The ‘Business Monitoring Joint Agencies Committee’ of Foreign Investment Division of the Ministry of Commerce, Industry, Labour and Immigration (MCILI) has completed its assessment on ‘compliances and enforcement’ in various business sectors in Solomon Islands.
This exercise and auditing is the first of its kind in 25 years, Prime Minister Hon Manasseh Sogavare announced during his nationwide address on Monday 14 December, 2020.
He said a total of 450 Foreign Investments were inspected during the operations.
“In Western Province, a total of 35 existing companies will receive notices on non- compliances. Show cause and stop notices were served to ten wholesale and retail shops in Munda and Noro and penalties of $100,000.00 were imposed according to the Foreign Investment Act for non-compliances and breach of their conditions of approval,” he said.
As a direct result of the inspections, the Government has so far collected a total revenue of $400,000.00, with more to be collected.
In Isabel Province, the Prime Minister said three show-cause notices were issued to three logging companies for non-compliances.
“The expected revenue for SIG under inspections in Isabel is in the order of 3- Million dollars.
“In Malaita Province, all retailing investments in the province were given grace period till this Friday, 18th Dec to update their registrations. Penalties will be imposed after this date.
“In Central Province, two show-cause notices were served to logging companies and the expected revenue is two million dollars for non-compliances.
“In Guadalcanal Province, six show-cause notices were served to logging and mining companies and four show-cause notices serve to Wholesale & Retail owned by Bangladeshi nationals,” he said.
Hon Sogavare added a further three show-cause notices were served to two logging Companies and a Mining Company in Rennel and Bellona Province whilst notices were issued to all companies in Honiara for updating registrations and filing overdue progressive reports.
“The Monitoring unit will perform periodical checks on companies that had been inspected and execute follow-ups on served show-cause notices.
“Investors are reminded to comply with the Laws of the Country,” the Prime Minister warned.
Solomon Islands Chamber of Commerce & Industry
1st Floor, Suite 223, Hyundai Mall,
T: (+677) 39542
T: (+677) 39543
F: (+677) 39544