Investment in Fiji is expected to grow as foreign investors will no longer require a foreign investment registration certificate from August 1st when the new Investment Act 2021 comes into effect.
While speaking during the Business Forum in Sydney, Australia, Minister for Commerce, Trade, Tourism and Transport, Faiyaz Koya says all investors will need to do is legally register their business online with the Registrar of Companies, in line with the Companies Act 2015 and register for a tax number.
He adds by going to bizfiji.com, they will access the procedures and processes in terms of business registration.
The Minister further says the World Bank Group’s recent survey has identified that by just removing the requirement for business license, businesses have saved at least $3.5 million in direct cost savings, which is in addition to the time saved.
He adds Fiji shares extensive trade and investment ties with Australia and remains one of the largest trade and investment partners, with two-way goods and services.
Koya says in 2021, 34 Australian projects valued at $26.4 million in Fiji in tourism, real estate, services, transport, storage, communication, and construction sectors.
He says Fiji has exported $249 million worth of merchandise to Australia in 2021 as the country’s exports were 13 percent above what was achieved in 2020 which was $221 million.
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