Investments / Setting up a business

 

If you are considering investing in Fiji or starting your own business in Fiji, make sure you research thoroughly. Obtaining a work permit and setting up a business can be time consuming. The Foreign Trade and Investment Bureau (FTIB) aims to streamline the process for foreign investors to overcome these bu-reaucratic procedures.

The FTIB website offers extensive information on the procedures of starting a business and restricted areas of trade in Fiji. Setting the guidelines by which a foreign investor can invest in Fiji, copies of The Foreign Investment Act (FIA) 1999 and Foreign Investment (Amendment) Act 2004, can be ob-tained from FTIB office.

Up until around January 2016, an important requirement for setting up a business in Fiji was that the investor had to invest a certain amount of money in the business, sourced from overseas, the minimum being 50,000 FJD.  This is now no longer required.

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What has been successful in the past is setting up a business as a Sole Trader, for example to operate a private consultancy.

Guide to setting up a business in Fiji as a foreign investor, as a sole trader:
[NB- a foreign investor can also set up a company, some of the steps are similar to the ones described below]

 

Step 1: Conduct a company name search

Through the Registrar of Companies Office, Level 2, Suvavou House Victoria Parade Suva. Telephone: (679) 331 2981 Facsimile: (679) 3318 830 Website: www.egov.gov.fj.  Cannot have "Fiji" as part of the name.  This takes around 1 week. Cost approx 12 FJD

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Outcome: Obtain a business name approval

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Step 2: Obtain a Foreign Investment Registration Certificate from Investment Fiji (IF)

Apply for permission to IF using the application form for a foreign investment registration certificate, which can be found here.  A Business Plan is also required as part of this of this application.  IF can provide a template Business Plan for this.

Indicate the type of business you intend on carrying out, a list of which can be found here.

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Certain activity is restricted, and you should check with IF what the current rules are for the activity you want to carry out, see for example here.

Pay the fee, approximately 2700 FJD

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Time to process and receive your IF Certificate, around 2 weeks.

Outcome: IF may grant you a certificate valid for 12 months. You will need to comply with various requirements within the 12 months to retain the certificate. These requirements may include the following and do not necessarily need to be done in this order:

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Step 3: Register your Business Name

Once you have your IF Certificate, you can return to the Registrar of Companies Office and apply for a Business Name using the approval you received in Step 1.  This can be done on the spot. Cost: approx 20 FJD.

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Outcome: Obtain a certificate of registration.

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Step 4: Apply to the immigration authority for a work permit

Once you have received the certificate from IF, apply to the immigration authority for a work permit. The form is available here.

 

Other supporting documents you will need include:

• Police Report either from the country where you spent the most time in the last 12 months, or from Fiji. A Fijian Police Clearance can be obtained from the central police station, takes around 2 days.

• Medical Report.  You can get this by going to the MIOT Private Hospital.  Here you need to get a blood test, Xray and visit the GP for sign off.  This can be obtained in one day.

Pay the fee, approximately 500 FJD. Also there is a bond that is required to be paid, the amount being depends on your nationality.  Roughly 1000-1500 FJD.

 

This usually takes around 3 weeks.

Outcome: obtain a work permit for a year.

 

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Step 5: Obtain a TIN for the business and register for VAT (if applicable)

Apply for a TIN and VAT registration (if applicable) at Revenue and Customs in Suva.

Outcome: obtain a TIN

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Step 5: Pay the required remittance (this step is no longer required)

Depending on the type of business you want to set up, you will need to transfer a certain amount of capital, as in-vestment, into the country. You will need to open a local bank account to transfer the money. This can be done once you have a work permit and TIN.

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The amount will depend on the type of business and you should check with IF what amount will be required from you. Once you have paid it into a local bank, you need to obtain a letter from reserve bank of Fiji to say that the money has been transferred.

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Outcome: obtain reserve bank of Fiji letter indicating the amount of money you have transferred.

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Step 6: Obtain business license from the local authority in which the business is located.

You must have premises in which to work, either by renting premises or by working from home. Obtaining a business license will require a number of inspections from the local authority and the national authorities whether you are working from home or are renting business premises. Even if you may working as a consultant thereby your work will be at a client's office, your 'Business License' must be registered to a particular physical address.

Pay various fees, approximately between 500-1000FJD.

 

Recent experience has shown it is far easier to gain a business license by using an existing approved office premises, potentially by sub-letting in an office location.  Registering a 'home office' additionally requires going through the Planning Department of the Suva City Council who then require an extensive amount of documentation and approval from your landlord. This can take upwards of 3 or 4 months to obtain.  

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Outcome: obtain a business license from the local authority
 

 

Final step

Once you have complied with all the requirements set out by IF, you will need to confirm as much to IF. Three months before expiry of your work permit, IF will need to write a progress report for the attention of the im-migration authority to confirm that you have complied with their requirements. You can then apply to the immigration authority for an extension of your work permit.