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New business registrations in Fiji by foreign investors have slightly dropped since fees charged for processing the paper work increased from $14 to $2812.50.
The increase, which came into effect July 2008, was necessary due to the extra work load placed on the Fiji Islands Trade and Investment Bureau (FTIB) after “bureaucratic procedures” on foreign business registration were removed by the Government.
FTIB chief executive Annie Rogers explained to FijiLive that previously an investor would need to get approvals from various government agencies before a business license was granted.
”That process takes quite some time and investors face a lot of difficulties,” Rogers said.
“What we do is they register with us and we take them from registration down the line until they get the approvals they need.
“So we’re a mediator and a facilitator to get everything needed to get started up - and the extra cost has made us provide a better service as well,” she added.
Rogers said investors who were just looking around used to drop out at their convenience after they (FTIB) had spent a lot of time attending to them.
“Now at this higher cost, an investor won’t register until he’s pretty sure he’s going to come to Fiji.”
