Fiji Government is continuously seeking to improve the removal of red tape and a seamless entry into the Fijian market by streamlining the approval process through the various ministries and regulatory authorities.
With Fiji very much open for business, Prime Minister Voreqe Bainimarama updated business people and investors in Australia last week that the country has one of the lowest corporate and personal tax regimes in the region and a range of incentives including zero tax for investments in certain parts of the country.
Mr Bainimarama said this also included the modernisation and upgrading of financial standards and standards of compliance to international best practice plus a whole range of positive reforms that are making the process of doing business in Fiji easier and more attractive.
Recently, Government launched an Online Single Window Clearance System to speed up the investment process.
This Internet-based gateway, he said, allowed any investor anywhere in the world to get approvals from the critical agencies of the Fiji Revenue and Customs Authority, the Reserve Bank, Investment Fiji and the Registrar of Companies.
“Once you get to Fiji, you will find a young, talented, educated and English-speaking workforce.
“You will be able to import capital equipment and capital goods duty-free, as well as inputs for manufacturing,” he said at the Fiji-Australia and Australia-Fiji Business Council meeting last week.
With a flat rate of 20 per cent corporate tax in the region, he said a reduction to 17 per cent for companies that based their international or regional headquarters in Fiji.
Companies listed on the South Pacific Stock Exchange, he added, paid a tax rate of only 10 per cent.
“You can take advantage of preferential trading arrangements with other Pacific Island nations as well as Australia, New Zealand and others.
“And as mentioned you will enjoy tax-free status for 13 years if you invest in certain targeted regions of the country.”
All this, he said, makes it highly attractive for those who were still to enter the Fijian market to be part of Brand Fiji — the quality array of goods and services were already taking to the world and intended to expand significantly in the years ahead.
Source: Fiji Times / Fiji Coup 2006
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