Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Or refine your search by selecting a city:
Free Consultation: 15 mins
Free Consultation: 15 mins
Refine your search by selecting a city.
The Fiji jurisdiction allows for various types of businesses to be established, ranging from sole traders and partnerships to limited liability companies, public companies, trusts, and cooperatives. All these entities are regulated by different statutes, with the Companies Act of 2015 being one of the paramount legislations guiding business formation. As part of Fiji's efforts to woo local and international investors, there has been a strong emphasis on strengthening the regulatory framework, prompting other laws such as the Investment Fiji Act 2020 which seeks to create a seamless and transparent process in starting and running a business.
If you are setting up a new entity, dealing with legal issues can be intricate and may require professional help to navigate. Some scenarios where a lawyer could be essential include: understanding and complying with Fiji's specific business laws, protecting your intellectual property, drafting shareholder and partnership agreements, managing disputes or litigation, and when closing or selling your business. A lawyer can also be critical in ensuring you meet regulatory requirements, thereby avoiding penalties.
Fiji's business laws, contained in various legislations like the Companies Act, Partnership Act, and Cooperative Societies Act, to mention just a few, set the rules for forming and operating a business. The Companies Act dictates the requirements for registering a company, including the preparation of a Memorandum and Articles of Association, and the appointment of a company secretary and a registered office. The Act also stipulates the rights and obligations of directors and shareholders. For foreign investors, the Investment Fiji Act 2020 and the Land Sales Act regulate matters of investment licence and purchase or lease of land. It is also important to note that all businesses must comply with laws on tax, labour, health and safety, and environment, among others.
These include choosing a type of business entity, checking name availability and reserving a name, preparing the necessary documents such as the Memorandum and Articles of Association (for companies), registering the business with the Registrar of Companies, getting necessary licenses, and registering for tax with Fiji Revenue & Customs Service.
Yes, foreigners can start a business in Fiji. However, they need to get an investment licence from Investment Fiji and comply with the Land Sales Act if they wish to own or lease land.
One of the main advantages is that it limits personal liability. This means that if the business incurs debts, shareholders will only be responsible to the extent of their investment in the company. Moreover, it offers flexibility in tax reporting and management.
Yes, a sole trader must register their business with the Registrar of Companies. They also have to register for tax if the annual turnover is more than FJD $3 million.
A lawyer can guide you through the processes of business formation, help you understand your legal obligations, draft and review contracts and agreements, and assist in dispute resolution, among other support.
Failure to comply can result in penalties such as fines, imprisonment, disqualification from holding a director position, and forced closure of your business.
Your business should maintain accurate and up-to-date financial records including sales, expenses, and profit and loss statements. For companies, there is an obligation to keep minutes of shareholders and directors meetings, a register of members, and copies of all official filings.
Yes, you need to abide by the Employment Relations Act that covers various aspects such as contracts of employment, wages and benefits, working hours, annual holidays, sick leaves, and termination of employment, among others.
Every company must have a company secretary who is either a resident in Fiji or a company that has a registered office in Fiji. They are responsible for ensuring the company's compliance with the law and keeping the company's records and details.
Yes, a business can be sold or transferred. However, it involves a legal process that includes conducting due diligence, drafting a sales agreement, and obtaining necessary approval. It is advisable to get legal advice to ensure the process is conducted legally and smoothly.
For additional resources, you might turn to the Ministry of Commerce, Trade, Tourism and Transport, which regulates business activities. Other helpful bodies include the Investment Fiji and the Fiji Revenue & Customs Service. Furthermore, there are professional bodies and organisations that offer professional advice, such as the Fiji Chamber of Commerce and Industry and the Fiji Institute of Accountants.
If you're unsure of the legal steps to take when forming or operating your business, consider reaching out to a law firm or a lawyer with expertise in Fiji's business law. Remember, having a lawyer may not only help you avoid legal issues but also successfully navigate the complexities of business formation and operation.
