pportunity
Issue #02 February, 2023

MD’s INBOX

CLARENCE M HOOTManaging DirectorD............................................................................................................................................................................................................................................

Business News, Reviews and Overviews from the IPA

ear readers, welcome to the February
issue and the second edition of the IPA’s
monthly “Opportunity” newsletter for
2023.

This month, preparations are well underway for the execution of a number ofmajor work programs. Among them is therollout of the nationwide awareness on anumber of key areas including:•
The new Features of the Online
Registry Services•
Changes to the Investment Promotion (Amendment) Act•
Legal Amendments to the Companies Act•
Reserved Activities List and In
vestment promotion programs•
Personal Property Security Reg
istry and Ongoing Awareness onIntellectual Property

The IPA will be rolling out a nationwide
public awareness campaign targetingstakeholders, business owners and thegeneral public. For this year, IPA will betargeting a number of big events like
provincial shows to conduct awarenesson the work that we do. We will also be
conducting training sessions on how to
use the new Online Registry system andattend to specific queries.

Preparations are already underway

for the hosting of the second Regulators Summit which is scheduled to behosted in Port Moresby in the second
quarter of this year.
The IPA is trying its best to extend its
services to all the provinces around thecountry. We have so far signed over eight(8) MOUs with a number of provinces toextend our services by way of setting up
Help Desks within the Provincial Commerce Offices. Among these provinces,
West New Britain Province took a stepfurther by assisting its people especially SME’s to have their businesses registered with IPA. Last year, they committed
K100,000 to IPA for that cause and willcontinue for this year.
This year also, we will continue to focus
on one of our key projects in partnershipwith the United Nations Industrial Development Organisation (UNIDO) in which
we have profiled various investment opportunities in the country and uploaded
them in the UNIDO database for marketing and promotion to potential investors.
Each of these projects will be publishedin our Newsletter’s Opportunity Knocks
section.
I look forward to your continued support
this year and again if you have stories tofeature, please do not hesitate to contactus.
As always, happy reading.

Clarence M HootManaging Director

IN THENEWS

IPA makes
clarification
on paper filing
The Investment Promotion Authority of PNG wishes to make further clarification to its valued clients, stakeholders
and the general public on our new registry system.
Since going live in December 1st
2022 there has been a lot of confusion
regarding the filing of new business entities.
IPA will still accept paper filing for
applications for ONLY new companies,business names, business groups andassociations.
However, there are important things
that clients must be aware of before
they approach an IPA counter officer todo paper filing of a new business entity.
•
You must already have an online account before coming to
the IPA to avoid any inconvenience. You may ask, how canI register my account? At IPA’s
website www.ipa.gov.pg, lookto the top right and click on
create, select set up a business
entities account, then fill thedetails.
•
You must make sure you present a current govt issued ID,
For example a Driver’s license,
bio page of your passport, National Identification (NID)
Card, Superannuation mem
bership ID etc. Note that expired IDs will not be accepted.
•
Your name should be the 		same as that shown on your
ID to avoid any inconvenience,•
If you don’t have a govt. issued
Continue on to next page..........

INVESTMENT PROMOTION AUTHORITY | Page 1

IN THE

continued from previous page........

NEWS

Paper filings clarification cont..

ID, you can produce a current work
ID or personal ID together with astatutory declaration stating:oyour full name as shown in
the ID, date of birth, village
name, District name andprovince you come fromand;oThat the ID and information in the statutory declaration contain true and cor
rect in formation.

•

You will decide what nameto use for your account,contact details, email ad
dress, account profile ad
dress, postal address, dateof birth and password.

Reminder that IPA services are now
online and our services are easily
accessible through internet at IPA’s
website at www.ipa.gov.pg or you
can email us at ipaonline@ipa.gov.
pg

IPA Registry staff can help you if you
are still not sure how to create youronline account, however, it can takelonger.

................................................................................................................................................................................................................

IPA SUPPORTS BEE FARMING
BUSINESS IN SIMBU PROVINCE

Centre: IPA Managing Director Mr. Clarence Hoot and his management reps presenting the equipment to Bussy Honey & Integrated Farming.

The Investment Promotion Authority (IPA) has assisted a small bee farming
business in Simbu Province with bee
keeping equipment to help boost its production capacity.
Bussy Honey & Integrated Farming
is a family business owned by a husband and wife team - Mr. Mek Degene
and his wife Mrs. Matri Degene locatedin Ainanimin Village in the Tabare LLG,

Simbu Province. In receiving the equipment, the couple were appreciative of
the IPA’s gesture and sincerely thanked
the Organisation for their assistance. The
IPA support is a one-off sponsorship assistance given in the form of 40 beehive
trays, industrial sugar feed for the beehives and honey extractor frame. The
items were purchased from the PNG Beekeeping Supplies, a well-known SME in

the Eastern Highlands province who also
provides skill-set training to local honeybee farmers.
In handing over the equipment toBussy Honey & Integrated Farming, IPA
Managing Director Mr. Clarence Hootsaid the IPA was happy to support suchimpactful community-based projects in asmall way to contribute to their growth
Continue on to next page..........

INVESTMENT PROMOTION AUTHORITY | Page 2

continued from previous page........

IN THENEWS

continued from previous page........

into a fully developed SME in thebeekeeping and honey production industry.
“IPA does not usually provide funding to SMEs and this is a good-will gesture to Bussy Honey as one of the local
SMEs we have worked with through ourHagen Office” Mr. Hoot said. “It is a small
success story of some of the promotional programs our Hagen based Highlands
Regional Office has been doing in the region, “Mr. Hoot said.
Bussy Honey & Integrated Farming
started off with only two beehives in
2021 and started selling their honeyafter registering their business in May
2022. Their honey product is now being supplied to a major retail outlet in
Kundiawa. It comes in 500g jars and its

Tips & Traps

brand name is BUSSY HONEY, Simbu’s
own 100% pure organic Honey. With
the IPA sponsored 40 beehives, they are
now looking to supply throughout Simbu province and the country in the longrun.
PNG Beekeeping Supplies manager,
Mr. Loie Tella thanked IPA for supporting
Bussy Honey & Integrated Farming business stating that there was a huge needfor capacity to develop the honey production industry in the country.
“PNG consumes 200 tonnes of honey annually while the local production
capacity is at 120 tonnes only,” Mr Tellasaid. “Hence, the market is ready both
domestically and internationally for us
to develop this industry.”
Mr. Hoot reiterated that the IPA is

here to promote such business opportunities and identify investment readyprojects for both domestic and international markets and partnerships. He further called upon leaders and other government departments and agencies tosupport SMEs in the agriculture sector as
such interventions could see agriculture
SME propel to fully pledged businesses
in future thus contributing to our economic development.
The presentation was witnessed bybee-farmers, DAL, Commerce and SME
Officers from the Chimbu and Eastern
Highlands provinces as well as representatives of the IPA senior management.

RE - REGISTRATION
OF COMPANIESThe data migration from the old registry into the new one is still in progress. Because you have a full year to
re-register, IPA requests that you wait until data migration is completed to re-register. This will bemuch easier for you as you will not have to re-type all your company's details.
Under the Companies (Amended) Act 2022, all Companies must re-register by 30 November 2023 for free.
Upon re-registration, a certificate of re-registration and a Certificate of Good Standing long form will beemailed to the applicant.
Companies who have outstanding Annual Returns will only be charged a one-off fee of K500 during there-registration process. Companies which fail to re-register within this period will be removed from theregistry.
The re-registration process is important for companies because:• They will be able to take authority over their company during this process, which will allow them to update and file annual returns and manage their own records in future. The IPA aims to have a clean andupdated registry of business entity records and currently it is impossible to ascertain which companies
are operating or not.
• Over 90% of companies are non-compliant. As such, IPA has made compliance simpler and cheaper for
Companies which have outstanding annual returns through the re-registration process.
TRANSITIONAL UPDATES OF NON-COMPANIESBusiness Names, Business Groups and Associations will need to update their records before transiting to
the new registry system. They will NOT be charged any fees. Once the data has been updated the status of
the existing registered business entities will now show as “Registered”.

INVESTMENT PROMOTION AUTHORITY | Page 3

IN THENEWSIPA SIGNS MOU WITH EASTERN HIGHLANDS PROVINCIAL ADMINISTRATIONThe Investment Promotion Authority (IPA) signed a Memorandum of Understanding (MOU) with the Eastern Highlands
Provincial Administration (EHPA) on the 1st of February, 2023 .
The MOU paves way for the Eastern Highlands Provincial Administration to deliver IPA services through the Help Desk to beestablished within the Commerce Division in the province.
The MOU was signed by the IPA Managing Director Mr. Clarence Hoot and Eastern Highlands Acting Provincial Administrator Mr. Ipa’e Maniha and provides the avenue for IPA to collaborate with the provincial administration, business community
and the general public of Eastern Highlands to ensure that IPA
services are easily accessible to the business community. It also
provides training opportunities for Provincial Commerce Advisors and Business Development Officers through work attachments with the IPA Head Office or its Regional Offices in Mt Hagen and Lae. After officers have been trained they will work with
IPA to carry out awareness in Goroka and within the districts of
EHP.
The MOU with EHP is the first for the highlands region withsimilar arrangements to be extended to other Highlands Provinces in the immediate future. “One of the key things that wewould like to consult on through this MOU is the review of theReserved Activities List as further work from the last approved
RAL by government, “Mr. Hoot said.
An immediate tasks under the MOU is the establishment of
the IPA EHP Help Desk and training of EHP Commerce Officers

by IPA on how to use the new Online Registry Services toregister and re-register business entities. As support to ensure
the EHP Commerce Division performs efficiently and diligently,
the IPA also donated a computer set including a three-in-one,
printer/scanner/copier and a wifi modem to assist the Commerce Officers’ use in providing these services.
Mr. Hoot said he was happy to see that the MOU was finally signed after a while and reinforced the IPA’s commitment inmaking available its services right down to the district level withthe use of information technology. “The IPA has been around forthe last thirty years and over the years has been committed inensuring that its services trickle down to ordinary citizens,” Mr.
Hoot said. “That is why we have been investing resources instrengthening partnerships and enhancing collaboration with
Provincial Administrations and other stakeholder agencies including private sector stakeholders,” he added.
Whilst acknowledging the internet connectivity issues currently being experienced in some parts of the country, Mr. Hootsaid this must not limit the government agencies from continuing to strive to deliver services using technology.
Mr. Maniha was pleased with the IPA for choosing the EHP
stating that the province was big with a population of almost
800, 000 and the Government needed to empower the people
by creating business opportunities for them to participate in.
“We have to start creating employment for our people whomust be trained to create their own businesses, “he said. “Withsuch services we can help our people to do that.”
Mr. Maniha also said that there were many businesses operating in the province but his office was unsure whether thesebusinesses have been registered or not. He said with the set upof the IPA Help Desk in the province, the team can conduct spot
checks to identify what activities these businesses were conducting and whether they were legally registered and paying
taxes.
He said as the Acting Provincial Administrator of the province, he would ensure that the Help Desk was working effectively for the benefit of the people in the province.
The MOU with EHPA now brings the number of MOUs and
IPA Help Desks in the provinces to nine provinces. The IPA will
work with other provinces soon starting with Jiwaka; Simbu;
Enga and to Southern Highlands and Hela provinces.
IPA has existing MOUs with its colleague regulatory agencies as well such as the Internal Revenue Commission, Immigration and Citizenship Services Authority, Customs PNG, Financial
Analysis and Supervision Unit (Bank of Papua New Guinea), National Information and Communication Technology Authority,
Insurance Commission, PNG Fraud Directorate, Department of
Implementation and Rural Development and National Cultural
Commission. MOUs with the National Gaming Control Board
and National Maritime Safety Authority will be signed off in
March this year.
Mr. Hoot is calling on other Provincial Administrations andGovernment Agencies to partner with the IPA so that all government services can be streamlined and delivered to the people inrural communities and provinces so they can equally participate
in nation building going forward.

INVESTMENT PROMOTION AUTHORITY | Page 4

IN THENEWS

IPA attends
2 weeks
ResearchWorkshop
The Investment Promotion Authority(IPA) participated in a two (2) weeks workshop aimed at developing skills for social

science research via a program called thePacific Research Colloquium or PRC.
Two (2) officers from IPA’s Research
Unit attended the two (2) weeks workshop in Kokopo, East New Britain Province
from the 9th to the 20th of January, 2023.
The fundamental objectives of the
PRC were to empower potential Pacific researchers on the tenets of research methodologies and analytical skills which will
enable participants to practically apply
what they learned to improve their research skills and work in their respective
organizations.
Each year the Department of PacificAffairs (DPA) at the Australian National
University (ANU) brings together early
career social science researchers from the
Pacific for an intensive workshop series todevelop skills for social science researchin the Pacific via a program called the Pacific Research Colloquium (PRC).
The PRC is a 10-day intensive researchcourse that is usually offered in person by
DPA experts in Canberra, Australia. And
for the first time, this year 2023, it washeld in Papua New Guinea at the Rapopo
Plantation Resort, Kokopo, East New Britain Province.
Participants received intensive introductory training on research design,
methodology, methods and planning.
In addition to this, participants had
the opportunity to take a couple of con-tent specific micro-credentialed coursesthat focused on PNG politics and Bougainville referendum, gender or security
and development which can be credited
towards two academic programs at the
ANU.
The PRC is part of DPA’s broader commitment to building research capacity in
the Pacific. The PRC is funded by Australia’s Department of Foreign Affairs andTrade (DFAT) through the Pacific Research
Program.
The workshop was also attended byother Papua New Guinea and Bougainville early career researchers, development practitioners and professionals fromboth public and private sectors including
NGOs.
After the workshop participants were
expected to have an in-depth understanding on how to carry out proper research design, methods, planning andpresentation of findings, how to apply Pacific Research methodologies in to colonial research patterns and how to review
existing policies via literature reviews andexamine the grey areas depriving effective service delivery and informed thegovernment on possible reforms.
The PRC Programme also provides the
dynamics of how a researcher can tailor
the current system of doing research into
our Melanesian way of approaching research to get an efficient outcome for an
inclusive benefit.

PM reiterates theGovernment’s
commitment tosupporting thePrivate SectorPrime Minister, James Marape has
again reiterated the National Government’s support towards the growth of thePrivate Sector.
He made this commitment during a
back-to business breakfast event that was
hosted by the Private Sector this month.
PM Marape said the Government recognizes the importance of the private
sector in our economy.
He said the job of government is tocreate a conducive socio-economic environment for businesses to grow.
“Government must build and maintain the infrastructure and the security
environment that provides the comfort
for people to live and do business. They
must build and support a conducive regulatory environment and build trade andinvestment relationships including linking produces to markets both domestically and internationally, “said Mr Marape“I want to encourage small businesses to link up with large businesses andprovide new business opportunities’ ’The
Government must ensure fair and equitable free market environment to ensurebusiness thrive and grow with returns ofprofits to shareholders and tax and employment to PNG’’.
PM Marape said that from an economy
under K5 billion in 1975 to an economy
of around K80 billion when he took over
Government in 2019, today the economy
has surpassed K110 billion.
‘’This statistic shows that amidst the
many problems that is amplified real timein contemporary PNG, the country has
grown the last 47 years from a very low
place in as far as the size of our Gross Domestic Product’’ said Prime Minister Marape.
‘’I promised PNG in my maiden ‘richest black Christian nation’ speech on 30thof May 2019 that by 2029 we will be a
K200billion economy.
‘’For 2022, the budget was delivered
within the budget deficit forecast ofK5,984.7 million. Additional windfall revenue from high commodity prices, due to
Ukraine-Russian war were directed at

INVESTMENT PROMOTION AUTHORITY | Page 5

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IN THENEWS

protecting household like the uplift of income tax free threshold toK20,000.00 and paying of student project fees to name a few’’.
‘’The Government in 2022, introduced its 13-year Fiscal Plan, as part ofits long-term strategy for budget repair
and reconstruction, against the backdrop of economic shocks, caused by the
Covid-19 and Russian-Ukraine war’’.
‘’This is crucial to maintain fiscal support for economic recovery efforts. It is apath towards fiscal consolidation, that is
consistent with the principles of increasing revenue, reducing deficits, bringing
interest costs under control and working towards a budget surplus by 2027,
and in doing so, lift economic growthand employment opportunities-and ultimately, the option of a debt free sovereign State by 2034’’.
‘’The plan provides a disciplined

framework for bringing development
aspirations within the reality of limited revenues – unlike those in the past,
which have been more aspirational innature, promising much, but without
the budget to support implementation.
‘’Within this fiscal consolidation,
the Government also continues withits major structural reforms. The mostprominent of these, is the shift in theshare of budget resources going to capital expenditure, especially towards the
GoPNG Public Investment Program. The
capital budget rises to K9,795.9 million
in 2023, of which K6,6150 million is our
GoPNG Public Investment Program(PIP)’’.
‘’PIP has grown by 224.0 percent under our government, climbing from justK2,040.7 million in 2018. We are the infrastructure government’’.
‘’Our PNG economy is expected to ex-

ceed K113.0 billion in 2023. Real non-resource sector growth (which excludes
extractive sectors) is forecast at 4.6 per
cent, continuing the recent growthrecord of 4.8 percent in 2021 and 4.5
percent in 2022 – the only second time
PNG’s post-independence history, to record 3 years of real growth of over 4 percent. Inflation is forecast to fall from 6.6
per cent in 2022 to 5.7 per cent in 2023.
Mind you our running average on inflation is 7 percent’’.
‘’For 2023 we are investing big in education, health, law and order and infrastructure. These are the key enablers for
economic development. Because whenthe economy is developed then the
country will develop,’’ said PM Marape.

Why is it important for SMEs or businesses toprotect their Intellectual Property Rights?
•Negotiating licensing, franchisingor other IP-based contractual
agreements;

SMEs or businesses must dedicate
time and resources to protecting theirintellectual property assets.
By doing that, they can increase theircompetitiveness in a variety of ways.

•Increasing the market value of thecompany;Intellectual property protection helpsin:•Preventing competitors fromcopying or closely imitating acompany’s products or services.

•Acquiring venture capital andenhancing access to finance;•Obtaining access to new Markets.
In addition, enterprises which searchsystematically for conflicting IP rights ofothers prior to seeking IP protection areable to avoid unnecessary litigation, thereby
saving time and resources.

•Avoiding wasteful investments inresearch and development andmarketing;•Creating a corporate identity
through a trademark and 		branding strategy;
For more Information on Intellectual Property, Contact:Tel:(675) 321 7311/308 4432/321 3900

Email:

registrar.ipopng@ipa.gov.pg

Website: www.ipopng.gov.pg

INVESTMENT PROMOTION AUTHORITY | Page 6

Sir Kostas Constantinou, OBE
L					
retires as Chairman of BSP Financial Group LimitET’S HEAR IT!

ed and as a Non-Executive Director of the Board
BSP Financial Group Limited (BSP) announced that Chairman Sir
Kostas Constantinou, OBE will retire as Chairman and Non-Executive Director of the Company effective 28th February 2023.
Sir Kostas joined as a Director of BSP in April 2009, then known
as “Bank of South Pacific Limited” and was appointed Chairmanof the Board in February 2011.
The Board acknowledged that during his tenure as Chairman,
BSP achieved many significant milestones in PNG, across the
Pacific and South East Asia. Some of the key achievements
during Sir Kostas’s leadership included the expansion of BSP’s
banking operations through acquisitions in several Pacificcountries, establishing asset finance businesses in Fiji, PNG and
Solomon Islands, entering the asset finance market in Cambodia and Laos via joint ventures, establishing a new life insurance
business in PNG as well as BSP’s dual listing on the Australian
Securities Exchange (ASX) in May 2021, to name a few.
The Board extended its sincere appreciation
to Sir Kostas for his leadership and commitment over the many years. Sir Kostas commented that it has been a privilege to havebeen part of BSP’s successful journey, driving
business growth and expansion in theregion. He thanked his fellow Directors
for their support over the years andwished them, and BSP, continued
success in the future.
Sir Kostas will be replaced byRobert Bradshaw as Chairmanof the BSP Board. Mr Bradshaw
joined the BSP Board as a

LEGALUP-DATE

BSP’s Chairman-elect Mr Bradshaw paid tribute to Sir Kostas
who has contributed immensely to BSP and thanked him for his
dedication and commitment.
This announcement was authorized for release by Mary Johns, Company Secretary of BSP Financial Group Limited.
For more information, please contact:

Paul Lee-Bernstein 		
Mary Johns
Head of Strategy & Investor Relations
Company Secretary
Email: PLee-Bernstein@bsp.com.pg
Email: MJohns@bsp.
					com.pg

Source: BSP Website
Robert Bradshaw - Incoming
Chairman of the BSP Board

KEY CHANGES TO THE INVESTMENT PROMOTION (AMENDMENT) ACT AND THE ASSOCIATIONS INCORPORATION ACTThe new Act is now called the Investment
Promotion (Amended) Act 2022.
The key changes in the Investment Promotion (Amended) Act 2022 include;•

Changing the foreign certification
system to process applications quicker, andautomatically rejecting applications forreserved activities to support SMEs;•

Reviewing the Reserved Activities Listat least every three years;•

Non-Executive Director in 2017 and was Chairman of BSP’s
Remuneration and Nomination Committee. A lawyer byprofession, he has over 25 years of experience in private legal
practice in different areas of law particularly resource development, industrial relations, banking and finance and commercial
litigation. He has served on a number of Boards and is currently
Chairman of Post PNG Limited.
Following Mr Bradshaw’s appointment as Board Chair, Non-Executive Director Dr Matagialofi Lua’iufi was appointed Chair of
BSP’s Remuneration and Nominations Committee.

Introducing more reporting obligations on foreign investors, and providing
powers to cancel certification where key
business laws are breached;•

Improving IPA’s enforcement and compliance, and making better allowances forcross-agency enforcement;

have been identified as problematic for
local associations. These include;

Creating a dedicated Registrar of
Foreign Investment to oversee the systemwith powers to speed up much needed
incoming investment, automatically denyunethical and unwanted investment, andenforce compliance.

• Who can form and register as associations;• Committee member role formalised• Clarifying role of the Public Officer• Financial transparency to members• Improved reporting to members andthe Registrar• Improving the Registrar’s powers• Anti-Money Laundering Compliance**The new Association Incorporation Act
repeals the old Act which has not been
updated since it was passed in 1966.

These changes will ensure that Associations
operate in a transparent and more accountable manner.

•

The amendment of the Associations Incorporation Act will address key issues that

INVESTMENT PROMOTION AUTHORITY | Page 7

IPA

NOTICE BOARD
Office of the Registrar of Companies

IMPORTANT CHANGES TO THE NEW
ONLINE REGISTRY SYSTEMThe Office of the Registrar of Companies is pleased to announce the commencement of a new online registry system starting 1 December 2022. The new system will replace the current system whichfacilitates registration of companies, business names, associations, business groups and foreign enterprisecertifications.
The new system will allow for ALL registry services to be performed online. It also offers enhanced mobile phone functionality, making it easy to conduct all registry business via an online method. This new
system will be far more user friendly and presents a significant step forward for our PNG business community.
The following are important changes to this new system for you to keep in mind when planning your workwith IPA:
1.
a.
b.
c.
d.

The new system will only accept online filings. However, only the following paper filings will be 		
accepted by the new system:
new applications to incorporate a company
new applications to register a business namenew applications to incorporate a business groupnew applications seeking approval for notice of intent to incorporate an association

Persons filing these documents in paper form will receive instructions on how to use the online system tomaintain their businesses. ALL other filings must be done online.
2.
Since majority of filings must be done online, anyone wanting to submit filings must have an ORS
User account. To register an ORS User account, you must have a valid email account. There is
no charge to register an ORS User account. Once you have an account you will be able to submit all
filings and pay all fees through the account. If you already have an ORS user account, your account information will be migrated to the new system.
3.
To register an ORS User account, visit the IPA website at www.ipa.gov.pg and follow the instructions on the website.
4.
Once you have registered an account you will need to obtain authority to submit filings for yourbusiness entity. Instructions are on the IPA website at www.ipa.gov.pg.
5.
In the new system majority of notices from the Registrar to clients will be delivered via email soyou must actively monitor your email. Companies may supply email addresses for all directors so that all
directors receive these notices. Similarly, business names registration can provide emails for all owners sothat they all receive Registrar notices.

INVESTMENT PROMOTION AUTHORITY | Page 8

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6.
The new system has greatly enhanced smart phone capabilities so that you will be able to conduct
all business with the registry through your smart phone.
7.
Basic information about each registered entity will be available for free for public searching. There
will be a small fee to access details about an entity. However, a new feature of the system will allow searchers to obtain current director and shareholder information about each company, a significant improvement
over the old registry.
8.
A new amendment to the Companies Act requires all companies to re-register within 1
year from the date the registry launches, the period from December 1, 2022 to November 30,
2023. Re-registration is simple and free for all compliant companies. If your company is not currently incompliance with the annual return requirement, you must submit all outstanding annual returns when applying for re-registration. A minimal penalty fee will apply. Further details on re-registration can be foundon the IPA website.
9.
All other entities will be asked to complete a “transitional update” the first time their record isaccessed online. IPA will migrate all current information about each entity to the new system, but data migration from one IT system to another is not always perfect. Therefore, IPA requires each entity to confirm
that the data in the new registry is accurate. There is no charge for completing this update.
For further information, please do not hesitate to call our team on telephone numbers 308 4439 or 308
4443 or email ipaonline@ipa.gov.pg
Thank you
HARRIET KOKIVA
ACTING REGISTRAR OF COMPANIESINVESTMENT PROMOTION AUTHORITY | Page 9

OPPORTUNITYKNOCKS
Highlands Spice Development & Extension Project
Highlands Spice Development & Extension Project is an initiativeof community business based in the Highlands of Papua New
Guinea and the project proponent is calling the attention of
investors to help it scale up exports of its pristine, natural spiceproducts to world markets.
The project is part of a major spice industry extension project
titled; the Highlands Spice Development & Extension Project
2015-2030.
Project Location: Goroka, Eastern Highlands Province, 				Papua New Guinea
Products: The project grows fruits, nuts, beverage andspice crops. Spice products include Ginger, saffron, tumeric(curcuma), thyme, bay leaves and curry. 		
Project Annual Sales: Euro 1million
Total Investment required:

Euro 1.3million

Opportunity Type: Open for FDI through a majority 		

		

stake

The project aims to enhance agricultural productivity, thescale of production, market access, and income generation
through smart partnerships, innovations, sustainable entrepreneurial farming systems, and sustainable production andsupply of spice products.
The project is seeking a potential investor to invest in thisproject. The potential business partner is expected to contribute towards the establishment of an additional production facility, purchase of new machinery and equipment, andfor joint development of spice products. Other collaborations
the project is seeking include access to market, material, andtechnology.
The Project Manager and Director, Mr. Sakarias Ikio has over
20 years of industry experience. The Project is existing withmany farmers affiliated to it. The Project has 320 establishedexisting farmers in the highlands of PNG. The projects comeswith experience, product development knowledge, and experience in labour.

The project is focusing on reviving and developing the spiceindustry in Papua New Guinea. The objective of this projectis also in line with PNG Spice Boards’ objectives and also withthe government’s priority for focusing on developing agriculture including the spice industry in PNG.
Increased awareness of the benefits of spices like turmeric,ginger, chili, and garlic, has boosted demand for good quality
and organically grown spices worldwide.
PNG’s Highlands region, with its pristine environment, hasbeen growing spices for years. On the back of growing demand, a prominent community group has offered investors
an offer to bring in funds to take their business global. Growing spices is specific to regions with a certain kind of climate
and is highly labor-intensive.

Project Manager and Director, Mr. Sakarias Ikio
Picture courtesy: Post Courier’s website.

Papua New Guinea has both – the right kind of climate forgrowing spices and plentiful affordable labor.
Mr. Sakarias Ikio

China Town, North Goroka, Section 09, Allotment 13, Goroka,
Eastern Highlands Province, Papua New Guinea
Po Box 1075, Goroka, Eastern Highlands Province

Phone: 72599410
Email: industryspicepng@gmail.com

Email:
Phone: 308 4400/ 321 7311

INVESTMENT PROMOTION AUTHORITY || Page 10

PNG Investment Opportunities
featured in UNIDO portal
Papua New Guinea through the Investment Promotion Authority has profiled and published 24 investment
opportunity projects in the United Nations Industrial Development Organisation’s (UNIDO) online portal.
The portal is called the Invest in ACP and consists of investment opportunity projects from the African, Caribbean and Pacific (ACP) states. This is the first time PNG projects are featured on the portal for visibility topotential investors in the EU and around the world.
The 24 investment opportunities currently published on the portal are the pioneer projects that have been
profiled by IPA using the UNIDO systems. The projects were documented in 2022 and were all published byearly 2023.
Project profiling of investment opportunities is part of the IPA’s promotional programs and is normally doneusing an IPA project profile template. Prior to the UNIDO partnership, project proponents previously fill in
the IPA template and attach pictures of their project sites and products. The IPA then documents these projects in a project profile booklet for promotion during investment missions, seminars and roadshows.
The use of the new UNIDO Investment Opportunity Profile (IOP) template to document projects and uploading them onto the UNIDO Digital Investment Profiling System (DIPS) are some of the introduced activities undertaken under the IPA-UNIDO project. The key deliverables of the project include;- Collecting and analyzing firm-level data on FDI structure, performance, impact and perceptions.
- Investment promotion strategy development.
As part of profiling and documenting these projects, officers from the IPA travelled to provinces to identify
and validate potential projects that were investment ready and needed investor partnerships.
The IPA - UNIDO project began in 2019 and is called “Support to Business-Friendly and Inclusive National
and Regional Policies, and Strengthening Productive Capabilities and Value Chains.” It is a capacity building
initiative to enhance IPA and related stakeholders’ promotional programs in sourcing, validating, and profiling investment ready projects.
The investment projects submitted by the IPA were mostly from the cocoa, coffee, spices and coconut,
which were the targeted industries in terms of value chain.
PNG is one of the eight ACP countries who are benefiting from the project. Other countries include; Cameroon, Dominican Republic, Ethiopia, Ghana, Kenya, Senegal and Zambia.
The project is funded by the European Union and the Organisation for African, Caribbean and Pacific States(OACPS).
The investment opportunities can be accessed through the link below.
https://investment.unido.org/ACP/projects?Country=75
INVESTMENT PROMOTION AUTHORITY | Page 11

Q

UESTIONTIME

HOW TO RENEW YOUR BUSINESS NAME USING
THE NEW ONLINE REGISTRY SYSTEM

Under the new online registry system, you are required to update your business name before you do your renewal. This will only bedone after you get authority over your entity.
Once you update your business name, you will then follow the steps as shown in the screen shots below to renew your business
name.
1. Firstly, search for your business name and click on it
2. The screen shot below shows the page that you will be taken to once you successfully search your business name.
3. Click on NEW FILING

4.

Once you click on new filing, you will be taken to the option shown in the screen shot below. Select Annual Return or Financial
Position.

5.

Click on where it says initiate filing and start entering all the necessary data. Your application will be completed once you clickon checkout and into the payment option. After you make your payment, your application will now be subjected for review andapproval.			

Do you have a general question about theregulatory side of running a business or havea query on investment promotion or Intellectual
Property rights?
If so , email your question to: click
beverlyp@ipa.gov.pg
We will publish a selection of questions and our answers
in each issue of Opportunity.

INVESTMENT PROMOTION AUTHORITY | Page 12

IPA BRANCHES:
Level 1, IPA HAUS, Munidubu Street(Corner of Lawes Rd and Champion Pde)
Konedobu, Port Moresby

Ground Floor, Marau Haus,
P. O. Box 870, Kokopo,
East New Britain Province,

Phone: (675) 308 4400 / (675) 321 7311
Facsimile: (675) 320 2237
Email: ipa@ipa.gov.pg

Phone: (675) 982 9460
Fax: (675) 479 2001
Email: iparabaul@ipa.gov.pg

Level 1, Nambawan Supa Building,
P. O. Box 1074, Lae,
Morobe Province

P. O. Box 782, Buka
AROB,

Phone: (675) 479 2001 / 479 2606
Fax: (675) 479 2001
Email: ipalae@ipa.gov.pg

Phone: (675) 973 9344 / 973 9189
Fax: (675) 973 9344
Email: ipa_buka@ipa.gov.pg

Level 1, Gapina Building,
P. O. Box 1834, Mt. Hagen,Western Highlands Province,
Phone: (675) 542 0399
Fax: (675) 542 0599
Email: ipahagen@ipa.gov.pg

www.ipa.gov.pg

www.ipopng.gov.pg“Your business,
Your Investment,		Our advice”
Disclaimer > Opportunity is intended to provide information of a general nature only. The content of this newsletter is not intended to be advice
or recommendation. It is not appropriate for the purposes of carrying out a transaction or making an investment decision. > The IPA takes reasonable steps to ensure the information provided in the newsletter is accurate and up-to-date at the time of issue, as well as to obtain reliable content
from third parties. However, the IPA does not guarantee the accuracy or completeness of the information or endorse the views or opinions given
by any third party provider, nor takes responsibility for any errors made in the process of providing this newsletter.

INVESTMENT PROMOTION AUTHORITY | Page 13