There are four basic requirements to consider when completing your PNG company registration application:
1. You should decide on a company name ending with “Limited” or “Ltd” that is not similar to a registered entity. You can list down four company option names in order of preference on the Form 6 – Application for company name reservation;
2. You should appoint at least one or more directors in your proposed company. If you reside overseas, at least one company director should naturally reside in PNG;
3. You should have at least one or more shareholders in your proposed company;
4. You should have issued at least one or mores shares in your proposed company at start up.
Your company application Form 1 should be lodged together with the following:
1. Consent of each director of your proposed company – Form 2;
2. Consent of each secretary of your proposed company, if any. (A company secretary should naturally reside in PNG) – Form 3;
3. Consent of each shareholder of your proposed company – Form 4; and
4. Application for reservation of a company name - Form 6.
•Form 1 - The registered office and address for service of your proposed company should be stated in terms of street, section and allotment numbers or portion and milinch references or if in a building the particulars within that building. Either address can be the same or be at two different locations within PNG. These addresses should be physical addresses, be easily identifiable and readily accessible during normal business hours. Postal addresses can not a substitute for a company’s registered office and address for service.
•Forms 2, 3 & 4 – Each consent form should be signed by the respective applicant and not by a third party. Each applicant’s residential address on the consent forms should be physical address and not a postal address. The residential address should be stated completely in terms of street, section and allotment numbers or portion and milinch references or village, district and province; or block or settlement and town or city and province.
•Form 4 - Indicate the number of shares for each shareholder, the price per share, the class of share (eg ordinary or preferential) and the consideration for shares (cash or other than cash.) Where a shareholder is a minor or a corporate entity an authorized person should sign their Form 4 consent on their behalf and attach statutory declaration.
•Form 6 - You should decide upon a company name containing no less than three letter, initials or numbers. Be creative when deciding on your company name. Ministerial consent is required for the use of prohibited words in a company name. For example the word “Trust” is a prohibited word.
Labels: Business Registration