IFC, a member of the World Bank Group, is helping the government of Tonga set up an electronic company registry to improve business registration procedures and support the formalization of business, in particular small and medium sized enterprises.
Today, the Ministry of Labor, Commerce & Industries showcases the registry to the public and business community in Nuku’alofa. The system, which will go live on December 1, will simplify the registration process and reduce the time it takes to start a business.
“Business will still need to fill out the required paper work,” said Lisiate 'Aloveita 'Akolo, Minister of Labour, Commerce and Industries. “However, the system will allow staff members to enter the information efficiently and quickly. Once the correct information is entered, the system will automatically generate a registration certificate.”
IFC partnered with the New Zealand Ministry of Economic Development and the Ministry of Labour, Commerce and Industries to adapt New Zealand’s existing company registry software for use in Tonga. While the Ministry will be responsible for inputting the data, New Zealand will host the information and ensure it is held securely and regularly backed up. New Zealand will also provide Tonga with ongoing technical support and training.
16/11 fires
The new electronic registry replaces the paper registry destroyed by fire in 2006. By housing the information online, records will be safe and secure for years to come. The new system will also make it easier for the Ministry and the public to access data on firms in the Kingdom.
Anthony Frazier, IFC Investment Climate Advisor, said. “Anyone who wants to check on company information such as the names of directors before they sign a contract or lend money to a company will now be able to do so quickly and efficiently.”
To ensure that records are up to date, the newly amended Tongan Companies Act requires all existing companies to re-register with the Ministry within six months.
IFC works with the government of Tonga to improve the investment climate, supporting economic growth and job creation through private sector development. The governments of Australia, New Zealand, and Japan support IFC’s program in Tonga. - International Finance Corporation.
