Deposit the legally required capital in a bank and obtain deposit evidence
Agency: Bank
New companies must deposit share capital in a bank and obtain the receipt of deposit. There are only two Banks: ANZ Bank (Kiribati) Ltd and Development Bank of Kiribati where the procedure can be performed.
Time and cost: 1 day, no charge
Check the uniqueness of the proposed company name
Agency: Ministry of Commerce, Industry and Cooperatives
Searches of business names are done manually by the Companies Office. The Companies Ordinance (s14 (10)) prescribes the forms of application for approval and reservation of a business name.
Time and cost: 1 day, no charge
Register the company with the Registrar’s Office
Agency: Companies Office (Ministry of Commerce, Industry and Cooperatives)
The prescribed forms of registration and fees are part of the Companies Act. These forms can be obtained from the Registrar. The cost is UD$ 50 for lodging particulars of the company and AUD$ 50 for the issuance of the certificate of incorporation, as well as, actual incorporation fee assessed based on share capital. The incorporation fee is calculated pursuant to section 9 of the Companies Act, according to the following formula:
- Upon the first $10,000 of the authorized share capital a fee of $3.00 per $100 of such share (subject to a minimum fee of $250), and
- Upon the next $40,000 of share capital, a fee of $2.00 per $100, and
- Upon any residue of such share capital, a fee of $0.50 cents per $100.
Provide the maximum fee for a company incorporated before the 1st April 1981 shall be $500.
For a company with start up share capital of AUD 25,645 per Doing Business case study, the incorporation fee would be AUD 613 (AUD 300 for the first $10,000 and AUD 313 for subsequent 15,645). As such, in total the company would pay AUD 713.
Time and cost: 11 days on average, AUD 50 for name reservation + AUD 50 for approval of company name + incorporation fee assessed by the Registrar based on share capital (see procedure comments)
Register for taxes
Agency: Ministry for Finance and Economic Planning
Under the Income Tax Act, companies operating locally must register for taxes.
Time and cost: 2 days on average, no charge
Register with the Kiribati Provident Fund (KPF)
Agency: Kiribati Provident Fund (KPF)
Companies are required to register with KPF to avoid duplication of numbers given to each applicant.
Time and cost: 1 day, no charge
Apply for a business license from the relevant licensing authority
Agency: Betio Town Council
The Company must apply for a business license from the relevant licensing authority (e.g., a council) in each jurisdiction in which business activities are carried out. The license is renewable annually. A retail business license must be obtained from the local government. The application process takes about a day and about 1 – 2 weeks to obtain the actual license. Three people will be visiting the business location (the Betio Town Council Clerk, the Mayor and the Vice Major. In addition to the cost of the license, an executive fee of AUD 90 is charged (AUD 30 per person).
Time and cost: 11 days on average, AUD 100-600
Make a company seal
Agency: Sealmaker
Although doing so is not compulsory, companies customarily make a company seal by ordering it from a manufacturer in Australia or another Pacific country. No authorization is required to make a seal.
Time and cost: 4 days on average, AUD 25-30
