The Republic of Fiji is an island nation with 322 islands, of which about 110 are permanently inhabited. About 860,000 inhabitants live in the country, while about 95,000 of them live in the capital Suva. As far as the Economy is concerned, tourism is extremely developed and has a large part in the GDP. It is projected that in 2021, Fiji will record a GDP growth of 1%, while in 2023 and 2024, a 4% growth is expected.
Fiji is an attractive country full of business opportunities, so if you are thinking of starting your own business in Fiji, this article can help you.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
The process of registering a sole trader business in Fiji is not complicated but requires several steps:
- Business name registration
- Obtaining the Registration Certificate
- Obtaining a TIN (Taxpayer Identification Number)
- VAT (Value Added Tax) Registration
- Obtaining a Business Licence from Municipal Council
- FNPF (Fiji National Provident Fund) Registration
- Bank Account registration
Business name registration in Fiji
You can register your name entirely online or in person. If you choose to register your name online, the fee payment must also be made online. The process is straightforward; it is necessary to fill in the online form and submit a confirmation of the paid fee.
VAT registration in Fiji
From 1 April 2022, a 15% VAT will be imposed on certain prescribed goods and services
The value-added tax in Fiji is 9%, it's voluntary for businesses whose turnover does not exceed FJD100,000 a year. For the ones exceeding the turnover limit, registration is mandatory. From 1 April 2022, a 15% VAT will be imposed on certain prescribed goods and services
The VAT registration process can be done online by collecting the following documents:
- Completed Application Form of Registration of Sole Trader Businesses form (IRS001)
- Completed VAT Supplementary Registration Form IRS018
- Provide a document such as Driving Licence or Passport
