the deduction of contributions.

Based on the most recent advice provided by Treasury the 2014 National Budget will be handed down on 19 November 2013. Consequently, I look forward to reporting to you at the Budget Breakfast on 20 November 2013. In the meantime, should you wish to discuss any of the above please contact me, Jason Ellis or Rajul Makan.

Regards

David Caradus
PwC | Partner
Direct: +675 321 1500 | Mobile: +675 7687 3459
Email: david.caradus@pg.pwc.com
PricewaterhouseCoopers PNG
6th Floor Credit House, Cuthbertson Street, Port Moresby
http://www.pwc.com/pg

PNG NEC Approves Repeal of Business Names Act 1963 & New Amendments to Companies Act 1997

noreply@blogger.com (Danny ToViran) — Tue, 08 Oct 2013 23:09:00 +0000

The National Executive Council has approved the repeal of Business Names Act 1963 to enable small enterprises to understand amendments to the Companies Act 1997.

Acting Prime Minister Leo Dion said Cabinet endorsed the repeal of the act, which is aimed at simplifying business names registrations and making the legislations easier for small enterprises to understand amendments to the Companies Act 1997 to bring it in accord with the ever-changing trends in corporate governance.

Mr Dion said NEC endorsed the enactment of the Business Names Act 2013 also aimed at simplifying business names registrations and making the legislation easier for small enterprises to understand.

“The Cabinet directed the First Legislation Council to draft the amendments as per the drafting instructions,” he said.

Mr Dion said Cabinet also endorsed amendments to the Companies Act 1997 to reform the law relating to companies and accordingly bring it in accord with the changing trends in corporate governance.

“NEC approved amendments to the Companies Act 1997 to facilitate on-line lodgements (filling). The First Legislative Council has been directed to draft the amendments,” he said.

The Acting Prime Minister said the act has remained unchanged since its passage in 1997 and is based upon the New Zealand Companies Act since 1993.

“The changes are intended to update the act to bring it in accord with the changing trends, using the changes made to the New Zealand Companies Act since 1997 as a guide,” Mr Dion said.

Approved for release!

HON. LEO DION, GCL QPM MP
Acting Prime Minister

Getting Your PNG Business Forms Registered Without Delay

noreply@blogger.com (Danny ToViran) — Wed, 25 Sep 2013 04:45:00 +0000

Basic Requirements

There are four basic requirements to consider when completing your PNG company registration application:

1. You should decide on a company name ending with “Limited” or “Ltd” that is not similar to a registered entity. You can list down four company option names in order of preference on the Form 6 – Application for company name reservation;
2. You should appoint at least one or more directors in your proposed company. If you reside overseas, at least one company director should naturally reside in PNG;
3. You should have at least one or more shareholders in your proposed company;
4. You should have issued at least one or mores shares in your proposed company at start up.

Checklist

Your company application Form 1 should be lodged together with the following:

1. Consent of each director of your proposed company – Form 2;
2. Consent of each secretary of your proposed company, if any. (A company secretary should naturally reside in PNG) – Form 3;
3. Consent of each shareholder of your proposed company – Form 4; and
4. Application for reservation of a company name - Form 6.

Other considerations

•Form 1 - The registered office and address for service of your proposed company should be stated in terms of street, section and allotment numbers or portion and milinch references or if in a building the particulars within that building. Either address can be the same or be at two different locations within PNG. These addresses should be physical addresses, be easily identifiable and readily accessible during normal business hours. Postal addresses can not a substitute for a company’s registered office and address for service.

•Forms 2, 3 & 4 – Each consent form should be signed by the respective applicant and not by a third party. Each applicant’s residential address on the consent forms should be physical address and not a postal address. The residential address should be stated completely in terms of street, section and allotment numbers or portion and milinch references or village, district and province; or block or settlement and town or city and province.

•Form 4 - Indicate the number of shares for each shareholder, the price per share, the class of share (eg ordinary or preferential) and the consideration for shares (cash or other than cash.) Where a shareholder is a minor or a corporate entity an authorized person should sign their Form 4 consent on their behalf and attach statutory declaration.

•Form 6 - You should decide upon a company name containing no less than three letter, initials or numbers. Be creative when deciding on your company name. Ministerial consent is required for the use of prohibited words in a company name. For example the word “Trust” is a prohibited word.

Key Facts About the IPA Online Lodgment System

noreply@blogger.com (Danny ToViran) — Fri, 30 Aug 2013 06:12:00 +0000

One of the 12 point business stimulus package approved by the NEC for implementation in 2013 is the online registration of companies in PNG and work is currently underway with Foster Moore and the IPA to get this online lodgment system up and running by the end of the year. The "go live" date is just 3 months away and the staff of IPA and the Foster Moore team are currently kept busy with testing using a "proof of concept" website to do test registrations of local and overseas companies online. Results and feedback from testing on this prototype online registration site is on going and will eventually lead to a fully operational online business registration system for PNG. With the new online lodgment system IPA's clients can comfortably lodge company forms, file documents and do virtual company searches from anywhere they can access the internet with out ever fronting up at the IPA front counters.

What does mean for existing business and company owners?

What this means is that when the new online lodgment system goes live ~~in September~~ at the end of this year all company business registrations and lodgments will be done online through the IPA website from the comfort your home or office, with out physically coming to the IPA. Pre-registration is encouraged for all external users in order to use the new online lodgment system. Pre-registration will ensure that you to get a username and password to logon on to the IPA online database when the online lodgment system goes live.

All pre-registered company and business owners, directors or agents of the business entity can:

● Lodge documents to make changes to the respective business entity on the IPA Register without lodging paper forms at the IPA offices;
● See the status of your lodgments on a user dashboard;
● Request for other online services such as certificates, extracts or make certain changes to the business entity.

Having a credit or debit card would be the most acceptable method of making payment on the new online lodgment system. The IPA is also looking into the possibilities of using mobile phones for payment of services on the new online lodgment system including prepaid accounts such is the current EFF prepaid account set up. All company and business owners and or directors of the business entity will need to pre-register a nominee who will be the authorized person to access the entity's database. This nominee should be a company director and in the event of pre-registering this person, he or she will be given a password which will be used to login to do any company searches or lodgments in the new online lodgment system.

Why is it important to pre-register an account for the Online Lodgment System?

There will be some waiting period for the Registrar to authorize you to lodge documents on behalf of the business entity. Pre-registration will allow you to use the new system immediately after the system go live at the end of the year. ONLY people who have pre-registered accounts will be able to access and lodge documents or access and update their records in the database in the new system.

So why go online?

Doing business in the last decade has increased with technology. PNG has been ranked below global indicators for its performance. With the review of the company and business legislation, it paves way for the introduction of a more web-enabled system. The introduction of the online registry system is a way of addressing the issue and simplifying the processes of doing business in PNG.

Who will benefit from the Online Registry System?

Any persons intending to register a business entity or file documents or do searches without coming to the IPA office will benefit from the online system.

Will IPA still accept manual lodgments?

Yes! Whilst the IPA encourages clients to do business online, it will still accept manual lodgments during its transition period to allow clients to pre-register their accounts and get used to the system. Clients may decide to continue with manual lodgments or register for online registration which provides an easier and efficient way of doing business.

How can I know more about the Online Registry System and other changes to the Company Act and Business Name Act?

By talking to officers at the Investment Promotion Authority on the following telephone numbers: (675) 308 4440, 308 4531, 308 4420, 308 4428, or email onlinelodgment[earth]ipa[dot]gov[dot]pg.

Forget About Manual Filing At IPA This Is Even Better

noreply@blogger.com (Danny ToViran) — Sat, 06 Jul 2013 23:03:00 +0000

If you don't like standing in a queue to file your business forms at the Investment Promotion Authority (IPA) or if the prospect of physically mailing your business forms through the postal system is too time consuming then this post should help you get started with filing any business forms at the IPA using email instead.

We are living in the information age so why shouldn't you use technology to file your forms electronically with the IPA or any relevant government agency in PNG right?

Electronic filing is quite common in most developed nations and I believe one of the contributing factors of the ease of doing business in those countries. Well the good news in PNG is that an IPA online lodgment project is in the works and should go live sometimes in late ~~August~~ 2013 together with a revamped IPA website.

The IPA in its effort to enhance its service delivery in 2009 introduced an electronic filing facility (EFF) where by any interested person could file business registration or statutory forms through email from the very comfort of their office or homes.

Using email to file your business forms at the IPA makes a lot of business sense. For a start it is simple to implement. If you have a laptop and can access the internet you are good to go. E-filing removes the hassle of standing in a line to manually file your forms at the IPA. You won't have to worry about your forms getting lost in the postal system because it arrives electronically at the IPA for receipting and processing. In essence, you save time that you can put to better use in growing your business.

It should be noted that electronically filed statutory forms are only accepted from registered EFF subscribers only. So if you want to e-file your statutory forms you first have to register with the IPA for an EFF account. Registering an EFF account requires submitting an EFF application for approval by the IPA. Basically the EFF operates on prepaid credit. As long as you have credit in your EFF account you can e-file your business forms for receipting and processing at the IPA.

There are two types of EFF account you can choose from. A basic account that does not require an annual subscription and a premium account that requires one. A basic EFF account starts at a minimum prepaid credit block of PGK100. Email lodgments coming in from a user with a basic EFF account are treated as if done over the counter or through surface mail.

A premium EFF account has an annual subscription fee of PGK1000. Email lodgments from premium accounts are given priority over basic accounts and feed back should be expected within three to seven working days depending on the processing back log. In addition premium account holders receive emailed acceptance or rejection notices on the e-filed statutory form.

All EFF subscribers will be emailed an official IPA receipt of their lodgment and an e-statement after their forms are receipted while the original certificates and other notices will be surface mailed back to the EFF subscriber.

Creating Your Own EFF Account

There are already a good number of business consulting, legal and accounting firms and individual consultants in PNG and overseas who regularly deal with the IPA or whose line of work require business information maintained by the Registrar of Companies and so have found it useful to have a registered EFF account to do e-filing of their statutory forms to the IPA and to request for company extracts.

To register for your very own EFF account you can download an EFF registration form from here. The EFF application form is quite simple and straight forward to complete. You are applying either as an individual or as an organization and to start with you either choose a basic account or a premium account.

After completing your EFF application submit it back to the IPA through email or post with evidence of your first payment of prepaid credits. You can purchase prepaid credit blocks starting from PGK100 upwards and can be replenished when it runs out. If you choose "premium account" on your EFF registration form then you should ensure to also pay a subscription fee of PGK1000 on top of your prepaid credit blocks.

Once the appropriate fund amount as listed on your EFF application are cleared into the IPA account your EFF account will be activated and you will be sent confirmation email. You can then begin using your EFF account to e-file statutory forms to the IPA.

Types of Business Services Offered Through the EFF

The kinds of service that can be done at the IPA using the electronic filing facility include:

Electronic filing of all statutory documents required by the IPA (new entity registrations and data maintenance of existing entities);
Email requests for organizational historical and current extracts;
Email requests for copies of business certificates;
Email requests for organizational name availability searches;
Email requests for people searches (director, secretary or shareholder roles in other organizations) and;
Email requests for organizational searches (shareholding or agent roles)

So do you still want to lodge your forms manually at the IPA?

IPA Online Lodgment Preparations Underway

noreply@blogger.com (Danny ToViran) — Mon, 11 Feb 2013 03:12:00 +0000

As preparations get underway for the registration of businesses to go online this year, staff of the Investment Promotion Authority and the software suppliers, Foster More Limited are on their feet to ensure that all current procedures are aligned to suit the requirements of the online project.

The system will be developed using the Catalyst Adoption Methodology (CAM). This means that the software supplier will adopt design the online register system around the IPA’s requirements.

The online lodgment project will provide for document lodgment and registration for the Companies, Securities Commission, Business Names, Associations, Business Groups and Foreign Enterprise registries. The system will also provide an online search capability for clients. This means that clients or people who wish to do lodgments can do that from the comfort of their offices or homes at anytime.

To make this work, the team has had several rounds of workshops to go through the current procedures and data including the IPA lodgment forms to see whether they needed to be reviewed, changed or updated before they are migrated to the online system.

All existing business records will be transferred out of the current system and into the new online register. Some of the tasks that the team is working on include the rewording of the questions in the various application forms, identifying the tasks that different users would be able to perform, who the authorized people will be in terms of logging into the online system and accessing the various company databases.

Users of the online register system will consist of External Users, who are the clients, and internal users who are the IPA staffs. PNGINFORMEDIA will feature regular updates on the online lodgment process in the coming months.

The Start & Improve Your Business (SIYB) Training Programme

noreply@blogger.com (Danny ToViran) — Wed, 06 Feb 2013 07:28:00 +0000

What is SIYB Programme?

SIYB Stands for Start and Improve Your Business. The Start & Improve Your Business (SIYB) is an internationally recognized entrepreneurial development training programme introduced and adopted to suit PNG conditions and situations. It is an International Labour Organization (ILO) programme adopted by PNG because of its sustainability and appropriateness to our situation. It is implemented and/or used in 86 other countries around the world, each country adapting to their own needs and situations.

In PNG, the programme is implemented through the Small Business Development Corporation (SBDC) with technical assistance from ILO and with the funding support from the AusAID. SBDC is a Commercial Statutory Authority within the Ministry of Trade & Industry mandated (under the SBDC Act of 1990) to assist in the development and promotion of small and medium enterprises/entrepreneurs (SMEs) in PNG, particularly the indigenous business sector.

Programme Development Objective(s)

The underlying development of the SIYB programme is to establish a sustainable and appropriate system of business training for potential entrepreneurs who wish to start new businesses or improve the management of existing businesses. Ultimately, the programme will lead to the creation of jobs (self-employment) and an improved standard of living.

The purposes of the project are:-

To produce basic small business training programmes, that can be delivered to potential and existing small business owners/operators throughout the country whilst ensuring women have adequate opportunity to participate in the programme; and
To develop a sustainable institutional arrangement to co-ordinate small and medium business training throughout Papua New Guinea.

Specifics Objectives

The specific objectives of the SIYB Programme are:-

To produce basic small business training programs and deliver training to potential and existing small business owners throughout the country.
To address the specific needs of business in the transition from micro-enterprises to small and medium enterprises.
To ensure that women not only have adequate opportunity to participate in the program but also to have access and equal opportunity to participate in and contribute to every level within the SME sector.
To develop specific SIYB programs to meet the needs of special target groups, eg., agriculture, eco-forestry, fisheries, etc.
To develop suitable institutional arrangements to stimulate, expand and co-ordinate small business training throughout the country.
To strengthen the capacity of SED Network Partners, including educational institutions for small business development training.
To link the SYB/IYB program to other aspects of SME development services, such as credit schemes, business extension services, etc., with a view to product an integrated approach to SME development in PNG.

How the Programme is Implemented?

The programme was introduced to PNG in 1996 and is developed and/or implemented around four (4) main elements:-

i) Development of SIYB Training Manuals
The ILO’s SIYB training materials have been continually adapted and refined to suit PNG conditions and situations. Materials developed and currently available for use are: SIYB Standard, SIYB for Micro-Enterprises and SIYB for Fisheries. Other sectoral adaptations for Agriculture and small building contractors are in progress. These materials are continuously reviewed and refined to accommodate or suit prevailing changes and environments.

ii) Capacity Building of SED Network Partners
The programme is delivered through SED Network Partners and as such selected officers from these organizations are trained to be SIYB trainers. They are developed and skilled to be fully certified SIYB Trainers and Master Trainers and capacitate them with necessary tools and skills. The programme has 150 fully certified SIYB Trainers and 15 Master Trainers (evenly spread within the four (4) regions). Regular regional network partners meetings and SIYB Trainers and Master Trainers in-service workshops are conducted to up-date knowledge and delivery skills.

iii) Delivery of SYB/IYB Training
The Programme is delivered through more than 108 SED Network Partner Organizations, who are responsible for the delivery of the SIYB training programmes to their target groups/clients. The SED Network Partners are from NGOs, Provincial and National Government Departments, mining and petroleum sectors, private business training and consultancy companies, business associations and the fisheries sector.

iv) Programme Management and Monitoring
SBDC, through the SIYB Programme Office, facilitates the co-ordination, monitoring and evaluation, facilitates Training of Trainers (TOTs) and Training of Master Trainers (TOMTs) programmes, quality control and review and development of additional training materials based on expressed needs. Master Trainers (MTs) are equipped and are extensively used to assist with monitoring and evaluation of the programme delivered by the SED Network Partners throughout the country. All certified trainers provide training reports to the SIYB Programme Office.

About the SIYB Programme

The SIYB comprise of two (2) main components:-

Start Your Business (SYB) Programme.
Improve Your Business (IYB) Programme.

Start Your Business (SYB) Programme

The SYB programme is designed to assist people to start a potential/new small business. By participating in the SYB programme, participants learn about business concepts, generate a business idea and prepare a business plan (feasibility study) based on the business idea.

The SYB programme consists of two (2) phases:-

i) Business Awareness Workshop – The participants are provided with basic information about business concepts and principles of owning and running a small business. They assess themselves whether they are the right type of person, posses necessary skills and resources and business, and which leads to choosing a right business idea. This is usually 2 – 3 days workshop.

ii) Business Planning Workshop – It is a 10 days workshop. If the participant posses the necessary skills, resources and right business idea, he/she is put through the business planning workshop. Based on the chosen business idea, the participants are put through a guided training programme to come up with a completed business plan.

iii) SYB for Micro-Enterprises – It is more simplified version (10 days workshop) for informal sector target group(s) with less/minimum education level. It is a combination of Business Awareness and Business Planning workshops. Participants are provided with basic information above business concepts, choosing a business idea and developing a business plan based on the business idea.

Requirements

To participate in the SYB programme, you need to:-

Have a realistic business idea;
Be able to read and write in English;
Are able to do simple calculations; and
Have potential for growth.

The duration of the workshops is from 3 to 5 days, depending on the module chosen.

Who delivers the SIYB Programme?

The SIYB programme is delivered by ILO certified Trainers through SED Partners Organization from private and government organizations throughout the country. Currently, the programme is delivered through 108 organizations involving more than 113 active trainers and monitored and evaluated by 15 Master Trainers throughout the country.

Where to get more information?

SIYB Programme Office
C/- Small Business Development Corporation (SBDC)
P O Box 286
WAIGANI 131
National Capital District
Ph: 323 5816/311 2150
Fax: 323 4585/325 0801
Email: pdpiawu[earth]sbdc[dot]gov[dot]pg

Contact persons:

Mr. Peter Piawu – Manager, SIYB Division.
Mr.Geowa Tomala – SIYB Training Co-ordinator: Email: gtomala[earth]sbdc[dot]gov[dot] pg.
Mr. Bill Reuben – Coordinator – Business Training: Email: breuben[earth] sbdc[dot]gov[dot]pg
Mr. Edward Bal Kepa – Resource Development Coordinator : Email: ebalkepa[earth]sbdc[do]gov[dot]pg

Developing Business Ideas & Networking Through Local Business Summits

noreply@blogger.com (Danny ToViran) — Mon, 26 Mar 2012 12:34:00 +0000

The Investment Promotion Authority is a silver sponsor of the first ever National Development Bank Women In Business Summit that is currently been held at the Holiday Inn in Port Moresby. The NDB Women In Business Summit began on Sunday 25 March and will run for three days ending on Tuesday 27 March 2012.

I had the privilege of attending the summit today in the afternoon with the Registrar of Companies. The Registrar had a slot to present a topic on the business registration process in PNG and more importantly the compliance requirement of companies to lodge annual returns as well as other maintenance issues under the Companies Act of PNG. Earlier in the morning the Director of the Investment Export Promotion Division of the IPA also presented a topic on emerging business opportunities in PNG.

Many of the women folk who attended had travelled into the city for the three day summit from all over PNG and the Holiday Inn Ballroom on the ground floor was fully packed with late comers like myself having to stand at the back. When we walked into the conference room we could feel the stifling heat in the packed conference room as the air condition system was not working properly. Late in the summit, the Holiday Inn management reassured the summit organisers and the delegates that the air condition would be sorted for the rest of the event. However, despite the hot and stuffy atmosphere many of the women braved it to listen and learn from the key speakers that were selected to present on various topics concerning business in PNG.

For many of the women who attended it was an opportunity to learn first hand about the many issues they would face in operating their very own business. Not only that but it was also an opportunity to meet in person other inspirational women leaders and share and discuss business ideas and build their business network through such a summit. Many of the women were found mingling over tea breaks discussing what they were currently doing in what ever small business ventures they had already started or had in mind and I am sure many will walk away from this summit with fresh business ideas and motivation to start running their own business or expand on their existing ones.

For this reason I commend the National Development Bank for its efforts in supporting indigenous businessmen especially the women folk in PNG and also the youths as I hear the NDB has something in store for youths in PNG who aspire to go into business for themselves. I also hope to see many more such business summits in future as such events like this will help many more of our local folks become more self sufficient as they venture into their own businesses.

Image source: NDB Women In Business.

How To Obtain A PNG Cocoa Export License

noreply@blogger.com (Danny ToViran) — Fri, 16 Mar 2012 22:56:00 +0000

The Cocoa Board of Papua New Guinea is the sole authority that issues licenses to companies/exporters who meet the requirements to export cocoa from PNG each year. The cocoa export license issued by the Cocoa Board is valid for one (1) year only, all licenses expire on 30^th September each year.

Requirements for Cocoa Export License

The following are Guidelines on the requirements which need to be satisfied before the Cocoa Board would consider issuing a license to export cocoa.

A. INTRODUCTION

Any application that does not fulfill one or more of the guidelines will be rejected. Therefore full documentation of each of the guidelines is essential for the application to be considered at all by the Board.

No person except the Board has the right to export cocoa from PNG. An export license issued by the Board is a consent to export cocoa on behalf of the Board and can be terminated at any time.

Reports on progressive achievements of any conditions endorsed by the Board must be submitted for annual review. All licenses expire on 30^th September each year.

An export license is not transferable.

These guidelines replace all previous guidelines and Board directives on the registration of Exporters.

B. CREDIT WORTHINESSS & FINANCIAL STANDING

New applicants and existing registered exporters must demonstrate their financial ability through evidence of overdraft facilities or cash at the bank for purpose of cocoa exporting. This must be verified by a letter from a bank together with bank statements.

The minimum financial requirements for a cocoa exporter is K300,000.

Any credit arrangements with overseas companies and partners must be approved by the Board. The company must demonstrate that this is strictly a credit arrangement and provide all the necessary supporting documents.

C. CORPORATE DETAILS (SHAREHOLDING)

New applicants should be wholly Nationally-owned PNG registered companies with preference given to broad-based grower shareholding. Companies and their employees who already have shares in existing registered export companies either directly or indirectly are disqualified.

Registered exporters with overseas shareholding are required to conform with the Investment Promotion Authority requirement for a national enterprise status-which means 50 percent or more ownership by nationals. They have a period of six (6) months to obtain 51 percent national shareholding.

Registered exporters shall not hold shares in the other export companies. The Board must be advised of any changes in shareholding.

Corporate details that must be submitted are:

All Applicant’s:

a) List of Shareholders/Copy of share register;
b) List of Board of Directors;
c) Audited Accounts for the last three years or a certified financial statement for a registered accountant;
d) Copy of Certificate of Registration;
e) Memorandum and Articles of Association.

D. MANAGEMENT EXPERTISE

Each exporter must be a qualified cocoa trader of international repute who can demonstrate expertise in international cocoa trading, quality control and general marketing of cocoa. The management and trading credentials of the individual(s) must be included in the submission.

The Board may accept a management agreement with an overseas partner but any such arrangement must be fully documented and subject to the Board’s approval.

E. TRAINING OF NATIONALS

It is a pre-requisite for each exporter to train PNG nationals on all facets of cocoa training under relevant Government legislation and regulations. The Board requires copies of exporters training program.

All exporters seeking renewal must demonstrate that reasonable efforts have been undertaken to train nationals and localize expatriate held positions.

F. EXPORT PERFORMANCE

The minimum export value of any exporter is 1,000 tonnes per annum. Any exporter not meeting the minimum volume will be required to show cause why its license shall not be cancelled.

G. WAREHOUSE & FACILITIES

Each exporter must have its own winnower or grader/cleaner, cut-test equipment, moisture meter and bagging and marketing equipment.

The exporter must undertake to purchase from registered premises only. Any exporter in breach of this conditions will have its license suspended.

H. QUALITY CONTROL

Cocoa for export must be graded. Marked and packed according to the specifications provided by the Board.

The specification of any shipment of cocoa must match the description as marked upon the bags and in the shipping documents relevant to it.

Exporters trading in certified organic cocoa must have copies of certification documents from an approved agency authenticating every smallholder farm, block or plantation from which any such cocoa for export has originated.

Similar documentation covering all factories and warehouse through which cocoa has passed must be submitted to the Board. Cocoa said to be organically produced will not be certified for export unless current and proper authentication is available.

I. SALES OBLIGATION

Each exporter must observe their contractual obligations both to suppliers internally and buyers overseas.

All contracts with processors must be sent to the Board. Serious breaches of domestic and overseas contractual obligations will result in the termination of the license.

J. EXPORT PRICES/REGISTRAION

All export contracts must be registered with the Board under the appropriate Sales Contract Form and ICCO Form 1.

Exporters will be requested to show cause and justify in the case where sales contract prices fall below 10 percent of the world market price. Failure to justify divergence will result in a penalty equivalent to the different times the tonnage involved. Continuous breaches will result in suspension and eventual termination of license.

K. MONIES DUE TO THE BOARD

Any monies due to the Board shall be settled within 30 days in accordance with normal accounting practice. Any exporter with monies owing over the required period shall have its license suspended.

L. FAILURE TO TRADE

Any exporter that fails to trade in any one year shall not have its license renewed.

M. PURCHASES FROM UNREGISTERED PERMANTARIES

Licensed exporters are prohibited from making purchases from unregistered fermentaries. Any exporter caught in breach of this condition shall be penalized by paying K500 fine and deducting the late registration fee.

N. APPLICATION/REGISTRATION FEES

The closing date for receiving applications for export licenses (including renewals) is 31^st July of each year.

A non-refundable application fee of K200 shall be paid when an application for an export license is lodged with the Board.

A non-refundable fee of K500 shall be payable to the Board if an application is received after the closing date.

Any incomplete application will be subject to an additional non-refundable fee 0f K200.

License fee for an exporter shall be K2, 323.20 for a major port and K950.40 for a minor port. The license fee shall be refunded to the applicant if his application is unsuccessful.

O. REVIEW OF CONDITIONS

The Board may by within ten (10) working days review, amend and revise any of the conditions of an exporter’s license.

The Board shall revoke an export license issued to a registered exporter, if the exporter is proven to have supplied false or incomplete information or inaccurate or misleading information when an application was first lodged.

For further information or clarification to your query or on the above guidelines please lease directly with the Cocoa Board of PNG on telephone (675) 982 9083 or by email

Third Biggest Chicken Project In PNG

noreply@blogger.com (Danny ToViran) — Tue, 06 Mar 2012 01:40:00 +0000

The IPA is expecting a daily record lodgment of 3,000 plus bulk Business Name application forms this month netting an expected figure of K150,000 plus for service fees.

This follows the move by the Office of the Member for Wabag, Honorable Sam Abal in having individuals and family groups register their small poultry businesses to supply what is believed to be the third biggest Chicken project in the country following Niugini Tablebirds and Zenag.

The project will be established in Wabag, Enga Province.

British High Commission launches Pacific Islands Business Opportunities Report

noreply@blogger.com (Danny ToViran) — Mon, 05 Mar 2012 10:35:00 +0000

The British High Commission in Port Moresby recently launched a report entitled ‘UK Business Opportunities in the Pacific Islands Region’ which aims to highlight investment opportunities in the region.

The British High Commissioner to PNG, Her Excellency Jackie Barson and CEO of the Port Moresby Chamber of Commerce and Industry, David Conn will take part in a two-week road show to the UK to promote the report.

The report includes an economic and investment environment outlook for the region and focuses on key investment areas in the three featured countries of the Solomon Islands, Fiji and Papua New Guinea.

The UK’s long history in the Pacific already has a visible footprint and business interests are increasing.

This was noted in the foreword of the report by the Permanent Under Secretary (PUS) of the Foreign and Commonwealth Office, Simon Fraser and Chief Executive of UK Trade and Investment, Nick Baird.

They also commented that there continues to be substantial opportunities for UK business in the region, most notably in the areas of service delivery and the development of natural resources.

Both sounded their assurance that the British Government’s network of High Commissions would be ready to lend political support to would-be investors in the region.

The report was launched by the British High Commissioner to PNG, Her Excellency Jackie Barson and witnessed by foreign dignitaries from the Fiji and Solomon Islands High Commission, members of the business community and representatives from various government agencies including the Investment Promotion Authority.

Image source: Voice of America blogs

IPA Rolls Out Its Services Through The Post Offices

noreply@blogger.com (Danny ToViran) — Thu, 01 Mar 2012 03:01:00 +0000

The Investment Promotion Authority in collaboration with ~~the~~ Post PNG Limited launched the roll out program in Lorengau Post PNG in Manus last month making it the first Post Office to begin accepting IPA registration forms and other compliance forms.

IPA and Post PNG last year signed a Memorandum of Agreement in which Post PNG will receive IPA registration forms and other compliance forms, including payments, at potentially any Post PNG counters in Papua New Guinea and deliver those forms and receipts to IPA through its Express Mail Service (EMS).

The agreement included the training of Post Office staffs by IPA on the processes of registering and receipting IPA application forms at the Post office counters.

The first training in Manus coincided with the launching of the roll out program.

IPA Managing Director Ivan Pomaleu said this program was particularly important for the rural people as most times it takes months for clients to receive their documents and responses from IPA.

He said the arrangement with Post PNG Limited is a win-win situation for the both organisations and he is very much excited to see the program rolled out throughout the country.

Mr Pomaleu said the IPA is determined to go places with Post PNG Limited just as the organisation’s motto “Going Places.”

Lorengau Post Office’s Retail Manageress, Lolo Wartovo expressed similar sentiments, saying this business initiative between the IPA and Post PNG limited represents a new way of thinking in terms of service delivery relationship.

She said the two organisations are taking the lead in networking and setting the pace service delivery milestone.

Mrs Wartovo urged the Manus people to use the IPA service that is now available at Lorengau Post office and clients must enquire at the customer service counter for assistance.

Meanwhile, Manus Provincial Administrator, Kule’en Hamou appreciated the initiative saying it is historical for Manus and for PNG.

He said Manus is small in all aspects but has a human resource potential compared to the other provinces and the provincial administration is now determined on enhancing the human resource development.

“The development aspect of Manus is based on Human Resource and we are now keen on building this resource which will then flow on to other development s in the infrastructure, social and economy sectors,” Mr Hamou said.

“With such as our goal, the government of Manus is focussing on providing business and government services at the Ward level to get them established and to help the people to be more productive,” Mr Hamou said.

He said the launching of the roll out program in Manus will contribute immensely to the province’s aims and objective to help the province meet its target by 2030.

Pilot project centres for this roll out program include Lorengau, Kavieng, Kimbe, Alotau, Mendi, Aitape, Kainantu, and Kiunga Post Offices.

Currently, the IPA officers are in Kavieng Post office training Post Office staffs before proceeding to Kimbe.

Are You On IPA's Acceptable Cheque List?

noreply@blogger.com (Danny ToViran) — Fri, 10 Feb 2012 04:56:00 +0000

Hey friends

The following is the master list of companies who are listed on The Investment Promotion Authority’s “Acceptable Cheque List” as at 20 OCTOBER 2011.

If you are wondering what this list is about well basically its just some of the measures put in place to ensure companies paying using their organisations cheque are cleared to do so at the Investment Promotion Authority.

To have your organisation listed simply address your query in writing to the Customer Relations Manager, Registrar of Companies Office on PO Box 1281 Port Moresby 121 NCD for more information.

A.C. FOX & ASSOCIATES (PNG)
A.G. CORREN & CO. LAWYERS
ABLE COMPUTING (PNG) LIMITED
ADA & CO. ACCOUNTANTS
AIR NIUGINI – PORT MORESBY
ALI ACCOUNTANTS (Listed on 12/2/07)
ALLENS ARTHUR ROBINSON
AL-OMEGA ACCOUNTS LTD (formerly Associated Corporate Services 28/03/07)
ANE CONSULTANTS LIMITED
ANORIE LIMITED (Listed on 11/12/05)
ANORIE SCOPEWORKS
ATTORNEY GENERALS OFFICE (DEPT. OF JUSTICE)
BARLOW INDUSTRIES LTD (member of PICSA Group-Listed on 9/6/04)
BC ENTERPRISES LTD (formerly Dabill Management Ltd) 08/08/2011
BERNARD C. AMNOL
BES CONSULTANTS (Listed on 6/1/06)
BLAKE DAWSON WALDRON
BOC GASES PNG LTD
BOUGAINVILLE COPPER FOUNDATION
BOUGAINVILLE COPPER LIMITED
BRADSHAW LAWYERS
BRIAN BELL & COMPANY LTD (Listed on 27 April 2011)
BRIAN WHITE & ASSOCIATES
BUSINESS SERVICE CONSULTANTS (Listed on 11/2/05)
CARTER NEWELL LAWYERS
COASTWATCHERS COURT LIMITED (Listed on 19/01/2011)
CONSORT EXPRESS LINES LTD-POM & LAE (Listed on 15/2/05)
CONXIONS LIMITED
COOPERS & LYBRNAD-POM- TRUST & COOPERS LYBRAND (PNG) LTD
COZMO LIMITED
CRA EXPLORATION (PNG) LTD
CRA MINERALS (PNG) LTD
CROCODILE CATERING PNG LIMITED (PORGERA OPERATION)
CROCODILE CATERING PNG LIMITED (TOLUKUMA OPERATION)
CTO CONSULTING LTD
CUE ENERGY HOLDINGS LIMITD
CUE PNG OIL COMPANY P/L-Melbourne (Listed on 17/01/05)
D H & S (PNG) NOMINIEES LTD trading as DELOITTE TOUCHE TOHMATSU
DABILL MANAGEMENT LIMITED
DARKOM ACCOUNTANTS & BUSINESS CONSULTANTS (Listed 25/10/06)
DAY & ASSOCIATES
DG GUINN & CO
DUNLOP (PNG) LTD
EAST NEW BRITAIN SUPERMARKETS LTD
ELECTRICAL WHOLESALERS LTD (member of PICSA Group-Listed on 9/6/04)
ERNST & YOUNG
FBA & ASSOCIATES LTD (Listed on 12/2/07)
FINANCE CORPORATION LIMITED (FINCORP) Listed on 31/05/06
FINANCE LIMITED
FIOCCO POSMAN & KUA (a.k.a. “POSMAN KUA AISI”)
FIRST INVESTMENT FINANCE LTD
FRANCIS LEWEWETT (Listed on 6/1/06)
FRANK BENABO & ASSOCIATES
FUBILAN CATERING SERVICES LTD
G B SELLAR CHARTERED ACCOUNTANT
GADENS LAWYERS
GALVANI LIMITED t/ as GALVANI CONSULTANCY SERVICES (Listed on 7/4/04)
GLENROWAN INVESTMENTS LTD (Listed on 30/06/04)
GOMA & KWIMBERI LAWYERS
GRAHAM YOUND – ELCOM
GREEN INTERNATIONAL LIMITED (Listed on 19/01/2011)
GUBON LAWYERS
GULF PAPUA FISHERIES LTD
HARGY OIL PALM LTD
HARRICKNEN LAWYERS
HELANDIS & CO (Listed on June 2008)
HELANDIS MANAGEMENT SERVICES
HENAOS LAWYERS
HIDDEN VALLEY GOLD MINING LTD
HIDDEN VALLEY MINING LTD
HLB BUSINESS SOLUTIONS LTD (Listed on 16/04/07)
HLB NIUGINI – formerly PES MORTON & SINH
IK CONSULTING SERVICES – Listed on 21/11/06
INDIVIDUAL & COMMUNITY ADVOCASY FORUM INC.
J.R SIOS & ASSOCIATES – Listed on 16/08/05
JAC’O BUSINESS CONSULTANTS
JOHN BOO & CO
JONTO LIMITED
JUP PROPERTIES LTD – Listed on 12/2/07
KAIKAI COOKWARE (member of PICSA Group – Listed on 9/6/04)
KAPI & ASSOCIATES
KAPI & CLARKE SERVICE CO. LTD (Formerly Kapi & Clarke Accountants) 26/4/2011
KASSMAN LAWYERS
KAYCO ELECTRICS (member of PICSA Group – Listed on 9/6/04)
KCL ACCOUNTANTS
KELUAPE INVESTMENTS LTD
KEN & CO LTD
KENMORE LIMITED
KETAN LAWYERS – Listed on 30/6/04
KETAN SERVICES LTD – Listed on 30/6/04
KHP & ASSOCIATES
KIDDIE & ASSOCIATES
KIDSON –DFK (PNG) – PORT MORESBY & MADANG
KINA FINANCE LTD (member of KINA Group)
KINA FUNDS MANAGEMENT LTD (member of KINA Group – Listed on 21/11/06
KINA INVESTMENT SUPERANNUATION SERVICES LTD (member of KINA Group)
KINA MORGAN LTD (member of KINA Group – Listed on 21/11/06)
KINA NOMINEES LTD (member of KINA Group – Listed on 21/11/06)
KINA SECURITIES LTD (member of KINA Group)
KIRKES LAWYERS
KISSAUE LIMITED
KOLTA & ASSOCIATES (a.k.a. “MGI KOLTA KPK”)
KPMG PEAT MARWICK – PORT MORESBY
KROTON NO.2 LIMITED (Listed on 19/01/2011)
KUM-GIE CONSULT LIMITED
LEE PARTNERS
LIM SAMUEL & CO
L & J CONSULTANCY SERVICES
LIHIR ACCOUNTING SERVICES
MACMIN (PNG) LIMITED
MAINLAND HOLDINGS LIMITED – Listed on 30/6/04
MAKERIO STEVEDORING LIMITED (Listed on 13/07/11)
MALADINA LAWYERS
MARAT & CO. LAWYERS
MARAT, LAWYERS & ATTORNEYS
MELANESIAN CAPITAL ADVISORS LIMITED
MERIDIAN MOTORS LTD (member of PICSA Group – Listed on 9/6/04)
METALS REFINING HOLDINGS LIMITED – Listed on 3/5/04
METALS REFINING OPERATIONS LTD – Listed on 3/5/04
MICHAEL MAYBERRY TRUST ACCOUNT
MILNER & ASSOCIATES
MINERAL RESOURCES DEVELOPMENT COMPANY
MINERAL RESOURCES LIHIR LTD (MRL)
MINERAL RESOURCES STAR MOUNTAINS LTD (MRSM)
MIRUPASI LAWYERS
MOKI NO. 10 LIMITED
MOTOR VEHICLES INSURANCE (PNG) TRUST (MVIT)
MT KARE ALLUVIAL HOLDINGS LTD
MT KARE ALLUVIAL MINING LTD
MT KARE MINING LTD
NADES & ASSOCIATES
NADES & ASSOCIATES (MALA ENTERPRISES LTD)
NADES SERVICES LTD
NAMBAWAN FINANCE
NAMBAWAN SUPA LTD (Formerly POSF LTD)
NATIONAL CAPITAL DISTRICT COMMISSION
NATIONAL DEVELOPMENT BANK (Formerly Rural Development Bank)
NASFUND (formerly NATIONAL PROVIDENT FUND)
NEW BRITAIN PALM OIL LTD (Listed on 18/06/08)
NIKANA STEVEDORING LTD (Listed on 13/07/2011)
NII & MIRUPASI LAWYERS
NIUGINI STEEL CORPORATION LTD (member of PICSA Group – Listed on 9/6/04)
NKA CHARTERED ACCOUNTANTS (Listed on 22/07/08)
NOLKA CONSULTANTS
NONGORR & ASSOCIATES
NORTH SOLOMONS AGRICULTURAL FOUNDATION LTD
NORTH SOLOMONS MEDICAL FOUNDATION LTD
NORTON WHITE LAWYERS & NOTARIES
NSC FREIGHTER (member of PICSA Group- Listed on 9/6/04)
O’BRIENS LAWYERS
OIL SEARCH LIMITED
OK TEDI MINING LIMITED
OROGEN MINERALS LIMITED
PACIFIC LEGAL GROUP LAWYERS & SHEPPARD BEATTIE LAWYERS
PACIFIC MINERALS LIMITED
PANNEL KERR FORSTER
PNG POWER (Formerly PNG ELECTRICITY COMMISSION)
PETER ALLAN LOWING LAWYERS
PETER PENA & ASSOCIATES
PETROLUEM RESOURCES GOBE LTD (PRG)
PETROLUEM RESOURCES KUTUBU (PRK)
PETROMIN HOLDINGS PNG LTD (Listed on 10/07/08)
PIPE MAKERS (member of PICSA Group – Listed on 9/6/04)
PLUMBERS & BUILDERS SUPPLIES (member of PICSA Group – Listed on 9/6/04
PNG FOREST AUTHORITY
PNG HOME FINANCE LTD (member of KINA Group – Listed on 21/11/06)
PNG INSTITUTE OF BANKERS INC.
PNG MAMA GRAUN CONSERVATION TRUST FUND LTD
PNG PORTS CORPORATION LTD (Listed on 20/10/2011)
PNG READY MIXED CONCRETE LTD (member of PICSA Group – Listed on 9/6/04)
PNG STATIONERY
PORGERA JOINT VENTURE
PORT MORESBY STOCK EXCHANGE LIMITED
PRICE WATERHOUSE COOPERS (LAE & POM)
PROFESSIONAL LINK
PRYKE & BRAY TRUST ACCOUNT
QANTAS AIRWAYS LIMITED
QBE INSURANCE (PNG) LIMITED – Listed on 28/3/07
RAGEAU MANUA & KIKIRA LAWYERS
RAM BUSINESS CONSULTANTS
RAMU SUGAR LIMITED – Listed on 11/3/04
RETAIL MANAGEMENT SERVICE LTD
RIBACK STEVEDORES LTD (Listed on 13/07/2011)
RICHARD HILL & ASSOCIATES
RIO GEORGE FIOCCO LAWYER (Listed on 19/01/2011)(
ROBERT L. WONG & ASSOCIATES TRUST A/C
ROSS ACCOUNTANTS – (formerly KPMG PEAT MARWICK – Listed on 31/5/06)
ROTHMANS OF PALL MALL (PNG) LTD
ROY’S SERVICE CENTRE LIMITED – Listed on 15/4/04
RURAL DEVELOPMENT BANK LIMITED – Listed on 1/11/04
SAMUEL CARIS & CO.
SAULEP LAWYERS
SECURITY ORGANISATIONAL SERVICES
SINTON SPENCE
SMALL BUSINESS DEVELOPMENT CORPORATION
SMITHS ACCOUNTANTS
SOUTH PACIFIC BREWERY LTD
SOUTHERN PACIFIC INSURANCE (PNG) or TOWER INSURANCE (PNG) LTD
STAR BUSINESS CONSULTANTS – Removed from List on 15/02/2005
STEAMSHIPS GOUP OF COMPANIES
STEAMSHIPS LIMITED
STEAMSHIPS TRADING COMPANY LIMITED (Listed on 1 April 2011)
STEELES LAWYERS
STETIN BAY LUMBER CO. LTD
TARI MANA LIMITED
TELIKOM PNG LTD
TENGDUI & ASSOCIATES – MT. HAGEN
TERRITORY PACKAGING LIMITED – Listed on 25/10/06
THE PROFESSIONAL LOCKSMITH LTD (Listed on 16/05/2008)
THE TOWER LIMITED
THIRWALL AISI & KOIRI (a.k.a. “POSMAN KUA AISI”)
THOMAS G. LAKA & CO.
TRIMAX CONSULTING
V J & ASSOCIATES (Listed on 10/07/08)
W.R. CARPENTER (PNG) LTD
WAFI MINING LTD
WALLY’S BAR & GRILL
WARNER SHAND LAWYERS
WOO BROWN JACKSON
WOO TEXTILE CORPORATION LTD
WORKERS MUTUAL GROUP – Listed on 15/2/05
YOUNG & WILLIAMS LAWYERS

NEC Moves To Set Up Trade Commission In PNG

noreply@blogger.com (Danny ToViran) — Wed, 01 Feb 2012 14:21:00 +0000

The National Executive Council has approved a proposed structure to set up a Trade Commission and realign the Department of Foreign Affairs and Trade and Commerce and Industry (DCI) to support the trade function.

Prime Minister Peter O’Neill said that trade is of an increasing importance in a globalised market place, and that PNG’s natural resources are significant and the basis of a development mechanism and international significance needs to be better reflected in government structures.

The Prime Minister said in the absence of political leadership, centralized coordination and sufficient resourcing, trade as a function for development has been neglected and has accordingly resulted in very little market development and weak and uncoordinated negotiations.

“The overall objective is to achieve and maintain sustainable growth of international trade, wealth creation and sustainable economic growth, which will contribute towards achieving the goals of Vision 2050,” said O’Neill.

The proposed reform programs will build on the foundations and lessons learnt and place emphasis on efficient and accountable delivery of reforms and management of trade and commerce related issues.

The Prime Minister said a clear mandate for efficient and accountable management for trade and commerce will ensure better management and value for resource and will maximize the benefits from increased participation.

He explained the reforms will extend support to coordinating agencies involved in international trade and focus on trade facilitation and will strengthen the private sector’s capacity to participate in trade and commerce.

A Trade Committee will be established with particular instructions to develop a trade policy and agency restructure.

The Prime Minister said the division will remain under DFAT but will be elevated to have a dedicated deputy secretary for Trade.

O’Neill explained the trade division will have the primary responsibility of trade policy development, implementation of trade policy reforms and negotiations while the commission will be responsible for trade and investment promotion, development and negotiation assistance.

He further added that the IPA will eventually relinquish all trade promotion activities and focus on the regulation of onshore commercial activity.

IPA will then be renamed after a review.

“The International Business Division of DCI and associated position and budget will be relocated to DFAT to form the beginning of the trade commission. This initiative is intended to beef up the performance of trade as a function for robust development,” said O’Neill.

NEC has directed the trade committee with the international business unit of DCI and the trade division of DFAT to commence consultation and complete an updated trade policy within six months.

IPA To Implement Major Projects In 2012

noreply@blogger.com (Danny ToViran) — Wed, 01 Feb 2012 09:18:00 +0000

The Investment Promotion Authority will be implementing several projects this year in line with its re-structuring program.

The projects have been ongoing and the IPA is focusing on implementing them.

One project that is anticipated to be implemented is the Online Lodgement Project.

A contract between the IPA and a New Zealand company is due to be signed soon after necessary clearances from relevant authorities within PNG.

The PNG government in its 2012 Development Budget allocated K2.2 million through the Public Improvement Program (PIP) specifically for the online lodgement project.

The online lodgement project will enable all lodgements of company documents including foreign certification documents to be lodged online.

The project is set to positively affect the services provided by the IPA and the quality of lodgement would cut down on waiting time for documents to be processed.

The new approach shifts the onus and burden of submitting correct and complete information to the lodging party.

The system will also be able to advise during lodgement whether clients have filled out the forms correctly and will reject the application at the point of lodgement if information provided is incomplete or irregular.

The other major project is the review of the Companies Act and the Business Names Act.

A draft bill for the Companies Act is in place and will be presented to the National Executive Council early this year by the Minister for Trade, Commerce and Industry while the Business Names Act review is in its drafting stages.

Furthermore, the IPA Board has endorsed for the training phase of Post PNG staff in line with the IPA/Post PNG Agreement.

IPA will provide training for Post PNG staff in regard to standard procedures under this arrangement and the IPA’s Business Information and Facilitation Division officers have begun the training program.

A Memorandum of Understanding was signed in November 2011 to effect this arrangement which is expected to early 2012.

Under this arrangement, Post PNG will receive IPA registration forms and other compliance forms, including payments, at potentially any Post PNG counter in Papua New Guinea and deliver those forms and receipts to IPA through its Express Mail Service (EMS).

The forms once lodged and IPA fees paid in full either through bank deposit or by cash at the Post PNG counter then Post PNG charges IPA the administrative handling fees.

After the documents have been processed at the IPA, a response or a certificate is then dispatched through the normal postal service.

The initiative will ease some of IPA’s front counter arrangement, and will improve the reach of its services to more people around the country.

A training schedule is currently being drawn up for the Post PNG staff in the piloted centres.

The IPA is set on ensuring that these projects take effect.

Business and Investment Review will be bringing updates of the projects throughout the year.

IPA To Adopt Online Lodgment System

noreply@blogger.com (Danny ToViran) — Tue, 13 Dec 2011 02:30:00 +0000

The Investment Promotion Authority is taking steps closer to replacing the current Company Registration System with a web-based solution that will provide high quality, fast and efficient online services to IPA clients.

The online services will include:

Registration of entities including Local Companies, Foreign Companies, Business Names,
Associations, Business Groups; and Certification of Foreign Companies;
Lodgment of documents online, based on statutory requirements;
Generation of correspondence and certificates associated with the lodgment of documents;
Maintenance of registry data by authorized IPA staff;
Provision of public and internal searches.

The IPA is mindful that not everyone may have access to internet facilities once the system is up and running.

As such, the IPA will still maintain the current system whereby paper documents are lodged at the front counters and at regional offices.

Work on the online system will begin as soon as all requirements and legal processes are finalised.

IPA MD Comments On The Importance Of Websites For Efficiency In E-Governornance

noreply@blogger.com (Danny ToViran) — Mon, 28 Nov 2011 03:59:00 +0000

With the current economic growth and changing trends in doing business
in PNG, it is rather essential for all sectors in the public and private
sector to have their own websites.

This came from the Investment Promotion Authority's Managing Director,
Mr. Ivan Pomaleu when commenting on PNG's status of e-governance.

He said it was important that key government agencies were on par with
technology to ensure that information is made available to investors who
want to come into Papua New Guinea. "The IPA is the first point of
contact for any potential investors and serves as a one-stop-shop for
vital information on how to do business in the country," he said.

"At some stage IPA has to refer investors to the relevant government
departments to obtain specific information on specific queries."

Mr. Pomaleu said when the information is not readily available on the
website then the flow of information is cut off, hence slowing the flow
of investment into the country.

He said government departments must realise this development and allow
for the development and establishment of websites.

The government through its Medium Term Development Strategy recognises
the importance of having all government departments having their own
websites.

The IPA has adopted the government's Medium Term Development Strategy
and developed a new look website.

The organisation completed a new three year strategic plan in 2010,
designed to improve its responses to the greatly increased business
interest in PNG from overseas.

The implementation of the plan, produced with the assistance of the
International Finance Corporation has already seen the launch of the new
information website and will soon have online registration for
businesses.

The launching of the website has helped ease some of the queries from
potential investors.

The hits recorded by the website have reached over 1 million with close
to 1000 viewers each day.

Two Categories of Tax Payers In PNG

noreply@blogger.com (Danny ToViran) — Tue, 15 Nov 2011 05:14:00 +0000

For tax purposes there are two types of business entities that operate in PNG.

Resident taxpayer
Non-resident taxpayer.

RESIDENT TAXPAYER OR LOCAL COMPANY

Generally for resident taxpayer (i.e. local company) all incomes of any sort are taxable or assessable regardless of where they are derived.

Trading profit at the rate of 30%, tax on interests and dividends at 10, 15, 17 and 20% depending on the type of income and where it is derived.

For resident companies there may be tax incentives depending on where (location) the company is operating or type activities is undertaking.

For instance income generated from agriculture is 100% exempted.

NONRESIDENT OR FOREIGN COMPANY

Nonresident taxpayers are taxed only on the income derived in PNG.

A foreign company can generally pay up to 47%.

There are incentives like double deduction on certain expenses like educational expense, tax losses carrying period of 20 years.

Foreign companies involved in manufacturing activities are given specific tax considerations as seen fit by tax office as well as 100% depreciation on prescribed manufacturing plants.

Foreign companies involved in exploration (whether it be oil, gas,minerals) get their exploration expenditures built over the exploration period and amortized over the development period.

In broad terms a company incorporated in PNG is seen as a resident company.

There is still possibility that the locally incorporated company can be taken as foreign company in rare case for tax purpose.

PNG Gold Export License Requirements

noreply@blogger.com (Danny ToViran) — Mon, 14 Nov 2011 02:24:00 +0000

The Bank of Papua New Guinea (BPNG) is the sole authority that issues licenses to companies who meet the requirements to export gold from PNG each year. The gold export licenses issued by BPNG are valid for one (1) year.

Requirements for Gold Export License

The following are the main criteria which need to be satisfied before the Bank of PNG would consider issuing a license to export gold.

The Bank of PNG would require:

Documentary evidence of the incorporation and registration of the company in PNG together with evidence of the issued and paid-up capital of the company which should be at least K25, 000.00;
A performance bond of an amount not less than K75, 000.00 in the first year of operation and upon the renewal of the license the value of the guarantee would be adjusted to a figure not less than K75, 000.00 or 75% of the previous calendar years annual turnover, whichever is greater. The bond is to be deposited for 18 months with the bank in PNG approved by the Central Bank;
The gold license holder to be single purpose company;
Evidence of financial standing including bank references and the company's latest audited financial statements;
Details of the area of the country which you intend to service;
Details of the expected turn-over in grams anticipated on annual basis;
Details of the persons overseas to whom you intend to sell the gold;
Details of the basis on which the proposed purchaser overseas will set the price that will be paid to the company for the gold; and
Details of the arrangements that have to be made for the assay of the gold prior to its export from PNG.

License FeeThere is no fee for the Gold Export License. However, the requirements above must be met in order to obtain a gold export license. For further information or clarification to your query or on the above requirements please liaise directly with The Controller of Foreign Exchange at the Bank of PNG on telephone (675)322 7200.

3 Steps To Set Up An Association In PNG

noreply@blogger.com (Danny ToViran) — Thu, 03 Nov 2011 12:59:00 +0000

An association is usually formed by a group of people, professionals, or even bodies coming together with a common interest. Examples of an association include human rights group, religious groups, political parties, sporting groups, youth groups, women’s or men’s groups, trade unions and land owner groups. In fact it is common today to find associations for all sorts of purposes.

So here are the 3 steps to register your association in PNG.

The first thing you want to do is to lodge your notice of intention to register an association with the Registrar of Companies Office. You do this on an Association Form 1. You should have already prepared a constitution for your association before hand as you will be required to submit with this form. Basically the constitution of your association should outline the rules,regulations and objectives of the association by which it will be operating and for which it is set up. This first step has no fees associated with it when lodging with the Registrar of Companies Office. The second step in the process should only be taken once you have received an approval in writing from the Registrar. You do not publish your intention without an approval from the Registrar.
Once you have received your approval you can then take the second step. The second step requires that you publish your intention in the either of the two daily papers in PNG. I would suggest you publish with The National as they have a competitive rate compared with The Post Courier. A quotation for publication can be obtained by enquiring with the sales department of these two dailies. Many people would rather jump to the third step then to waste time publishing their intent. However, the intent is a requirement of registration of an association in PNG as it is an objection period in which if any one objects to your intention they have the opportunity to do so by making their objections known to the registrar in writing. The publication period is a duration of 4 weeks.
After a month from the date of publication and if there is no objection to your intention you can finally ~~you~~ lodge your application for registration of your association on an association form 2. The prescribed fee to lodge an application for registration of an association is PGK70. Your application should come with a copy of the published article and a statutory declaration declaring that you did publish your intention in one of the daily papers.

Unlike registering a company in PNG, the whole process of registering an association in PNG, from start to finish would take you approximately 6 to 8 weeks, taking into consideration the 4 weeks objection period.

Image source: International Monetary Fund

Niugini Table Birds Factory Launch Yesterday In Port Moresby

noreply@blogger.com (Danny ToViran) — Thu, 27 Oct 2011 06:14:00 +0000

Niugini Table Birds Factory Launch Yesterday

By Mr. Ivan Pomaleu

You all may have read in the papers that Niugini Table Birds are in the process of opening up a processing plant here in Port Moresby. It is a K80 million facility to be established over three years. Yesterday was the launch of the project and I attended. It is a direct response to the enormous growth in demand of chicken in Port Moresby based on growth in the industry. There is some importation of chicken from Australia because of this shortfall in supply capacity. Overall Port Moresby is a significant market for the chicken industry, from a national perspective.

With the demise of the Ilimo farms in late 1990s this market is being supplied from Lae through Zenag and NTB, and their collective capacity to fulfill market demands has been found wanting. The cost of freighting one kilogram of chicken from Lae is K3 per kilogram, and that gets passed onto the consumers directly. The factory, based on my initial understanding, is likely to wholly or significantly depend on out growers to supply the factory. NTB does not have the chicken farm yet. That means that individuals and groups in NCD and Central province who are interested will be able to farm chicken and sell to the factory. It was very clear in yesterday's statements that this is the business model they are seeking to replicate here from their experience in Morobe.

There is a possibility that they will establish a feed meal (or revitalize an existing one) and also build a hatchery here. Now here is why it is so exciting. NTB (as I understand based on how it works in Morobe) will give farmers (i) day old birds, (ii) stock feeds,(iii) drinkers, (iv)saw dust change, and (v) extension (farming) advice. After 6 weeks when the birds are harvested, the NTB deducts its costs and gives the balance to the farmer.

All the farmer needs to do is build a shed and sign up with the NTB, and off course commit to the agreement on how regular must you take in day olds and work through the cycle. I am sharing with you this information, especially for those staff members who are from this side of the country, or have land or whose members of the family have land.

This is an opportunity! With a signed up agreement with NTB, National Development Bank is willing to put up the credit to build a shed. Because the repayment to the bank will be at the factory door (same as nucleus estate in palm oil), which means that when NTB deducts its cost per batch of birds harvested from the farmer, a portion of that deduction will cover the loan repayment, and they pay that cheque to NDB directly. It is a win win situation for three parties - the farmer, the bank and the factory.

Kind Regards

Ivan Pomaleu Managing Director

Investment Promotion Authority

All You Need To Know About Company Annual Returns (Form 22)

noreply@blogger.com (Danny ToViran) — Mon, 10 Oct 2011 03:32:00 +0000

GENERAL OVERVIEW ON ANNUAL RETURNS

An annual return within the context of the Companies Act refers to a form prescribed and named as Form 22 under the Companies Regulation 1998.

Requirement to submit annual returns is mandatory regardless of whether or not a company is physically operating or by book.

Form 22 is of course distinctively different from all the other returns within the PNG jurisdiction.

It is important to acknowledge at this stage that there are other government agencies that require submission of certain other documents on annual basis which may be referred to as annual returns which should not be confused with Form 22 required by theRegistrar of Companies.

Being a prescribed form, specific information are required therein and must meet requirements to serve intended purposes the ROC is mandated by the 'Act' .

ANNUAL RETURN FORMAT

The prescribed annual return form at present is in its simplified format in the sense that an average laymen should be able to understand and complete one.

Generally speaking the information required to be supplied therein are very basic as specified in Schedule 6 of the Companies Act.

Accordingly there are at least 29 items in the Form 22 for completion.

On normal occasions though, a company may not need to provide information on all 29 items depending on the specific circumstances faced by any particular company.

WHEN TO SUBMIT FIRST ANNUAL RETURN

By statute, the first annual return is required to be submitted in the year following the calendar year of its incorporation.

This barely means that any company incorporated from 1 January 2008 to 31 December 2008

for instance, must lodge their first annual return in the year 2009.

However, exceptions may be granted for companies incorporated in the last three months of the year, say from 1 October 2008 to 31 December 2008 to lodge their first annual return NOT in the following year but in the proceeding year at least within 18 months.

Obviously, it would be unfair to have a company incorporated at the end of the year to start

reporting in the year following calendar year of its formation.

WHEN TO DELIVER SUBSEQUENT ANNUAL RETURNS

Every director of all registered companies including overseas companies are mandated by the ompanies Act to ensure that subsequent annual returns are delivered to the Registrar of Companies once every calendar year with 6 months from the close of its financial year referred as 'balance date'.

REQUIREMENT TO ATTACH FINANCIAL REPORTS

It is worth mentioning at this stage that some companies 'classed' as reporting companies are required to attach audited financial statements to the Form 22 as additional requirement.

Any ordinary company becomes a reporting entity when shareholders resolve to appoint an auditor.

In addition, a company automatically becomes a reporting when total number of shareholders exceed 25, employs 100 plus employees and whose total value of assets exceeds K5 million.

CONSEQUENCES OF NONCOMPLIANCE

The failure of noncompliance by companies result in two main consequences. First, every director of such a defaulting company become personally liable for penalties set out in PART XXII of the Companies.

This is wherein our enforcement team takes legal proceedings to prosecute defaulting company directors. Second, the defaulting companies get struck off the list of registered companies.

DE-REGISTRATION OF COMPANIES

Companies which fail to deliver annual returns within reasonable timeframe are listed and given notice to comply or face de-registration either through publication in the daily newspapers or directly through

written correspondences.

Ample time is normally given after the publications while awaiting compliance. Companies that do not comply despite the issued notices are ultimately removed from the 'Register'.

WHAT HAPPENS AFTER A COMPANY IS DE-REGISTRATION

Management of the De-registered companies realize sooner or later that they become unable to carryon business whilst bearing a 'De-registered' tag.

This prompts aggrieved parties to reinstatement their companies.

REINSTATEMENT PROCESSES

There are two (2) possible processes known in the Companies Act 1997 through which a de-registered company can be restored to the Register.

It is up to the intending parties to decide for themselves as to which
process to take.

1. By National Court Order - Normally in this process the aggrieved party or parties make application to the National Court.

The ROC's consent may or may not be sought in this proceeding.

However, Court Order to reinstate de-registered companies are normally given on the condition that the ROC is satisfied with the requirements so far met.

2. Administrative Reinstatement -
Under this option the Registrar guides the applicants through the reinstatement process through the use of its adopted forms.

It involves obtaining consent/approval of the ROC, followed by publication of the applicants' intention to reinstate de-registered companies on newspapers and on the National Gazette.

For information this administrative reinstatement amicably takes up to two (2) months the most including the one (1) month objection period.

In both cases annual returns and their applicable fees must be paid and the Registrar must be satisfied that all outstanding requirements have been fully met before restoring a de-registered company to the Register.