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Planning and registering your business in png keynote presentation


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In case you missed Peter's presentation on Planning and registering your business in PNG, here is the Keynote Presentation.

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Planning and registering your business in png keynote presentation

  1. 1. Planning and Registering your business in PNG 16 May 2016 Peter Maletz
  2. 2. Why do business in PNG?  Opportunities are plentiful  Limited expat suppliers  Cheap labour  Technology is improving  Oil & Gas sector is red hot experience. new thinking
  3. 3. Doing business in PNG 3 forms of business structure  Foreign Contractor  Branch of an overseas company  Local PNG Company experience. new thinking
  4. 4. Foreign Contractor  Prescribed contract  Withholding tax 12%  Discretion to assess actual taxable income at 48% A simpler option, but not for everyone experience. new thinking
  5. 5. Branch of an Overseas Company  Tax rate 48.5%  Audited accounts – with exemptions Not too attractive? Used correctly, this can be a very effective cross border business structure experience. new thinking
  6. 6. Local PNG Company  Tax rate 30%  Dividend withholding tax 17%  Required to be audited  Requires a local ordinarily resident PNG director Provides a local presence and allows you to capitalise on all associated benefits experience. new thinking
  7. 7. The Registration Process experience. new thinking
  8. 8. Exchange Controls  Administered by the Bank of Papua New Guinea  Authorised dealers approve transactions (ie Banks)  Tax Clearance Certification required for >K200,000 per calendar year. Be aware of controls in place and take action to minimise their impact experience. new thinking
  9. 9. Personal Property Securities Register  Operative from 9 May 2016  Similar to Australia  Register title to business assets Seek advice to avoid risk of loss experience. new thinking
  10. 10. Bust a Myth MYTH: It’s too dangerous to do business in PNG experience. new thinking FACT: Follow the well beaten expat path MYTH: The red tape is impossible! FACT: Use advisers who know the system MYTH: You must have local ownership FACT: The reality is, foreign is fine
  11. 11. Disclaimers This document contains information in summary form and discusses proposed but not legislated rules and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgement. It does not purport to be comprehensive or to render professional advice. The reader should not act on the basis of any matter contained in this publication without first obtaining specific professional advice. We believe that the statements made by us in this document are accurate but no warranty of accuracy or reliability is given. Our conclusions are based on interpretations of accounting standards and other relevant professional pronouncements and legislation current as at the date of this document. Should the interpretations, accounting standards, other relevant professional pronouncements or legislation change, our conclusions may not be valid. © Hanrick Curran, 2016 All rights reserved experience. new thinking
  12. 12. Topic Date Thank you!