Having that idea
So I finally got around to registering a business name for something I wanted to do. Since coming home I have seen that a few people in Manus have trouble trying to type or print documents. They write on paper and then have to travel to Lorengau town to pay somebody to type and then print that document. So I decided that this could be something worth providing especially back here at home for this kind of service.
So registering a business name formalizes your ideas and sets in motion your path to greater things, which, in my mind, is the creation of company. I know I’m not ready for that yet so I should start with a business name first. Registering of business names is guided by the Business Names Act of 2014 and the organisation that looks after the registration of businesses in called the Investment Promotion Authority or IPA for short. One of the neatest things they have done as a government entity is that they have shifted some of their work online. One of these is the registration of business names so one can go online on their website and complete the process.
I live in the village on the north coast of Manus. The internet is a bit OK up the mountains. Using my mobile phone, I was able to complete the process of applying for a business name without having to travel to Lorengau town. That’s how convenient it is.
On the IPA website
First you have to create an account on the IPA website www.ipa.gov.pg. Once you have registered yourself, you can then go through the process. There are multiple steps that you have to complete. The steps involve you providing information to IPA. The most obvious being the name of your business, contact details, your location, postal address of business etc.
The registration fee is K150 so if you have a Visa Debit Card from a bank such as Bank South Pacific or Kina Bank, then you can be able to pay the registration fee online to complete the process.
It takes around two days for your business name certificate to come through from IPA if you do it online. They send it through your IPA online account or through your email. I applied on Tuesday, paid the fees online and then got my certification on Thursday. It was sent to me through my email.
Reminders about what you can do under business names
An important point to remember is that the certificate of business name registration remains in force for a period of one year. This means that you have to renew the business name each year. You must also note that for every communication in your business, the business name must be seen clearly on all business communication. You must also remember that when you operate a business under a business name, you cannot put out an invitation or advertisement to the general public inviting them to deposit, invest or lend money to your business. These are only a few pointers so think about having a chat with an IPA officer to get more information.
So go for it. Begin formalizing your business with a business name registration today.