The Board and members of Solomon Islands Chamber of Commerce and Industry have acknowledged the team from the Ministry of Commerce, Industries, Labor and Immigration for having an audience with the private sector.

In her presentation, Director of Foreign Investment, Ms. Lynette Tuhanuku Dawheya said the increase is business registration fees is to cater for transformations that the Ministry is embarking to improve Business Registration systems.

She said two clear transformation taking place at the ministry is the rolling out of the Small to Medium Enterprise [SME] Policy and the launch of E-Commerce Policy which will translate into the establishment of online payment system.

Ms. Dawheya explained that the two policies are aimed at strengthening the formal sector and at the same time make life easier for companies to register and do transactions.

She said the transformations are an added value to the existing system ensuring that services on offer satisfy users of the system.

Ms. Dawheya further stated that it is a requirement by the Foreign Investment Act that legislations/regulation must be reviewed every two years.

“For Foreign Investment, we are required to review the legislation/regulations every two years.

“But due to some very interesting episodes in the country, we have COVID-19 pandemic and riots we pre-put the changes because the impacts to private sector will be severe

“It’s been eight years since the last review of fees was made.

“Question is how can the change in fees impact on businesses and how can the ministry keep its system afloat,” she said.

Ms. Dawheya told those present that consultations have been carried out with stakeholders and technical expert of the Ministry which leads to settle at 20 percent increase in fees.

She said the bulk of the expenses still remains with the government to cater for the transformations.

“20 percent is the cost of hosting the registry while 80 percent of the costs falls back to the Ministry to manage.

“If online payment system is in place, businesses will no longer be queuing at the Ministry of Treasury for payments.

“Users will be notified on how to use the online payment system” Ms. Dawheya said.

She said her ministry is working with Central Bank to roll out the online payment system.

Mr. DaWheya acknowledges the MOU the Ministry of Commerce has with SICCI which provides a pathway for communications with SICCI members when changes take place within the ministry.

Chairlady of SICCI Board Ms. Namoi Kaluae also acknowledged Director Dawheya and her team saying the Information Session as “very insightful”.

She emphasised that open dialogue encourages mutual understanding and team work for common goals and greater benefit for all.

“As a voice from the private sector, we value the collaboration and partnership we have with all stakeholders, including government agencies.

“We acknowledge that the responsibility of your government department is significant and that decisions, pertaining to business registration fees, are made with careful consideration of various factors.

“While we respect the authority and discretion of the government in managing these matters, we also emphasize the importance of policies that support and promote a conducive environment for businesses to thrive.

“Effective communication and engagement between the private sector and government are key to ensuring that decisions impacting businesses are well-informed and reflective of the needs and challenges faced by the business community,” Ms. Kaluae said.

She encourages ongoing dialogue and collaboration to promote transparency, accountability, and ultimately, policies that enable sustainable growth and innovation in local economy.