More than 5, 000 companies are on the list to be de-registered by the Investment Promotion Authority.
These 5, 000 companies comprise those that have not filed an annual return up to the year 2000.
The first batch to undergo de-registration will begin starting Thursday 7th of November 2019.
According to Investment Promotion Authority, an annual return is a yearly update of public information about a company on the companies register. This information includes companies’ addresses and details of directors and shareholders.
It is a requirement by the companies’ office that companies’ records are up to date for the purpose of effective correspondence between the office of the registrar of companies and the individual companies.
Managing Director of Investment Promotion Authority, Clarence Hoot said that in order for IPA to have data that is current for policy development purposes, they need to have an up to date registry.
Mr Hoot said that the de-registration exercise is therefore a way forward in this space.
Acting Registrar of Companies Investment Promotion Authority, Harriet Kokiva said that by law every company incorporated in Papua New Guinea as well as registered overseas companies must file an annual return every year with the registrar of companies.
Ms Kokiva said that de-registered companies can apply for reinstatement either administratively by the registrar of companies or through the national court.
She urged all companies to check the companies register to ensure their annual returns are up to date.
They can go online and check the companies register at www.ipa.gov.pg or call 308 4439 or 3084443. Or send an email online@ipa.gov.pg
Michelle Steven, EMTV News, Port Moresby
