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Re-registration and Company Registry


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Presentation presented at public meeting held in Nuku'alofa on Wednesday 18 November

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Re-registration and Company Registry

  1. 2. Presenters | Peni Latu – Deputy Registrar of Companies Anthony Frazier | Christopher Hartwell - IFC Michael Brosnahan – NZCO Joel Foster - FMIT
  2. 3. Presentation Outline <ul><ul><li>IFC involvement in Tonga </li></ul></ul><ul><ul><ul><ul><ul><li>Regulatory Reforms & MLCI capacity building </li></ul></ul></ul></ul></ul><ul><ul><li>The Tongan Companies Register </li></ul></ul><ul><ul><ul><ul><ul><li>Web Content, forms and support functions online </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Corporate Information online </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Searching the register </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Filing documents with MLCI </li></ul></ul></ul></ul></ul><ul><ul><li>Re-registration </li></ul></ul><ul><ul><ul><ul><ul><li>What’s required </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>When </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>What if I don’t re-register </li></ul></ul></ul></ul></ul>
  3. 4. The IFC in Tonga <ul><li>Focused on business start-up and business operations </li></ul><ul><ul><ul><li>Additional work in investment promotion and alternative dispute resolution </li></ul></ul></ul><ul><li>Company registry part of regulatory reform more broadly, and making starting a business easier more specifically </li></ul><ul><li>Ultimate goal of reforms is to increase commerce and generate employment for Tongans </li></ul>
  4. 5. Companies Register <ul><li>Public Information </li></ul><ul><ul><ul><ul><li> Available 24 x 7 </li></ul></ul></ul></ul><ul><ul><ul><ul><li>A rich amount of corporate information, prescribed forms, fee schedule, legislation, FAQs and customer support </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Pre Re-registration </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Basic information as migrated </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>Post Re-registration </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Free corporate information including images of certificates and images of documentation filed in the registry </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>Corporate information will be available within seconds of entry at MLCI and images within days </li></ul></ul></ul></ul>
  5. 6. Companies Register <ul><li>Benefits to MLCI? </li></ul><ul><ul><ul><ul><li>A world class registry system that provides:- </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Provision for new registrations </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Provision for re-registrations </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Provision for maintenance of key data </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Provision for removal of defunct companies </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Provision to monitor and manage corporate compliance obligations </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Up to date information available for the public </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Up to date reporting </li></ul></ul></ul></ul></ul>
  6. 7. Filing Documents with MLCI <ul><li>Postal address </li></ul><ul><li>Registrar of Companies Ministry of Labour, Commerce and Industries PO Box 110 Salote Road Nuku’alofa   </li></ul><ul><li>Physical address </li></ul><ul><li>Ministry of Labour, Commerce and Industries Latai Building Salote Road Nuku'alofa </li></ul>
  7. 22. 900313
  8. 40. Re-Registration Timeline 18 th November 2009 Public Search Available 1 st December 2009 Re-registration commences 31 st May 2010 Companies not re-registered will be struck from the register
  9. 41. Re-Registration <ul><li>Commences 1 December 2009 </li></ul><ul><li>6 month transition period, ends 31 May 2010 </li></ul><ul><li>Includes both domestic and overseas </li></ul><ul><li>Complete Form (16 for domestic and 29 for overseas company) </li></ul><ul><ul><ul><ul><li>No fee </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Optionally attach AR for 2010 and TOP$75 + 15% consumption tax </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>Constitution if differs from standard constitution </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Please produce evidence of original incorporation date </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Must produce evidence of incorporation if company not on current register </li></ul></ul></ul></ul><ul><li>Must file outstanding AR’s & pay fees/penalties </li></ul>
  10. 42. Questions <ul><li>[email_address] </li></ul><ul><li>[email_address] </li></ul><ul><li>[email_address] </li></ul><ul><li>chartwel16@ </li></ul><ul><li>[email_address] </li></ul><ul><li>[email_address] </li></ul>