Annual Returns -FAQs

Annual Returns -Frequently Asked Questions (FAQs)

    1. Who can file an annual return?
    2. What is the filing fee for an annual return?
    3. I just registered my company. When should I file my annual return?
    4. I have a company but it is dormant because I have not been carrying on business or trading under the company. Am I still required to file an annual return?
    5. How can I file an annual return?
    6. I created a user account and registered my company online at www.ipa.gov.pg. How do I file my annual return online?
    7. I have an existing registered company. How can I file my annual return online?
    8. When do I file an annual return?
    9. I want to file my company‘s annual return only after the annual meeting is held. Can I change the issued filing month?
    10. Can I change the annual return filing month of the company any time?
    11. Do I need to attach my financial statements to the annual returns?
    12. My Company is a reporting company and I am required to attach my audited financial statements to annual returns. However, the annual return filing month issued by the Registrar is not consistent with the requirements to present financial statements, holding an annual meeting or other legal requirements. What can I do?
    13. What is the difference between a reporting company and an exempt company?
    14. My Company is an exempt company. Am I required to appoint an auditor?
    15. What is a Company’s balance date?

1.Who can file an annual return?

Answer

All companies that are registered under the Companies Act whose status is also shown as “registered” on IPA‘s database.

2. What is the filing fee for an annual return?

 

Answer

 

Online filing fee  – exempt company –K250  (offline or paper filing fee K300)

Online filing fee – reporting local company –K300 (offline or paper filing fee –K500)

Online filing fee – overseas reporting company –K750 (offline or paper filing fee –K1000)

 

Refer answer to Question 13 – difference between an exempt and reporting company.

 

3. I just registered my company. When should I file my annual return?

Answer

The first annual return does not need to be filed in the same year of incorporation of the company. Instead it should be filed in the following year and in the annual return filing month as issued to the company.

 

4. I have a company but it is dormant because I have not been carrying on business or trading under the company. Am I still required to file an annual return?

Answer


Yes. A company upon incorporation is subject to the requirements of the Companies Act and is therefore obligated to file an annual return regardless of whether it is trading or not.

5. How can I file an annual return?

Answer

A company can file an annual return online at www.ipa.gov.pg  DO IT ONLINE or file a paper form known as Form 22 at the front counters located in:

Port Moresby – Ground Floor, IPA Haus, Munidubu Street (Corner of Lawes Road and Champion Parade), Konedobu;

Lae –                     Nambawan Super Building,Level 1, Lae, Morobe Province

Mt Hagen –         Gapina Building, Level 1, Mt. Hagan

Buka-                   Commerce Office Building, Haku Street, Section 9,  Allotment 4, Buka

Rabaul –              Marau Haus, Ground Floor, Room 3, Kokopo.



6. I created a user account and registered my company online at www.ipa.gov.pg . How do I file my annual return online?

Answer:

Logon to your user account or dashboard.

Your company should by under my item on your dashboard.

Click on the name which should take you to view company details. Then go to maintain company and click on file annual return.

 

 

7.I have an existing registered company. How can I file my annual return online?

Answer

The answer is three fold:

First you must register your user account.

Go to www.ipa.gov.pg click on Do it online, Go to tools and click on register account

You will have your own dashboard to work from.

 

Secondly, you must request authority online to take authority or control over your existing registered company online by following the steps below:

 

Logon to your user account or dashboard.

Click on do it online.

Go to Companies Registry and click on Search for a Company.

Type your company name or registration number on entity search.

Find your company name and click on it to take you to view company details.

Click on Request Authority and fill details and submit.

The Registrar will grant authority where applicable.

 

Lastly but not the least, once the Registrar grants authority, the name of your company will show on your dashboard under my item for you to maintain. You can click on the name which should take you to view company details. Then go to maintain company and click on file annual return.

 

8.When do I file an annual return?

Answer:

Under the revised Companies Act, the Registrar can issue a filing month or the filing month can be on the anniversary date of incorporation of a company. For example if a company was incorporated on 19 June 2016, the filing month for the company is June. Therefore, every year, the company must file its annual return in June.


9.I want to file my company‘s annual return only after the annual meeting is held. Can I change the issued filing month?    

Answer:

Yes, you can apply in writing to the Registrar to change the filing month. No fees are payable if this is the first time you are requesting for this service.

 

Please note carefully that if you applied again to change the annual return filing month of the company, a fee of K1000 will be payable.

 


10.Can I change the annual return filing month of the company any time?

Answer:

Yes, you can change the annual return filing month as long as the reasons are valid and within the law. No fees are payable if this is the first time you are requesting for this service.

 

Please note carefully that if you applied again to change the annual return filing month of the company, a fee of K1000 will be payable.

11.Do I need to attach my financial statements to the annual returns?

Answer:

No and Yes. Refer below why:

 

No. If your company is an “exempted company”. Refer answer to Question 13 – difference between an exempt and reporting company.

 

Yes. If your company is a “reporting company”.  Refer answer to Question 13 – difference between an exempt and reporting company.

12. My Company is a reporting company and I am required to attach my audited financial statements to annual returns. However, the annual return filing month issued by the Registrar is not consistent with the requirements to present financial statements, holding an annual meeting or other legal requirements. What can I do?

Answer:

You are required to immediately notify the Registrar on the balance date of the company via a Form 54. This will allow the office to change the filing month of the company to an appropriate filing month within the law.

For example: a reporting company is required to complete its financial statements within five  (5) months of the balance date, present them in an annual meeting within six (6) months of the balance date and file audited financial statements together with an annual return within 30 days of the date of the annual meeting. Sections 179, 183 & 101 of the Companies Act.

No fees are payable if this is the first time you are requesting for this service.

 

Please note carefully that if you applied again to change the annual return filing month of the company, a fee of K1000 will be payable.

13.What is the difference between a reporting company and an exempt company?

Answer:

An exempt company –a company which does not have:

assets exceeding K5million; or

more than 25 shareholders; or

more than 100 employees ; and

a company that complies with at least one or two of the above (not all three) of the above.

 

A reporting company – a company other than an exempt company.

14.My Company is an exempt company. Am I required to appoint an auditor?

 

Answer

No. An exempt company need not appoint an auditor. For this reason a certified copy of any resolution made under Section 171 resolving not to appoint an auditor must be submitted with this annual return. Please refer to footnote of Item 25 of the annual return.

 

15. What is a Company’s balance date?

Answer

It means the close of 31 December or of such other date as the directors of the company adopt as the company‘s balance date. A company shall have a balance date in each calendar year.

You can refer to Section 176 of the Companies Act for more information.