THE Investment Promotion Authority (IPA) through the Office of the Registrar of Companies is going nationwide to create awareness on the proposed changes to the Companies Act to cater for Beneficial Ownership (BO).
The team was in Lae, Morobe Province and then travelled to Goroka and Mt. Hagen in the Highlands Region.
Whilst the awareness focus is on BO, the team is also conducting awareness on its online registry system (ORS).
“This program was specifically initiated to provide in-depth information and training on the ORS and awareness on the Proposed Amendments to the Companies Act 1997 on Beneficial Ownership” said Mr. David Kil, Registrar of Companies, who is leading the initiative.
“The evolving international standards necessitate a robust understanding of Beneficial Ownership (BO) and stringent Anti-Money Laundering/Counter Terrorism Funding (AML/CTF) compliance, and this program aims to bridge those knowledge gaps for our business community.”
The awareness sessions are targeting a broad spectrum of ORS users, including government agencies, provincial and district officials, chambers of commerce, financial institutions, law and accounting firms, SMEs, ORS agents, and business
consultants.
The program commenced in Lae with attendees, mostly ORS users who appreciated the direct engagement with the Registrar and his Deputy.
Participants stressed their roles as the face of IPA on the ground in educating the wider Morobe business community in collaboration with the IPA Lae Regional Officer.
Participation in Goroka was good despite people travelling from remote villages.
A key challenge identified was that 80-90% of participants lacked a registered IPA online user account, making them vulnerable to “ghost agents.”
The Registrar strongly urged the use of the local EHP Commerce Office’s IPA Help Desk and emphasized ethical practices for agents.
Two SME mothers even received their long-awaited business name certificates on-site after years of waiting, directly assisted by the IPA team.
The Mt Hagen session included a set up where participants were further assisted with specific queries.
Registrar Mr. Kil used the opportunity to encourage the public to stay alert for scheduled awareness programs in other provinces as the initiative continues nationwide.