The Asian Development Bank (ADB) is promoting enhanced opportunities for women in the Solomon Islands economy by conducting a special information and training session on the use of the new, modernized Companies Act.

More than 30 members of the Solomon Islands Women in Business Association (SIWBA) are expected to attend the seminar which will provide participants with tips on how they can use the new Act to help boost their businesses.

ADB assisted the Solomon Islands Government by supporting the drafting of the bill, which was prepared following extensive local consultations in Honiara and the provinces.

During the workshop participants will be informed of the new choices the improved Companies Act presents for women who plan to use a company as a vehicle for business. Once a company is established and running, the new compliance requirements in the Act will ensure lower transaction costs for company owners. More relevant reporting requirements contained in the new Act will strengthen corporate governance.

The new Act supports the formation of single shareholder companies, and introduces the concept of community companies. A community company may comprise of a women's group, a group of farmers, or landowner groups, among others. Community companies operate in the interests of their members, and utilize community assets such as fishing boats, handicrafts, or domestic food for the benefit of the entire community as well as preserving the sustainability of those assets for future generations.

The workshop will be presented by ADB Advisor Aaron Levine and will be held at the Iron Bottom Sound hotel on Friday 14th of May.

Source: Press Release, Asian Development Bank