Try develop entrepreneurs

THE number of business registered with Investment Promotion Authority (IPA) is no indication of the success of businesses or those operating in PNG.
That brings us to the data used in the SME Policy and other Economic projections. We may have 200,000 businesses registered with IPA since 1955 but that does not mean all are operating.
Some are subsidiary companies, maybe five to hold shares for a single entity.
Others were registered for so called contracts at NCDC then and now to apply for failed NADP and now DSIP PSIP and are on paper only. The businesses we have are those actually captured in the IPA annual physical provincial surveys.
This figure is different from what is in the IPA registry.
And while on that, the SME policy did not devise colloborative programmes such as plantations redistribution schemes, plantations management training programmes, business development training programmes, Stret Pasin Stoa Scheme, trade storekeepers training, BDO or Cooperative College and the multi-agency 20ha blocks scheme. There are no direct linkage with any or all agencies.
Also, the laws were not altered to introduce exemptions to filing fees and annual returns and the type of forms to complete, such as Division 4 Status, Cooperative Companies and to convert companies back to Business Groups and vice versa.
We should develop entrepreneurs and shift them from agriculture-based activities to graduate into PMV, tire service, trade stores, retail shops, etc…
Thank you.

Wilson Thompson, ML
Accountant & Tax Agent
President – Farmers & Settlers
Association Inc