Registering firms slow in PNG than in other countries: KPMG

IN some countries, it takes only 24 to 48 hours to register a company, but in Papua New Guinea, it takes at least a month or more, KPMG business advisory services manager Shane Kennedy says.
Kennedy, speaking during the Business Regulators Summit in Port Moresby last week, added that it was costly for companies.
“For example, if a foreign entity wants to set up a company in a jurisdiction like Australia, they could have a company set up within 24 to 48 hours,” he said.
“Whereas in PNG, we have found that setting up a branch or a local subsidiary company, can take one to two months and possibly even longer.”
Kennedy said all PNG-based organisations needed to endeavour to offer good governance services.
“And there is a perception that some of those delays maybe caused by some particular applications being put ahead of others,” hesaid.
“But if we can make sure that there is a clear, timely, effective, processes for everybody that can help in changing some of the perceptions, particularly around visas.
“Good governance also translate to efficiency and improvement to processing and also removing certain perceptions out there, about how things can be improved and with this instances and good governance, everyone benefits.”