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Starting a Business in

Solomon Islands

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Solomon Islands. It examines the procedures, time and cost involved in launching a commercial or industrial firm with between 10 and 50 employees and start-up capital of 10 times the economy's per-capita gross national income.

This information was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 190 economies. The most recent round of data collection was completed in June 2016.

Compare Solomon Islands to 189 other economies.

  • No. Procedure Time to Complete Associated Costs
    1

    Obtain approval of the company name from the Ministry of Commerce

    Agency: Ministry of Commerce

    Prior to registration of the company, the entrepreneur check the name of the company. The name search and the reservation of a name for a limited liability company can be done online with minutes.

    1 day No charge
    2

    Register the company with the Registrar of Companies

    Agency: Registrar of companies

    Registration can be done online via Company Haus’s website (http://www.companyhaus.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 staffs.

    2 days on average included in procedure 3
    * 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.

    1 day, simultaneous with previous procedure SBD 1,250
    4

    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.

    3 days no charge
    * 5

    Register as an employer with the National Provident Fund

    Agency: National Provident fund

    Forms must be filled out on paper.

    1 day, simultaneous with previous procedure no charge
    * 6

    Make a company seal

    Agency: Seal maker

    This procedure is no longer required by law, but in practice businesses are still making a seal.

    4 days, simultaneous with previous procedure SBD 500
    7

    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.

    2 days on average SBD 2,700

    * Takes place simultaneously with previous procedure.