Register Company in PNG

Fionza Consultants is your premier partner for seamless company registration in PNG. Our comprehensive service package encompasses PNG company registration, facilitating corporate bank account openings, and managing accounting and tax obligations. As your one-stop solution, Fionza Consultants ensures a legally compliant and efficient start to your business in PNG. Trust us to navigate the complexities and kickstart your venture in Papua New Guinea.

Papua New Guinea

Company Registration – 2 Weeks
Local Director? – Yes
Bank Account Opening – 4 Weeks
Travel Required – No

Register company in Papua New Guinea (PNG)

Embark on a hassle-free journey to register your company in PNG with Fionza Consultants. Our expertise in the entire incorporation process allows you to redirect your time and resources towards more critical aspects of your venture.

Benefit from our streamlined approach as we guide you seamlessly through the process of starting a business in PNG. Fionza Consultants operates with a lean-and-mean mentality, ensuring our team of experts delivers a smooth experience. Our ultimate objective is to have your Papua New Guinea company operationally ready within the specified timeframe.

Explore our comprehensive service package, including:

PNG company registration with the Investment Promotion Authority (IPA)
Professional local nominee director services
Local company secretary and registered address
Corporate bank account opening
Annual accounting and tax services

Trust Fionza Consultants to navigate the complexities, making your PNG business setup efficient and effective.

How long to register company in PNG and open corporate bank account?

Experience a seamless and hassle-free Papua New Guinea company formation process with Fionza Consultants. Upon receipt of the necessary due diligence documents from directors and shareholders, our team conducts a thorough company registration search to confirm the availability of your preferred company name and prepares all required incorporation documents.

The entire company incorporation process in PNG can be conducted remotely, eliminating the need for travel. In just 2 weeks, anticipate receiving crucial documents for your new company, including the certificate of formation, Memorandum and Articles of Association, and the registrar of directors and shareholders.

Following a successful company formation, Fionza Consultants guides you in opening a corporate bank account, either locally or with a global bank overseas, aligning with your long-term goals. Typically, the process for opening a bank account in Papua New Guinea for foreigners takes approximately 4 weeks.

Expect to kickstart operations and issue invoices with your Papua New Guinea company within 6 weeks of engaging Fionza Consultants. Our team of Chartered Accountants remains committed to ensuring ongoing compliance with regulatory laws set by the Internal Revenue Commission. This includes monthly bookkeeping, preparation of financial statements, and annual tax return filings for your newly established company. Trust Fionza Consultants to pave the way for your business success in PNG.

Can a foreigner register company in PNG?

Explore the diverse options for business entities offered by the Papua New Guinea government with guidance from Fionza Consultants. We provide expert advice on the steps and requirements for initiating business operations in PNG.

For every PNG company, a minimum of one director and one shareholder is required. In cases where the company doesn’t apply for an Investment Promotion Authority (IPA) certificate, a local resident director is mandatory. Foreign entities intending to establish a presence in Papua New Guinea must secure an IPA certificate. A business is deemed foreign if non-citizens own or control at least 50 percent of it.

By obtaining the necessary certificate through local authorities, a company can be entirely foreign-owned, eliminating nationality requirements for all officeholders. Papua New Guinea offers various business structures, and when selecting the most suitable entity type, factors such as personal liability protection, tax implications, ownership flexibility, management structure, and compliance requirements should be considered.

Before commencement of the engagement, Fionza Consultants thoroughly understands your business, facilitating the recommendation of the optimal business entity. Key considerations include the nature of business activities, tax obligations, and the nationalities of shareholders and directors. Trust Fionza Consultants to guide you in making informed decisions for the success of your business in PNG.

Types of companies in Papua New Guinea

Let Fionza Consultants guide you through the streamlined process of registering your company in PNG, offering expertise on four main types of business entities:

Limited Liability Company:
- Ideal for foreigners entering the PNG business landscape.
- Offers limited liability and regulated capital access.
- Shares are easily transferable.
- No minimum share capital requirement.
- Options for incorporating as a new company or a foreign company.
Partnership:
- Formed between 2 or more entities or natural persons.
- Not a separate legal entity, resulting in unlimited liability for partners.
- Partners jointly share the partnership’s obligations.
- Contribution of money, property, labor, or skills by each partner.
Branch Office:
- An extension of its foreign parent company.
- Conducts trade activities as per the foreign company’s directives.
- No need for a resident director or company secretary.
- No minimum paid-up share capital requirement.
Representative Office:
- 100% foreign-owned and controlled.
- Restricted from making sales in PNG, primarily used for promoting the parent company.
- Ideal for market research purposes.
- No minimum paid-up share capital, no resident director or company secretary required.

Whether opting for a Limited Liability Company, Partnership, Branch Office, or Representative Office, Fionza Consultants ensures a seamless registration process tailored to your business needs. Trust us to navigate the complexities and make your entry into the PNG business landscape efficient and effective.

How to register company in PNG?

Step 1: Optimal Business Structure Consultation for PNG Company Registration

Ensure a seamless company formation in PNG by choosing the right business structure aligned with your goals. Rely on Fionza Consultants for expert advice on the most suitable business entity, optimal paid-up share capital, corporate structure, and necessary business licenses.

Step 2: Name Reservation Through Investment Promotion Authority (IPA)

Let Fionza Consultants handle the search and reservation of your company name via the Investment Promotion Authority. After confirming availability in the IPA company register, we reserve your chosen name for a duration of up to 2 months.

Step 3: Document Preparation and Submission for Company Registration in PNG

Prior to company incorporation with the registrar of companies, furnish Fionza Consultants with essential KYC documents, including director names, company resolution, and identification proof. Our team will then draft required documents such as Memorandum and Articles of Association, business plan, and PNG IPA registration form for submission to the local authority.

Upon approval, Fionza Consultants securely dispatches your Certificate of Incorporation, Memorandum and Articles of Association, IPA certificate, and other corporate documents to your designated address, ensuring adherence to our strict privacy policy.

Step 4: Tax Registration and Compliance

Post successful incorporation, Fionza Consultants assists in obtaining a Taxpayer Identification Number from the Internal Revenue Commission (IRC). For businesses involved in importing/exporting, we conduct a separate registration with the Commissioner of Customs and Excise.

Step 5: Corporate Bank Account Opening

Fionza Consultants initiates the process of opening a corporate bank account with your preferred reputable bank. In most cases, directors and shareholders may not need to travel. If required, our representative can accompany you to the bank or negotiate a conference call or waiver. Once the account is active, we dispatch the internet banking token and access codes to your specified address.

Count on Fionza Consultants for a comprehensive and SEO-optimized approach to navigating the steps for registering your company in Papua New Guinea.

Is Papua New Guinea a good place to register company in?

Political Landscape in Papua New Guinea:

With the resignation of former Prime Minister Peter O’Neill, expectations for robust anti-corruption measures have surged. Papua New Guinea’s standing at 142nd out of 179 countries on Transparency International’s 2020 Corruption Perceptions Index underscores significant challenges in public sector corruption.

Economic Overview:

As a key exporter of minerals and agricultural commodities, Papua New Guinea has witnessed consistent economic growth since 2018. Despite this, its 108th position in the 2020 Index of Economic Freedom signals a continued journey toward economic freedom. The World Bank’s 2020 Ease of Doing Business Report places Papua New Guinea at 142nd for business startup ease.

Social Dynamics:

In 2017, 37.5% of the population lived below the national poverty line, according to the Asian Development Bank. While the country boasts multiple official languages, Tok Pisin remains widely spoken. Challenges persist in meeting the healthcare needs of refugees and asylum seekers relocated to the country since 2003.

Technological Developments:

Recognizing the pivotal role of Information and Communication Technologies (ICT) in growth, Papua New Guinea introduced mandatory SIM card registration in 2016 for technological development and security balance. Despite efforts, challenges in extending mobile networks to remote areas persist.

Legal Framework:

Papua New Guinea’s commitment to a pro-business environment is evident in amendments to the Investment Promotion Act 1992, fostering local-foreign partnerships. The legal system, supported by Australia, is seen as competent and independent, offering substantial tax incentives to support businesses and investors.

Environmental Initiatives:

Collaborating with the United Nations Development Program, the government strives to protect 300,000 hectares of land. However, the exploitation of natural resources for economic growth has triggered land tenure issues. Overfishing, exacerbated by a lack of fishing regulations, poses a significant threat to Papua New Guinea’s marine life.

Looking to register company in PNG?

Contact us to find out more about how to register a business in PNG. Our dedicated and experienced team will revert within the next 24 hours and provide you with advice for all your queries.

FAQ

What is the best business in Papua New Guinea?

You can consider setting up a business in the agriculture sector as the agriculture sector is one of the most important industries in Papua New Guinea. Accounting for more than one-quarter of the country’s GDP, the agriculture sector contributes significantly to the economy’s income and employment. As such, there are many opportunities for a business in the agriculture sector. You can also consider setting up a business that introduces technological solutions or equipment to improve farming and harvesting methods in Papua New Guinea.

Alternatively, you may choose to set up a business in the tourism industry. Although Papua New Guinea is generally regarded as unsafe for tourists, it is still a popular tourist location for outdoor activities such as diving due to the vast coral reefs and beautiful scenery. You may also consider starting up a small business that sells commodities in Papua New Guinea.

How much does it cost to start a business in Papua New Guinea?

While there are no paid-up capital requirements when doing business in Papua New Guinea, Fionza Consultants will recommend setting aside at least US$5,000 as your paid-up capital to fund your overhead expenditures as well as initial deposit for corporate bank account opening.

As for Fionza Consultants’ engagement fees, this will depend on the exact services needed from Fionza Consultants. Our fees are inclusive of government fees and all fees will be clearly stated in our engagement letter prior to the start of the engagement. Fionza Consultants believes in transparency with our valued clients and there are no hidden fees.

Do I need a company secretary to incorporate a company in Papua New Guinea?

No, a company secretary is not necessary to incorporate a company in Papua New Guinea. However, Fionza Consultants can provide you with a local secretary to assist in the annual tax filing and accounting requirements. If you wish to employ a secretary, you will have to get the consent of the secretary and submit Form 3.

Do I need a resident director to incorporate a company in Papua New Guinea?

No, if you register with the Investment Promotion Authority (IPA) and get an official certificate, you will not need to employ a local resident director. The company can be fully foreign-owned.

What are the requirements to incorporate a company in Papua New Guinea?

To incorporate a company in Papua New Guinea, the company must have at least one resident director and one shareholder. However, there will be no nationality requirements for all officeholders in the company if the company applies for an official certificate from the IPA. A company with an IPA certificate does not need a local resident director and can be fully foreign-owned.

A company incorporated in Papua New Guinea also requires a physical address in Papua New Guinea. A post office box is insufficient to meet this requirement as you will need a registered address to conduct business activities.

How to register my business name in Papua New Guinea?

All limited liability companies must register for a business name to carry out business activities in Papua New Guinea. After you have confirmed the availability of your company name through the PNG company register, you can choose to either register your business name online or download the application form from the IPA and submit the form to the nearest office.

If you wish to make any changes to the name of your foreign company, you will have to submit a Form 48.

What is IPA in Papua New Guinea?

It stands for the Investment Promotion Authority, which is the governmental organisation that houses the Companies Office of Papua New Guinea and the Intellectual Property Office of Papua New Guinea.

The organisation mainly provides information about company incorporation and investment opportunities in Papua New Guinea. All foreign companies must register with them.

What company documents do I need to keep at the registered office?

You will be required to keep documents such as the constitution of the company if applicable, personal information about the current directors and secretary, meeting minutes, copies of all written communications to shareholders or holders of the same class of shares, copies of all financial statements and accounting records, an interests register and the share register.

Is Papua New Guinea safe?

Papua New Guinea is not a very safe place for foreigners due to the large number of crimes in the country. Theft, pickpocketing and assault are common crimes in Papua New Guinea. There are also frequent social unrest and tension between clan groups in the region, especially in the capital of Port Moresby and regions in the Highlands.

Generally, it is recommended that you get a local guide if you are travelling to Papua New Guinea.

Who is responsible for registering business names in PNG?

The Investment Promotion Authority is the agency in charge of registering business names in PNG in the company register.