Port Moresby: The Asian Development Bank (ADB) has welcomed the passing of legislative amendments to enable Papua New Guinea (PNG) to modernize its business registry and boost business activity.
The Companies (Amendment) Act and Business Groups Incorporation (Amendment) Act will modernize PNG’s business laws, ensuring they meet global anti-money laundering standards and enabling PNG’s business registry to collect essential company information.
The amendments will ensure the country’s upgraded online business registry collects all relevant and essential company data.
The new registry, due to launch later in 2022, will make the process of formally registering a business faster and more accessible and will facilitate greater access to finance, contracts, and international trade for PNG businesses.
"Without the collection of this business information through online registries, businesses may struggle to operate or contract with each other," said ADB Pacific Liaison and Coordination Office Regional Director Lotte Schou-Zibell in a press release on Thursday.
"ADB welcomes the passing of these important amendments which will make it easier and more efficient to do business," the ADB official added.
The two amended acts, which passed on 20 January 2022, were developed with support from the Private Sector Development Initiative (PSDI)—an ADB technical assistance program in partnership with the governments of Australia and New Zealand.
PSDI is partnering with IPA to launch the modernized online registry in 2022.
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