Guinea is a West African country that is located on the coast. Guinea’s economy is based on agriculture and mineral extraction. It is the world’s second-largest bauxite producer and has abundant diamond and gold reserves. The process of company registration in Guinea includes:
Obtain a business seal
Although it is not required by law, firms must have a seal to comply with the Companies Act’s requirements for issuing share certificates and entering into deeds and contracts. The cost of a seal varies depending on its size, but it is usually around PGK 40–80. A seal can be obtained in as little as one week and can be applied online.
Reserve the company name and complete the registration process
The Registrar of Companies must receive a company registration application. The application must include three proposed company names, the registered office’s postal and street address, and the number and names of the directors, shareholders, and secretaries. The registration entails providing necessary information such as;
- Form 1, if applicable, a certified copy of the business constitution;
- Form 2, which requires each director’s full name, nationality, date of birth, postal and home addresses;
- Form 3, the consent of the secretary, which requires the entire name, nationality, date of birth, postal and residential addresses;
- Form 4, which requires each shareholder’s date of birth, full name or corporate name, nationality or country of incorporation, postal and residential addresses, number and class of shares, and consideration for shares and;
- Form 6, a name reservation application.
A company’s memorandum or articles of association are no longer required. A proposed corporation may choose to adopt a constitution, although it is not essential. For domestic companies, the total registration charge is PGK 260, as follows:
PGK 150 for company registration; PGK 50 for a company name reservation; PGK 60 for stamp duty. There is an additional stamp duty price of PGK 40 if the firm has a constitution. The entire procedure takes 19 days.
Register with the Internal Revenue Service and the Labor Department
A corporation doing business or earning income in Guinea is required under the Income Tax Act to nominate a Guinea resident as a public officer. By writing a notice to the Internal Revenue Commission, the appointment must be made three months from the date the corporation begins business operations or obtains income in the country. The Internal Revenue Commissioner receives and files all tax notices and forms. Although the distinct notices and forms will most likely be handled by different officers in this agency, these forms can be submitted to the Commissioner in a single filing. The operation can take anything from a week to a month. If a corporation employs one or more people in Guinea who are paid more than PGK 126 per week, they must register as a “group employer” with the Internal Revenue Commission by submitting a written notice. There are no charges. Any business or individual whose annual revenue exceeds (or is projected to exceed) PGK 100,000 must register for good and service tax with the Internal Revenue Commission by filing Form 1. This standard form demands the company’s business name and a description of its anticipated major business operations, as well as the registered office’s street and postal addresses and a monthly sales and liability statement (approximate).
Submit an application to the National Capital District Commission for a trade license
The National Capital District Commission requires businesses in Port Moresby to get a trading license. It takes 20 days and costs PGK 50 to complete.
Register with an Authorized Superannuation Fund (ASF)
A company with fifteen or more employees is required to contribute to an Authorized Superannuation Fund, ASF, a licensed and approved superannuation fund by the Central Bank. Within fourteen days after the end of each calendar month in which the applicable payment is due for deduction from an employee’s pay, an employer must remit the contributions to the ASF. It is illegal to refuse to contribute. The Central Bank has the authority to initiate procedures against anyone who violates the statute. An account can be opened in 7–10 days.
File workers’ compensation claims with private insurers
Despite the lack of a registration requirement, it is illegal for an employer to hire a worker who does not have insurance or an indemnity policy issued by a registered insurer for injury arising from or during employment. It takes 10–30 days to register and costs PGK 200.
