Investment Fiji (I.F.)
Charting the waters of Fiji’s investment regulations is the key to a successful business start up in Fiji. There are many aspects to a complete investment approval process, which may well cover some of the following regulatory bodies; IF, Reserve Bank, FRCS, Immigration, Customs and more.
At HLB Mann Judd (Fiji) we provide a complete and full service with regular compliance checks to ensure all our clients are up to date on all matters necessary.
We specialise in assisting new investors in Fiji to set up their businesses in the most effective way and to ensure that they comply with all the necessary statutory and regulatory approvals.
In this way investors can establish their businesses with confidence and, most importantly avoid unnecessary pitfalls and hurdles later down the track.
We have excellent working relationship with the banks in Fiji as well as a number of eminent law firms.
As an indication, the following are some of the requirements to establish a business in Fiji, which we can handle on behalf of clients. We can assist on all of these matters. We will provide timeframes and costs of attending to these matters including Government filing fees.
In order for any foreign investor to set up and operate a business in Fiji, it is essential to first obtain Investment Fiji approval. To obtain Investment Fiji approval, it is important that we know the exact nature of business that the foreign investor intends to carry out in Fiji.
There are three types of business activities: Open, Reserved and Restricted.
- Open activity can be carried out by any individual irrespective of their country of citizenship. It is also known as Unspecified Restricted activity.
- Reserved activity is prescribed to Fiji citizens only. In other words, these activities are not allowed to be carried out by foreign investors.
- Restricted activity has conditions, which must be met by foreign investors who wish to pursue them. These conditions differ depending on the nature of the business activity.
Detailed information is required for making investment applications and filing fees apply.
Investment Fiji (I.F.) was set up to facilitate and promote investment in Fiji. All foreign investors must submit a proposal in the prescribed manner to I.F.
The Board consists of representatives of Government and the private sector. It acts as a liaison between and facilitates dealings with Ministers and governmental or semi-governmental departments and bodies.
Applications to I.F are generally prepared in conjunction with a Chartered Accountant or a business consultant, who will assist with complete project implementation. The application to I.F should include all available and applicable concessions the investor will need for the project.
I.F appraises all investment proposals to determine whether the application meets the criteria of the Foreign Investment Act. Once approved by the board of I.F it is submitted to the Minister of Finance and Commerce for approval.
Some activities are classified under open category and can be undertaken by any individual irrespective of their country of citizenship. It is also known as unspecified restricted activity for which there is no minimum investment requirement in place.
Reserved activities can only be undertaken by Fiji Citizens. Under the Restricted category the investor has to meet certain investment requirements. These requirements differ depending on the nature of the business activity.
After I.F has approved, it is necessary to liaise with the appropriate Government departments principally; Immigration for Work Permits, Reserve Bank for issue of shares & formalisation of funds, Inland Revenue Department for tax concessions and Customs for duty concessions.