One-Stop Solution to Register a Company in Papua New Guinea (PNG)
Registering a company in PNG can be a smooth process when you know the steps involved. With Block3 Finance leading the way, you can focus on growing your business while we manage the registration and setup process.
Our streamlined approach ensures that your business is fully operational and compliant within the required timeframe. Let us take care of the details, so you can focus on what matters most.
Our service package includes
PNG company registration with the Investment Promotion Authority (IPA)
Provision of PNG nominee director (if required)
Local company secretary and registered office address
Corporate bank account opening
Annual accounting and tax services
How Long Does It Take to Register a Company in PNG?
At Block3 Finance, we ensure a smooth and efficient process:
Step 1: After receiving the necessary due diligence documents from the directors and shareholders, we’ll check the availability of your preferred company name and prepare the incorporation documents.
Step 2: The process can be completed remotely, and you will not be required to travel.
Step 3: You can expect to receive the documents for your new company within 2 weeks, including the certificate of incorporation, Memorandum and Articles of Association, and the register of directors and shareholders.
Step 4: We’ll assist in opening a corporate bank account with a local bank or an international bank, depending on your business needs. This typically takes 4 weeks.
Step 5: You can expect to start operations and issue invoices within 6 weeks after engaging Block3 Finance.
Can a Foreigner Register a Company in PNG?
Yes, foreign investors are welcome to register a company in PNG. Every PNG company must have at least one director and one shareholder. If the company is considered a foreign entity (at least 50% foreign-owned), it must apply for an IPA certificate. Once the certificate is obtained, the company can be 100% foreign-owned, with no nationality requirements for officeholders.
Types of Companies in Papua New Guinea
There are several types of business entities to choose from when registering a company in PNG. Block3 Finance will help you determine the most suitable structure based on your business activities and long-term goals. The primary business structures are:
Limited Liability Company (LLC): The most common structure for foreign investors.Offers limited liability protection, ensuring that shareholders are not personally responsible for company debts.
No minimum share capital required.
Partnership Formed by 2 or more entities or individuals.
Partners face unlimited liability and jointly share the obligations of the partnership.
Branch Office: An extension of a foreign parent company.
The parent company is fully responsible for the debts incurred by the branch.
No minimum share capital is required.
Representative Office: Allows you to conduct market research and promote materials for your parent company.
Cannot engage in direct business activities like signing contracts or generating income.
How to Register a Company in PNG
1. Choose a Business Structure: We’ll assess your business needs and recommend the best legal entity for your operations in PNG.
2. Reserve Your Company Name: We’ll search for and reserve your preferred company name with the Investment Promotion Authority (IPA). The name will be reserved for 2 months.
3. Prepare the Documents: We’ll prepare the necessary documents, including the Memorandum and Articles of Association, business plan, and IPA registration form. Our legal team will ensure everything is in order.
4. Submit Registration: Once everything is ready, we’ll submit your documents to the IPA. After approval, we’ll collect your Certificate of Incorporation, IPA certificate, and other corporate documents and send them to your preferred address.
5. Open a Corporate Bank Account: We’ll assist you in opening a corporate bank account with a reputable local or international bank.
6. Stay Compliant After registration: we’ll help you maintain compliance with local regulations by assisting with tax registration, annual filings, and more.
Documents Required for PNG Company Registration
For natural person shareholders, the following documents are required:
CV
Police clearance report / Character check report
Notarized passport copy
Visa copy (if residing in PNG)
Work permit (if employed in PNG)
Bank statement
For corporate entity shareholders, the following documents are required:
Latest audited financial statements of the shareholder company
Certificate of incorporation of the shareholder company
Register of shareholders and directors
Additionally, all applicants need to submit:
Budget forecast and business plan
Proof of initial capital investment
Relevant agreements (if applicable)
Accounting and Tax Obligations
Block3 Finance will manage your accounting and tax obligations to ensure compliance with PNG regulations. This includes preparing your financial statements, filing corporate tax returns, and ensuring timely reporting. By outsourcing your accounting needs to us, you can reduce overhead costs and ensure that all filings are completed on time.
Annual Reporting Requirements:
Companies must file annual returns with the IPA.
Tax returns must be submitted by February 28 each year for income sourced from PNG.
Companies must prepare audited financial statements by 31 March each year.
Corporate Income Tax
30% tax rate for resident companies.
48% tax rate for non-resident companies on PNG-sourced income.
Withholding Tax & GST
15% withholding tax on dividends paid to non-residents.
10% GST on the sale of goods and services.
Is Papua New Guinea a Good Place to Register a Company?
Political: Papua New Guinea offers foreign investors a relatively stable political environment. However, there are ongoing challenges related to corruption and political instability.
Economic: The economy is primarily driven by natural resources and commodities. Recent years have seen steady growth, and foreign investments are encouraged.
Social: The country has a developing workforce and a large portion of the population lives below the poverty line. The official languages are Tok Pisin and English, and businesses must be aware of social challenges, especially in remote areas.
Technological: PNG is working on expanding its technological infrastructure, though there remain challenges in terms of mobile and internet access in remote regions.
Legal: PNG has a robust legal framework with pro-business policies, including tax incentives for foreign companies. The legal system is generally independent and offers protection for businesses.
Environmental: PNG is rich in natural resources but faces challenges with overfishing and land tenure issues.
Contact us for More Information
If you are looking to register a company in Papua New Guinea, contact Block3 Finance today. Our dedicated and experienced team will get back to you within 24 hours and provide expert advice for all your business setup needs.
