Public Meeting Presentation 18 November
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Transcript of Public Meeting Presentation 18 November
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Presenters | Peni Latu – Deputy Registrar of Companies
Anthony Frazier | Christopher Hartwell - IFC
Michael Brosnahan – NZCO
Joel Foster - FMIT
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Presentation Outline
–IFC involvement in Tonga» Regulatory Reforms & MLCI capacity building–The Tongan Companies Register» Web Content, forms and support functions online» Corporate Information online» Searching the register » Filing documents with MLCI–Re-registration» What’s required» When» What if I don’t re-register
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The IFC in Tonga
• Focused on business start-up and business operations• Additional work in investment promotion and
alternative dispute resolution
• Company registry part of regulatory reform more broadly, and making starting a business easier more specifically
• Ultimate goal of reforms is to increase commerce and generate employment for Tongans
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Companies Register
• Public Information- www.companies.gov.to Available 24 x 7
- A rich amount of corporate information, prescribed forms, fee schedule, legislation, FAQs and customer support
- Pre Re-registration» Basic information as migrated
- Post Re-registration» Free corporate information including images of certificates and images of documentation filed in the registry
- Corporate information will be available within seconds of entry at MLCI and images within days
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Companies Register
• Benefits to MLCI?- A world class registry system that provides:-» Provision for new registrations» Provision for re-registrations» Provision for maintenance of key data» Provision for removal of defunct companies» Provision to monitor and manage corporate compliance obligations
» Up to date information available for the public
» Up to date reporting
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Filing Documents with MLCI
Postal address• Registrar of Companies
Ministry of Labour, Commerce and IndustriesPO Box 110 Salote RoadNuku’alofa
Physical address• Ministry of Labour, Commerce and Industries
Latai BuildingSalote RoadNuku'alofa
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Re-Registration Timeline
18th November 2009
Public Search Available
1st December 2009
Re-registration commences
31st May 2010
Companies not re-registered will be struck from the register
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Re-Registration
• Commences 1 December 2009• 6 month transition period, ends 31 May 2010• Includes both domestic and overseas• Complete Form (16 for domestic and 29 for overseas company)- No fee» Optionally attach AR for 2010 and TOP$75 + 15% consumption tax
- Constitution if differs from standard constitution- Please produce evidence of original incorporation date- Must produce evidence of incorporation if company not on current register
• Must file outstanding AR’s & pay fees/penalties