Exchange control is regulated by the Reserve Bank of Fiji through the Exchange Control Act and subsidiary act. States affected by exchange control cover activities in foreign currency, transfer of money into and out of Fiji, transfer of assets and bonds out of Fiji, export and import activities, and the issue of shares or capital in locally registered companies to foreign investors.

Timeframe: Almost 90 days

Minimum capital requirement by RBF: 19,000 pound

Overview

The business incorporated in Fiji Islands that wants to administer exchange business actions is expected to hold a Foreign Exchange Dealer License given by Reserve Bank of Fiji (RBF).

The license stated above, grants rights to:

  • Sale, possession, and repatriation of traveler’s checks and foreign currency bills
  • Payment of the proceeds of repatriated Fiji currency bills
  • The issue of bank drafts
  • Use of electronic transfers for payment and acceptance of funds
  • Undertake to match funds (transactions) to be limited to Merchandise Imports
  • Make payments in line with all currently approved transactions as specified by the RBF

A bank account in Fiji

  • The bank account can be opened remotely, no requirement for a physical visit
  • There are several minimum deposit conditions depending on the bank
  • Additional papers such as business plan, supporting records of business transactions may be required

* Direct expenses of the bank, such as account opening charge, credit card charges, and others are obligatory to the Bank directly upon activation of the account.

Other Advantages

  • Fiji organization portrays a good image to your Clients
  • Corporate Shareholders are allowed
  • 100% Ownership
  • High privacy, no public records
  • No AEOI (Automatic Exchange of Information) planned
  • A bank account in Fiji
  • Not blacklisted
Notable features

General information

Company structure

  • At least one director (no nationality limitation)
  • At least shareholder(no nationality limitation)

Taxation

  • Value added tax – 9%
  • Corporate Tax – 20% (Loss carryback years)
  • Withholding Taxes: Interests: 10%, Dividends: 0/15%, Royalties: 15%
  • 8 Tax treaties: New Zealand,Australia, Japan, Malaysia, UK, Singapore, UAE, South Korea

Accounting & Audit

The administrator can determine in its consideration to have accounts of the business audited. Startup Formations can present auditors if it will be needed.

  • Secretary – Needed
  • Registered Agent – Needed
  • Registered office – Needed

Company name

  • Language: Any
  • Letters: From the Roman alphabet
  • Names having royal, political, foreign, and economic are forbidden
  • Names that are misleading or deceitful are forbidden
  • Same or almost identical names are forbidden
  • Offensive names are forbidden
  • An only suffix “Limited” is recognized. After incorporation, the suffix “Ltd” can be used wherever the business want.
Procedure

In order to receive a license, the subsequent steps will be carried out:

  • Application for booking the company name
  • Preparation and submission of the form and papers to the Registry
  • Incorporation of the business
  • Opening of the bank account
  • Getting the Money Changer or Foreign Exchange Dealer License

Kindly record that Memorandum & Articles of Association requires to be approved by the Stockholders and returned in original to Startup Formations office.

Documents

Kindly provide us with the following documents in order to obtain a license.

  • A verified proof of an original passport (of each Director and Stockholder of the organization)
  • A fresh copy of proof of address in English
  • Bank reference Letter
  • CV
  • Character recommendations of Principal Officer from the former employers
  • Verified true likeness passport photos of the stockholders and directors (least 3 copies)
  • Verified original copies of the police reports (of every Director and Stockholder of the company)

In the case if the stockholder is a company, requires to provide:

– Copy of the last fiscal return

– Certified original copy record of registration

– List of shareholders

N.B.

All documentation shall be presented in English language or translated to English by an expert and certified by Notary Public.