PARLIAMENT has passed the Business Names Bill 2014 on Wednesday.
The Act provides for the Registration and use of Business Names, for the Repeal of the Registration of the Business Names Act (cap. 178) and for related purposes.
It replaced the existing outdated Registration of Business Names law.
Unlike the current system which is paper-based and takes two to four weeks after an application is received to register a business name, the new Act provides for an electronic system which will be more efficient and would place fair costs on the private sector in Solomon Islands, particularly those in the provinces.
The new Act when implemented is expected to:
– Reduce the time taken to register business names
– Keep information electronically
– Encourage more informal businesses to enter the formal economy and
– Assist government activities such as National Provident Fund Contributions, tax enforcement and issuing business licenses.
The Business Names Bill 2014 is part of the Government’s on – going program of reforming business laws to bring them into line with modern best practice and the conditions of Business in Solomon Islands.
– Parliament Media