Registering a company in Papua New Guinea is a step-by-step process that involves selecting a company type, choosing a name, preparing documentation, and registering with the Investment Promotion Authority and Internal Revenue Commission. By following this guide and utilizing the provided resources, you should be well on your way to successfully establishing your business in Papua New Guinea. Adherence to the requirements and guidelines will ensure a smooth registration process and a successful start for your company in this exciting and growing market.
Step 1: Choose your company type
The first step in registering a company in Papua New Guinea is to choose the type of company you want to register. The most common types are:
- Limited Liability Company
- Public Limited Company
- Sole Proprietorship
- Branch of a foreign company
Step 2: Choose a company name
You'll need to choose a suitable name for your company before registration. The Investment Promotion Authority (IPA) provides guidelines for acceptable names. More details can be found at this link: https://www.ipa.gov.pg
Step 3: Prepare the required documents
Prepare the necessary documentation for your chosen company type. The key documents are:
- Articles of Association (for Limited Liability and Public Limited Companies)
- Application for Company Registration (for all types)
These forms can be downloaded from the IPA's website: https://www.ipa.gov.pg
Step 4: Identify company officers and shareholders
You will need to identify at least one director for Limited Liability and Public Limited Companies or one representative for a Branch of a foreign company. Directors or representatives must be at least 18 years old. Shareholders can be individuals or corporate entities.
Step 5: Capital requirements
There are no specific minimum capital requirements for registering a company in Papua New Guinea. However, capital should be adequate for the nature and scale of the business.
Step 6: Register your company
Once your documents are ready, you can submit your application to the Investment Promotion Authority (IPA). This can be done in person at their office or online via the following link: https://www.ipa.gov.pg
The fees for registering a company are as follows:
- Limited Liability Company: PGK 600 (approximately)
- Public Limited Company: PGK 2,000 (approximately)
- Sole Proprietorship: PGK 150 (approximately)
- Branch of a foreign company: PGK 5,000 (approximately)
Step 7: Register for taxes
After your company is registered, you must register for taxes with the Internal Revenue Commission (IRC). This can be done in person at the local Tax Office or online via the following link: https://www.irc.gov.pg
Step 8: Obtain necessary permits and licenses
Depending on your business activities, you may need to obtain additional permits or licenses. Check with the relevant authorities and industry regulators for specific requirements.
The entire registration process, from preparing documents to receiving your Certificate of Incorporation, can take anywhere from 2 to 4 weeks, depending on the complexity of your application.