HOW TO REGISTER A BUSINESS IN PNG

 

It is easy to register a business and get your IPA certificate on the same day! And you can apply for IRC TIN on the next day. You can wait for 1 week before obtaining your TIN, and proceed to open your business bank account with a commercial bank of your choice. SIMPLE! (But what is so important is: why you really want to register a business name. You must have a compelling reason to register and start a business. This very reason will be the driver of your business into the unknown future.)

These are the simple steps:


1.       IPA Online Registration

Open an account with IPA Registry Service. Click on this link: https://www.ipa.gov.pg/Index.aspx . Once you create your account you can then register your business name. The fee for business name is K150, to be paid online (if you have a Visa Debit Card). Business name registration is same day.

For company registration, fee is K600 plus K50 company name reserve (Total is K700). Fees are payable online using Visa Debit Card. For company registration, time required will be 1 week. You can also seek assistance from those who already have accounts to help you.

As soon as you obtain your certificate and good standing form, you can apply for TIN with IRC.


2.       IRC TIN Registration

Requirements to apply for TIN are: IPA Certificate and Good Standing Form, Valid ID (NID or Driving Lic, etc.) and filled TIN application form. You can download the form here: https://irc.gov.pg/pages/know-your-taxes/tin-registration. Different forms to note: (1) For small business (sole trader) without formal employment, you can use SBT TIN Form. (2) Sole trader who’s currently employed can use Individual TIN Form, (3) and company can use Non-Individual TIN Form.

It takes a maximum of 10 working days to process your TIN. You will be advised via your email once your TIN is ready for pick up. Your next job is bank account opening.


 3.       Bank Account Opening

Business bank account opening requirements are:

a)       IPA Certificate and Good Standing Form

b)      IRC TIN Certificate

c)       Business Profile

d)      Valid IDs

e)      Minimum initial deposit - depends on business or company, and different banks

f)        Filled bank application forms

Turnaround time would be up to 2 weeks. And, you can choose any commercial bank of your choice or one you have your personal bank account with. Congratulations! You are now done with your SME /business registration. What’s next?


 4.       Whats next?

To answer this question, watch out for my next post next week. Interesting topic to discuss then.

  

Thanks and until then,

Mr. Willie Mell

Author


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