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Fiji Exceeds USA and Canada Targets in First Quarter 2008 |
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Wildlife Conservationist & TV Host Jack Hanna Visits Fiji's Wild Side American wildlife conservationist and TV host Jack Hanna recently visited Fiji and ... |
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Fiji Resort Continues to Go Green Nukubati Island Resort has practiced sustainable tourism (without forgoing ... |
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Royal Davui Island Fiji Awarded Most Excellent Romantic Hideaway by Conde Nast Johansens Royal Davui Island Fiji has again been judged as the “Most Excellent Romantic... |
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Tate & Lyle Enters Into Long-Term Agreement on the Supply of Raw Sugar with Fiji Sugar Corporation LTD The Fiji Sugar Corporation Ltd, and Tate & Lyle has entered into a long-term... |
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April 2008 Economic Review |
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Business Investment Guide Fiji Islands: A Step By Step Guide to Establishing a Business in Fiji |
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Transparent Legal Framework for Investors
The Fiji government welcomes foreign investment and enterprise ownership, with export-oriented investments and investments which offer import substitution and/or self-sufficiency receiving the strongest support from the government. Fiji's investment incentive policies underwent a major overhaul in 2001, resulting in the introduction of a friendly, transparent, easily available, automatic and non-discretionary incentives package. Since then, adjustments have been made to ensure that these incentives are meaningful to investors. Foreign investments must meet the conditions stipulated in Fiji's Foreign Investment Act. Under the Foreign Investment Act, business certificates for all new foreign investment projects are issued within seven days of proposal submission.
Fiji has concluded double taxation agreements with Britain, Japan, New Zealand, Australia, Korea, Malaysia, Singapore and Papua New Guinea. Investors have full authority to manage their own businesses and may employ foreign managerial and technical personnel where suitably qualified local employees are not available. It is required, however, that a program to train and upgrade local personnel be undertaken. Certain key expatriates, essential to safeguard the investors' interests, can be retained on a continuing basis. Foreign investors in Fiji are free to expatriate their assets at any point in time once Exchange Control guidelines are met. Government guidelines allow foreign investors in Fiji to remit current year's profit plus four years' retained earnings if not previously remitted and up to $15 million capital profit per annum per company or business entity.
The 1997 Constitution prohibits the expropriation of private property, except in emergency cases. When expropriation occurs the government is bound to provide compensation to the property owner. As well as guaranteeing physical property, the Fiji government ensures protection for intellectual property.
Fiji is a signatory of the Multilateral Investment Guarantee Agency (MIGA), which offers investors insurance against losses resulting from non-commercial risks. The Fiji government is working towards implementing bilateral investment protection agreements with Britain and Malaysia.
Investors in Fiji may settle disputes with the government locally under the terms of the Arbitration Act and may use the services of the Permanent Arbitrator. Fiji is also a signatory of the convention establishing the International Centre for Settlement of Investment Disputes (ICSID), which ensures that disputes must be settled in accordance with internationally agreed methods.
Sectors targeted for growth include information, communications and technology industries, movie production and tourism, all of which have special tax and other incentives.
The Fiji Islands offer numerous investment opportunities in a wide range of sectors: tourism, manufacturing, garments/textile, fisheries, forestry, agro-processing, flori-culture, mining and services including information technology. The Fiji Government’s forward-thinking policy supports private sector led growth and have put in place attractive incentives to encourage and facilitate private sector investment in Fiji.
The Fiji Trade and Investment Bureau (FTIB) is the trade and investment promotion arm of the Fiji government and is responsible for stimulating, promoting and facilitating investment and trade in Fiji. For detailed information on investment opportunities, incentives, business registration and licenses, work permits, taxation, foreign exchange control, cost structure, etc, please visit the Fiji Trade and Investment Bureau website: www.ftib.org.fj
The government of Fiji also established the Fiji Trade Commission office in Los Angeles, California, in 1997 to facilitate US investment in Fiji and Fiji exports to the USA market. For information on trade and investment opportunities, please contact the Fiji Trade Commission:
Mr. Mr Jitendra Singh
Trade Commissioner
Fiji Trade Commission
5777 West Century Blvd, Suite 205
Los Angeles, CA 90045
Phone: (310) 645-2136
Fax : (310) 645-0851
Email: jsingh@fijitradela.com