How to incorporate company in Papua New Guinea?
Tetra Consultants advises you to read through this Papua New Guinea company incorporation guide to fully understand the steps required how to incorporate a company in Papua New Guinea.
Simply put, we can break down your Papua New Guinea company formation engagement into three different phases:
- Planning & strategy
- Incorporation & bank account opening
- Staying compliant
By systematically following the above three phases, you can expect to start conducting business with your Papua New Guinea company within 6 weeks.
1. Planning & strategy
- Depending on your business goals and activities, Tetra Consultants will recommend the most suitable business entity. Prior to Papua New Guinea company incorporation, you will be advised on the optimum paid-up share capital, corporate structure, and whether there is a need to apply for any licenses.
- Before Tetra Consultants can start with the Papua New Guinea company incorporation procedure, you are required to provide a list of necessary KYC documents. Some of these documents include passport copies and proof of address of the directors and shareholders.
- Tetra Consultants will reserve your preferred company name with the Investment Promotion Authority.
- Tetra Consultants will also provide you with a local registered office address and registered agent to meet the registration requirements. In case the PNG IPA certificate is not registered, Tetra Consultants will also assist you by providing the nominee director services.
- Tetra Consultants will draft the Papua New Guinea company incorporation documents including articles of association, business plan, PNG IPA Certificate form, and shareholding structure. Once confirmed, we will submit the same to the respective local authority.
Incorporation & Bank account opening
- On average, the company will be successfully registered within 2 weeks. Upon successful Papua New Guinea company incorporation, Tetra Consultants will immediately courier the corporate documents to you.
- Some examples of these documents include the Certificate of Incorporation, Memorandum & Articles of Association, and other legal documents.
- Simultaneously, Tetra Consultants will proceed to open a corporate bank account for your newly-incorporated company. You can enjoy leveraging on our extensive banking network and receive your bank account numbers within 4 weeks.
- Our banking team will open a corporate bank account for your newly-established company with either a local Papua New Guinea bank or a reputable overseas bank. This ultimately depends on our international clients’ long-term business goals and risk classification. Tetra Consultants will advise our clients on the different requirements and transaction fees of each bank so you are able to make a sound decision.
- Some Papua New Guinea banks may require you to travel to the country for a face-to-face meeting. If required, Tetra Consultants will request for the interview to be changed to a video conference call instead. If the banks insist you to travel, Tetra Consultants will accompany our clients to the bank interview in PNG to facilitate communication.
- Once your account is opened, Tetra Consultants will courier the internet banking token and access codes to your preferred address.
- Once your Papua New Guinea Company is incorporated, Tetra Consultants will proceed with obtaining the Tax Identification Number (TIN) for your entity with Internal Revenue Commission (IRC).
- You can be confident you are in the best hands when Tetra Consultants undertakes your Papua New Guinea company’s accounting and tax services.
- Tetra Consultants will timely prepare your firm’s financial statements, corporate tax returns, and bookkeeping on your behalf.
- Tetra Consultants will complete all annual filings and tax returns for your company before the stipulated deadlines set out by the government.
Contact us to find out more about how to incorporate a company in Papua New Guinea. Our team of experts will assist you through the entire process of Papua New Guinea company registration and revert within the next 24 hours.