Fiji (full name is the Republic of Fiji) – is geographically located on the archipelago of the same name in the Pacific Ocean. Fiji is a state in Oceania, located on the islands of the archipelago of the same name (over 300 islands, of which more than a hundred are uninhabited). The largest islands of the Fiji archipelago are Viti Levu Island, where three-quarters of the population is concentrated, and Vanua Levu Island. Fiji is located 1,700 km northeast of Australia. The total area of the island nation is 18,274 km². Fiji has a population of 912,241 (2018), mainly Fijians (50% of the population) and Indians (46%). Fiji is also home to people from China, Europe, and other Asian countries. Fijians are Christians (50% of the population), Hinduism (40%), and Islam (10%). Over 39% of the population lives in cities. Fiji’s official language is English, but Fijian and Hindi are commonly used. The monetary unit is the Fijian dollar, equal to one hundred cents. The Fijian dollar is roughly equal to the Australian dollar. The state is divided into four administrative districts, the capital is the city of Suva, located on the island of Viti Levu, with a population of 88 thousand people. Representatives of several international organizations are located in Suva, and the University of the South Pacific operates.
• Capital: Suva.
• State language: English.
• Currency: Fiji dollar.
• Nearest Neighboring States: New Zealand and Vanuatu.
The most developed spheres are agriculture, forestry, fishing, gold mining and export, tourism, food industry, etc.
Even though the economy of Fiji is dominated by subsistence farming, today the tourism sector, as well as offshore business, are actively developing. It is these two promising areas of entrepreneurial activity that are the most profitable.
Tourism thrives mainly on New Zealanders and Australians, who prefer not to skimp on their vacations.
Many foreign entrepreneurs register offshore companies in Fiji. There is a logical explanation for this. Firstly, the tax on profits from the company’s activities is practically reduced to zero. Second, income and social taxes are being cut significantly.
And that’s not it. It is very easy to open a bank account for an offshore company. The offshore zone law assumes a guarantee of confidentiality of information about the movement of accounts. If an offshore company operates outside the jurisdiction, it is exempt from most taxes.
Company registration in Fiji. Forms.
The most popular form of business among foreign entrepreneurs is Limited Liability Companies, an analog of LLC. You can engage in any activity that is not prohibited by law. To carry out insurance and banking services, you need a license.
It will take 2 days to register a company in Fiji.
What nuances need to be taken into account by businessmen who want to register a company in Fiji?
The company must have a name that will differ from the existing ones. It is imperative to include in the names the words: S.A.R.L, Corp, Ltd, Inc, and the like.
It is necessary to provide the address of the office of the company, which will receive the correspondence.
There are no requirements for the authorized capital of the company.
In the case of the proposed authorized capital for registration of an offshore company in Fiji for USD 5,000, it must be divided into shares (each share is equal to USD 1).
Several shareholders: 2 (in the case of a private firm) or 7 (for a public firm). There can be both legal entities and individuals.
Several directors: 2 (in the case of a private firm) or 3 (for a public firm). There can be both legal entities and individuals.
There must be residents of Fiji among the leaders of the company.
Secretary: Mandatory requirement – must be a resident.
Meetings of shareholders and directors: no requirements for the venue.
Reporting: required. Shelf life at the local office: 7 years.
What documents are needed to open a company in Fiji
• Personal documents of the beneficiary.
• Description of the business.
Companies operating outside the jurisdiction are exempt from taxes.