Commercial and Business Organizations Law in Papua New Guinea
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Doing business in Papua New Guinea: overview | Practical Law
In The Spotlight. It also points to the need for forestry companies operating in remote areas to call in police forces to keep order, refuting CELCOR-ACF insinuations that forestry companies are responsible for distribution of arms throughout PNG. Greenpeace has challenged the independence of the report, citing the fact that the report was commissioned and paid for by Rimbunan Hijau. It also disputes the claim that its policies impede development in PNG, and maintains the claims of illegality and human rights abuses in the PNG forest industry.
To support these allegations, Greenpeace produces a list of sources used in its previous reports which were dealt with by ITS Global ; no new evidence is provided. The claims largely rely on evidence discredited by ITS Global. There are quite a number of interesting items for free download, e. The copper in this treatments acts as a fungicide whilst the arsenic acts as an insecticide.
What makes this treatment potentially hazardous to humans and the environment is the arsenic. It has the following objectives. Masalai i Tokaut is a web-based newsletter which circulates allegations of corruption and mismanagement in the forestry industry. Rimbunan Hijau Watch is a website whose sole purpose seems to be to disparage and undermine the credibility and business interests of Rimbunan Hijau.
That PNG currently enjoys abundant natural resources is not in doubt but what of the future?
What impact will a growing population have on our resources and sustainable development? Two and a half to three years ground work went into the policy statement from a fairly exhaustive process of discussion and back ground work by a wide spectrum of interests, but mostly governmental.
The report, Bulldozing progress: human rights abuses and corruption in Papua New Guinea's large scale logging industry , recycles material from papers by Greenpeace attacking the PNG forestry sector. New report highlights the importance of commercial forestry in PNG 26 July A new report has found that commercial forestry is a consistent contributor to growth in Papua New Guinea and could play a larger role in development in the future. To see the report in full, click here. However, the news item fails to provide adequate evidence for the claim, citing only the difference in export prices of timber from PNG, Malaysia and western Africa.
All foreign enterprises must obtain certification from the Investment Promotion Authority IPA before carrying on any business in the country. Foreign enterprises are restricted from engaging in the following activities:. Small-scale agricultural, forestry and fisheries. Certain small retail and wholesale undertakings. Are there any restrictions on doing business with certain countries or jurisdictions?
Trading restrictions are implemented through legislation and only apply to those entities designated by the Charter of the United Nations and United Nations Security Council Resolutions.
See the Bank of Papua New Guinea website for more details www. Are there any exchange control or currency regulations? Approval by the Bank of Papua New Guinea is required for certain foreign exchange transactions. These include where a:. Resident company contracts with another resident company in a foreign currency. Guarantee or security contract is provided by a resident company in favour of an offshore lender unless there is a benefit to Papua New Guinea. Resident company opens and maintains foreign currency accounts within and outside Papua New Guinea.
Companies must also submit balance of payment forms to the Bank of Papua New Guinea or another authorised dealer reporting the movement of funds. Taxation clearance certificates obtained from the Internal Revenue Commission IRC are required for certain transactions, including:. Remission of funds offshore in excess of PGK, a year. Remission of funds of any amount offshore to an IRC-listed tax haven. What grants or incentives are available to investors? The government provides direct and indirect taxation-based incentives for large and small investment proposals. Significant tax incentives include the following:.
Double deduction for salary and wages paid to registered apprentices and employees attending full-time professional training courses.
Numerous incentives for mining and petroleum-designated gas projects. Investors will also have access to incentives provided by numerous international treaties and agreements to which Papua New Guinea is a party. Business vehicles 7. What are the most common forms of business vehicle used in your jurisdiction? The most common form of business vehicle is a company, whether local or overseas.
Alternative business vehicles include:. Sole traders.
In relation to the most common form of corporate business vehicle used by foreign companies in your jurisdiction, what are the main registration and reporting requirements? They can then register a company under the Companies Act at the Registrar of Companies division. At this point, a foreign investor must either choose to incorporate a new company or register as an overseas company. When incorporating a new company, the proposed company name must first be reserved and then applied for using the prescribed forms.
Companies that are incorporated outside of Papua New Guinea and choose to carry on business within the country must apply for registration as a foreign-owned company using different forms. The application to the Registrar must include copies of its certificate of incorporation and constituent documents.
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At least one director who is a resident of Papua New Guinea. A registered office that is accessible to the public. An address for service that is not a postal address. A constitution this is not mandatory but rights will be limited without one. Companies will have an official company name ending with the abbreviation "Ltd", and a business name used for trading purposes.
All business names must be registered with the IPA. At its registered office, a company must keep records of all important documents such as the register of interests, share register, minutes of all meetings and the constitution. Reporting requirements Every year, all companies must lodge an annual return with the Registrar of Companies within six months from the end of the financial year. Annual returns must be lodged on a prescribed form within 14 days of the annual general meeting, together with a small fee. Registered overseas companies must also submit a certified copy of their audited financial statements, but can apply to be exempted.
Foreign owned or controlled companies are also required to lodge bi-annual reports with the Foreign Certification Division.
Share capital There is no maximum or minimum share capital. Non-cash consideration Shares can be issued for non-cash consideration. Rights attaching to shares Restrictions on rights attaching to shares.
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Shares cannot be held by the company or a subsidiary of the company they belong to. If they are, the rights and obligations of that company will be suspended. A company can prescribe other restrictions on its shares in the constitution. Automatic rights attaching to shares.
The Companies Act provides automatic rights to a shareholder, including the right to:. One vote on a poll at a meeting of the company on any resolution. An equal share in dividends authorised by the board. An equal share in the distribution of the company's surplus assets. In relation to the most common form of corporate business vehicle used by foreign companies in your jurisdiction, outline the management structure and key liability issues.