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
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.
- 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