Obtain approval of the company name from the Ministry of Commerce
Agency: Ministry of Commerce, Industries, Labour and Immigration
Prior to registration of the company, the entrepreneur checks the name of the company. The name search and the reservation of a name for a limited liability company can be done online within minutes. However, majority of entrepreneurs prefer to check the name in person.
Time and cost: 1 day, no charge
Register the company with the Registrar of Companies
Agency: Registrar of Companies
Registration can be done online via Solomon Islands Business Registry website (solomonbusinessregistry.gov.sb). Entrepreneurs have the option to register the company using the computer terminal at the Company Haus on Mendana Avenue with the assistance from the staff.
Time and cost: 2 days on average, included in procedure 3
Pay registration fees at the Inland Revenue Division
Agency: Central Revenue Collection counter
Entrepreneurs need to take the completed payment fee form to the Inland Revenue Division counter with cash or check, either in Honiara or at his/her provincial revenue collection agency in Gizo or Auki.
Time and cost: 1 day (simultaneous with previous procedure), SBD 1,250
Register for income tax, goods tax, and sales tax
Agency: Tax administration
Form IR1 must be completed and the certificate of incorporation must be attached.
Time and cost: 3 days, no charge
Register as an employer and register employees with the National Provident Fund
Agency: National Provident Fund
Under NPF Act (Cap 109) every employer must be registered with the SINPF Board within 14 days after commencement of business operations. Every employer are also required to register their employees (if not yet registered) within 14 days of commencement of employment.
Time and cost: 1 day (simultaneous with previous procedure), no charge
Make a company seal
Agency: Seal maker
This procedure is no longer required by law, but in practice businesses are still making a seal.
Time and cost: 4 days (simultaneous with previous procedure), SBD 500
Pay the business license fee at the Honiara Council
Agency: Honiara Council
The city council must approve the license first. It can be done in 1 day but it also can take up to 3 days. The TIN and Business incorporation certificate must be provided as well. For a manufacturing-L type of company, the fee is SBD 2,700.
Time and cost: 2 days on average, SBD 2,700