The Solomon Islands Government has gazetted the Companies Act and the Companies (Insolvency and Receiverships) Act, with corresponding regulations.
Some challenges that lie ahead to ensure the proper implementation of the laws follow:
Transitional period: The Company Haus (the new name for the company registry) is currently only staffed with one full time registrar and is lacking certain basic equipment. Nevertheless, the registry is ready to fulfill its functions and we anticipate further staff will be made available soon. Contact details are on each of the attached forms.
Re-registration: The re-registration process has begun. A re-registration will effectively be the company's annual return for the year, and a new annual return date will be fixed and communicated to the company along with the certificate of re-registration. Electronic copies of documents can be distributed to members/associates/clients. There is no fee for re-registration.
New companies: New company incorporations will be dealt with by Company Haus. The process will involve attending the revenue counter at the Ministry of Finance to pay fees with the attached fees form completed, and then bringing the receipt to the Company Haus office. Approval has been obtained to allow for pre-payment of fees in bulk. For example, a company may want to pay for its incorporation and 3 years of annual returns in advance at the revenue counter. This will then be credited to the company for future fees incurred at the Company Haus. This avoids the need to go to the revenue counter each time. This might be an interesting option for accounting/law firms.
Company searches: During the transitional period company searches will be undertaken using the physical files. Until these files are moved over to the Company Haus, searches will continue to be conducted at the Registrar of Titles.
Online registry: The online registry is the next major milestone, with good progress being made by FMIT, who are building the registry.
Regulations: Attached are the regulations, as well as re-registration and incorporation forms. Additional forms are available from Company Haus. The law will also be posted on the paclii website (www.paclii.org). Hard copy gazettal versions of the regulations and copies of the Acts are available at SI Printers.
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