The Investment Promotion Authority is responsible for the promotion, facilitation and certification of foreign investment in PNG and was established by the Investment Promotion Act.
The main purposes of the Act is to promote and facilitate investment in Papua New Guinea, to promote investments that will materially benefit the country and its people and to monitor the impact of investment and the activities of enterprises.
All new foreign enterprises and existing entities wishing to engage in new activities are required to submit their proposals to the IPA for registration. Foreign enterprises wishing to take over businesses, whether foreign owned or not, are also required to register with IPA.
A foreign enterprise is an enterprise of which more than 50 percent is owned directly or indirectly by non-citizens, or an enterprise which is controlled by non-citizens.