Consultations begin today in Solomon Islands as part of the review of the Registration of Business Names Bill. The joint review by the Solomon Islands Government and the Asian Development Bank (ADB) aims to modernize and improve the business name registration procedure in Solomon Islands.
“When you have a registered business name, your customers can be certain that they are dealing with your business and you can be confident that no one else is trading on your good name,” said Hence Vaekesa, Permanent Secretary, Ministry of Commerce, Industries, Labour and Immigration in Solomon Islands. “Improving the business name registration process will encourage more people to start up businesses in Solomon Islands.”
Most small business and rural business owners in Solomon Islands register their businesses using the existing Registration of Business Names Act. The process is cumbersome, and many business owners have to travel vast distances to town to file their applications, incurring significant costs. ADB is assisting the Solomon Islands Government in drafting a new Registration of Business Names Bill for consideration by Parliament.
“There are currently over 10,000 business names registered in Solomon Islands, with over 1000 new registrations being added each year,” said Andrea Iffland, Regional Director of ADB’s office in Australia. “The revised act should boost the ease of doing business in Solomon Islands and save business owners time and money.”
The review draws on regional developments and international best practices and the new act will be tailored to the needs of Solomon Islands. The new act is expected to help streamline the procedure of registering business names. Among the proposals is that an electronic registry be established, allowing business owners to register their business name online from their home or local area.
To obtain copies of the Business Names Bill you can visit the following website: http://www.companyhaus.gov.sb/legislation/draft-registration-of-business-names-bill-2013.
Submissions are welcome and can be sent via email to email@example.com, by post to Company Haus at PO Box G26, Honiara, or in person to Company Haus, Mendana Ave, Honiara. The deadline for submissions is Monday 11 November 2013.
The business law reforms in Solomon Islands are part of a larger regional effort by ADB in partnership with Pacific governments to introduce modern business laws that are more suitable for small island economies. Through the Pacific Private Sector Development Initiative (PSDI), ADB is also supporting company law reform initiatives in Vanuatu, Tonga, Samoa, Cook Islands, Palau and Kiribati.
PSDI is a regional technical assistance facility cofinanced by AusAID, the New Zealand Aid Programme, and ADB. Since 2006, PSDI has been working with ADB's 14 Pacific Developing Member Countries to improve the environment for business and support inclusive, private sector–led economic growth.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2012, ADB assistance totaled $21.6 billion, including cofinancing of $8.3 billion.
Press Release, ADB