Passage of HOD act will add new chapter to PNC

The legislation, introduced by Floor Leader Sabino Anastacio in October 2007, has been forwarded to the President for review.  If approved and it becomes law, a new chapter – chapter 10 – would be added to Title 12 of the PNC.The chapter is titled “Registered Corporations.”  The new chapter would allow for business corporations – those that do not conduct business activities in Palau – to establish an address in a Palau through a registered agent.A registered agent is an individual or a business whose basic function is to provide a legal address within the jurisdiction of Palau for registered corporations. In allowing corporations to register under this act, Palau would benefit in that it would collect fees that are defined in the act.The 117 pages long legislation, if approved by the President, would call for an establishment of an Office of the Registrar of Corporations within the Office of the Attorney General. The President, pursuant to Title 12 of the PNC, shall appoint the registrar, whose duties are defined in the bill.