The newly passed Business Names Act 2014 will support Government’s policy to invest in reforms to enable more Solomon Islanders participate in business activities.
Commerce, Industry, Labour and Immigration Minister Honourable Elijah Doro Muala says amongst its aims is to promote a strong private sector development and in particular the Micro, Small and Medium Enterprises, who have access to business name registration and associated benefits.
He emphasise, the Act comes with major benefits such as reducing the time taken to register business names.
Mr Doro Muala adds, electronic information will be kept, encouraging more informal business to enter the formal economy.
He says, the new Act will also assist government activities such as National Provident Fund contributions, tax enforcement and issuing business licences.
The Commerce Minister explains, this is a continuation of the government’s commitment to enhance the private sector development in Solomon Islands.
Meanwhile, the Asian Development Bank (ADB) has welcomed the Registration of Business Names Act 2014.
Regional Director of ADB’s Pacific Liaison and Coordination Office in Australia Andrea Iffland says, the new law will improve and streamline the business name registration process which will encourage more people to start and register their small businesses.
Mr Iffland says this is because by becoming formal businesses, they will have greater access to finance and to markets which will ultimately boost private sector growth.
SIBC News understands ADB provided policy guidance and support in drafting of the legislation which is part of its wider reforms to regulatory frameworks for businesses in the Pacific.