The National, Wednesday July 31st, 2013
THERE is huge potential for Papua New Guinea’s small-to-medium enterprises (SMEs) to benefit from the online registry project that will be completed by November, New Zealand High Commissioner Marion Crawshaw says.
She said this yesterday after presenting a cheque for K84,775 towards the Investment Promotion Authority (IPA) to support the introduction of the online business registry.
IPA is introducing the system – a streamlined process that would make business registration easier and more accessible to the locals.
It is supported by the International Finance Corporation (IFC) and the New Zealand aid programme.
Crawshaw said: “There’s enormous potential for the SMEs and I am confident that this online registry will lead to more entrepreneurs turning their good ideas into successful businesses … 97% of businesses in New Zealand (NZ) is owned by the SMEs.
“We (NZ) are pleased to be partners and to support training, which is important for those who will manage the project,” she added.
IPA managing director Ivan Pomaleu said the registry project will allow companies, associations, business groups and business names to be registered online in a quick and simple process.
“The project aimed to build capabilities to lodge documents online, after hours and paying fees online or with credit cards.
“This online registry is an exciting and much-needed step for PNG business owners who find the current registration process cumbersome and a barrier to making their business formal and registered,” he said.
IPA’s decision to procure a NZ system hinges on two reasons: firstly, because NZ is consistently ranked the top of the World Bank’s doing business rankings and the software solution is based on the current NZ system.
A NZ-based solution company also affords IPA access to the expertise of the NZ companies’ office in assisting PNG to make the transition to the new online environment.
This assistance will be invaluable as NZCO is a world-recognised leader in business registration.
IFC’s resident representative Carolyn Blacklock said IFC has been helping PNG review its laws and remove barriers to doing business.
She added that the new business register would improve investment and business participation rates, particularly for SMEs that now mostly trade informally.