The Ministry of Finance and the IFC (International Finance Corporation) signed, last November 6th, an agreement with the aim of increasing the capacity of SERVE (Business Registration and Verification Service). Representing the Ministry of Finance was the Head of Department, Norberta Soares; SERVE was represented by its Director, Florenço Soares, and IFC by Sérgio Pimenta.

The agreement aims to increase the capacity of SERVE for this service to be more efficient and effective, being more useful to the population, especially to private sector.

According to Norberta Soares, Head of Department for the Ministry of Finance, “the IFC has been supporting in training, preparing people with more experience and knowledge, for them to be able to provide assistance in case of need, especially in the online business registry system. Apprenticeship is, undoubtedly, an advantage to Timor-Leste”.

The Director of SERVE, Florenço Sanches, reminded that “SERVE registers any company, either national or foreign. After registering, the company receives a certificate registered in its name and another one for the team”.

According to Sérgio Pimenta, the agreement establishes a partnership between the Government of Timor-Leste, through SERVE, and IFC, a private sector part of the World Bank.

The IFC will support SERVE on what concerns the specification of the needed model to implement the new electronic system. “We hope that, from next year, SERVE might already have its online system”, referred Sérgio Pimenta.

Since 2009, IFC has been working in partnership with the Government, in commercial registry, and this cooperation will be extended for another year.

This is the first time that Timor-Leste adopts and implements the international commerce pattern, also because it is one of the members of IFC.