Tentmaker Reports

Papua New Guinea Report

Entrepreneurial Missions Index

38.21

General Information

Population

6,858,266 (96th most populous country in the world)

LANGUAGES
Tok Pisin
English
Hiri Motu
860 Indigenous Languages

Industries

Copra crushing, palm oil processing, plywood production, wood chip production, mining of gold, silver, and copper, crude oil production, petroleum refining, construction, tourism

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Papua New Guinea, visit https://www.cia.gov/library/publications/the-world-factbook/geos/pg.html.

Business Information

The World Bank ranks Papua New Guinea as 97 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Papua New Guinea.

In order to start a business in Papua New Guinea, one must follow these procedures:

  1. Obtain a company seal
  2. Reserve a company name
  3. Register the company with the Registrar of Companies
  4. Register with the tax authorities; register for VAT purposes; register with the Employment Register
  5. Apply for registration of a business name
  6. Open an account with an Authorized Superannuation Fund (ASF)
  7. Register works with the private insurers for work injury
  8. Apply for a trade license from the National Capital District Commission

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Papua New Guinea, visit http://www.doingbusiness.org/.

 

 

Papua New Guinea Economic Freedom

The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period

Their measure of economic freedom is based on that the following standards:

  • Personal choice rather than collective choice,
  • Voluntary exchange coordinated by markets rather than allocation via the political process,
  • Freedom to enter and compete in markets, and
  • Protection of persons and their property from aggression by others.

A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.   

 

Papua New Guinea Summary

 

1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project

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