If you want to incorporate in Fiji, reading this will help you becoming knowlegeable on the specific tax laws and rates for a LLC which is the most common company type in Fiji.
Fiji taxes corporate income, whether made onshore or offshore. The headline rate for income remitted, from our research, and your results may vary, is 20%. The country doesn't have major incentives to remit income earned abroad. Taxes are reasonable in Fiji as the effective rate of taxation on a LLC entity is 20%. This ranks Fiji as 69th when compared to corp. taxation rate internationally.
The VAT rate in Fiji is 9%, that ranks Fiji as 47th when compared to VAT taxation rate internationally. In terms of other taxation, an employer will contribute 10% to the equivalent of a social security fund and an employee will contribute 8.00%. The overall complexity of the tax system is medium. This is measured by average time to comply with a country's labor tax requirements is as it is 68hours. Contributing to this is the number of yearly labor tax payments, which is 9 in FJ.
Thin cap laws are in play. This refers to any sort of laws on companies' debt-to-asset ratios. Dividends from resident entities are usually exempt from tax. Dividends received from foreign entities may be subject to Corporate Income Tax at standard rates. A dividend is a distribution of a portion of company earnings, determined by the board of directors, to a particular class of shareholders. Dividends can be one of the following shares of stock, cash payments, or other property. Capital Gains are taxed separately at a rate of 10%. Gains from the disposal of listed shares or certain trusts may be tax exempted.
The interest withholding tax rate is estimated at 10%. This should be interpreted usually that the tax authorities expects to withold 10% of payments on interests to non-residents. The dividends withholding tax rate is 9%. This means that the relevant tax authorities expects companies to automatically withhold 9% of payments abroad on dividends. Royalties are subject to a withholding tax of 15%. Which means that an LLC should withhold 15% of the payments on royalties to non-residents. Withholding tax rates may be reduced under a tax treaty.
There is a tax on net wealth in Fiji. There are no known inheritance taxes in Fiji. There are real property taxes. There are not many popular and well known research and development tax relief here.
The above is not tax or legal advice for your particular personal tax obligations. We are able to help you to find lawyer in Fiji who will advise you. Contact us today. Click incorporate now if you are in a hurry, or press the free consultation button above.
It takes approximately 57 hours to file and prepare documents for a Fiji Common Law.
The corporate tax is approximately 20% which is 70 in the world.
Owners of a company in Fiji are not allowed to carry back a loss and may be allowed to carry forward a loss for 4 years.
The vat rate in Fiji is 9% which ranks 45 in the world.
Thin capitalization rules are not in effect.
A corporate director is not permitted, meaning this country is not a good option if you are setting up a structure where you want to protect director liability.
The directors are disclosed in the public registry of Fiji, Fiji Revenue and Customs Authority. Shareholders are not disclosed in the Fiji Revenue and Customs Authority.
Typically companies take 59 days to setup and there are 3 director(s) required and 2 shareholder(s) required at the time of incorporation.
Overall we think Fiji is a ok option and have given it a score of 65 as an IO score, using the Incorporations.IO proprietary formula.
We can help you form a company in Fiji. Click the button above for a no-obligation quote. We will provide you with all the necessary documents to open a bank account as well as a registered office in Fiji, which is required by law.
We can help you with your incorporations needs for an initial payment of just $1000.
Easy Step by Step Process:
The standard process typically takes between two (2) to three (3) weeks depending on when we receive all the required information from you. Once we receive your information, we will email you a complete set of documents for your review within 3 working days upon confirmation of payment. After executing the documents, you will need to mail them to us and we will formally submit your application for filing with the Registry. The Registry will then take about 3-8 working days to process the incorporation and produce certificates necessary for opening your bank account.
Applying for Your Bank Accounts:
Incorporations.IO maintains close working relationship within our extensive network of partner banks to help you apply for and receive banking services that are most appropriate to your specific situation. From the time of verification of incorporation it can take (1) one week to (2) two weeks to apply for and receive a bank account. We work primarily with banks that allow for remotely opened accounts to ensure you are ready to do business as soon as possible.
Applying for Payment Processing:
We include introductions to payment processors or merchant accounts with all of our incorporation services. Whether you just need standard credit card processing or specialized services for high risk processing, we have partners that can assist you and are happy to help you with introductions that can empower your business.
Start Online or via Phone:
We can get started for you whenever you are ready via a US$1000 initial payment via credit card. I get notified whenever a payment is made here and would send out the welcome letter and initial forms we would need within 12 hours. If you prefer, we can also process via a phone or Skype call.