Tuesday, 14 April 2009 9:00 AM

ADB Welcomes Opening of Companies Registry Office in Solomon Islands

The Asian Development Bank (ADB) welcomes the opening of the new Companies Registry Office.

The office will be responsible for the administration of the new Companies Act, written into law last month, and the Secured Transactions Act, passed in 2008. ADB assisted the Solomon Islands Government in drafting both laws.

"The new Companies Registry Office will ultimately make it easier for local people to conduct business in Solomon Islands," says Eugenue Zhukov, Regional Director of ADB's Pacific Liaison and Coordination Office in Sydney, Australia. "Once the registry has been modernized, registering a business should become a quick and simple process that won't be costly."

The office will also be a contact point for businesses, and a resource for learning more about current business law in the Solomon Islands.

"ADB looks forward to working with the Solomon Islands Government and the business community to modernize the Companies Registry and conduct training programs on its use for business people, legal professionals, and others," says Paula Uluinaceva, Development Coordinator of ADB's Development Coordination Office in Honiara.

ADB, based in Manila, is dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development, and good governance. Established in 1966, it is owned by 67 members - 48 from the region. In 2008, it approved $10.5 billion of loans, $811.4 million of grant projects, and technical assistance amounting to $274.5 million.