Foreign Investment Act 1999 - Foreign Investment Regulations 2009

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IN exercise of the powers conferred on me by Section 19 of the Foreign Investment Act 1999, I make the following Regulations —

1.—(1) These Regulations may be cited as the Foreign Investment Regulations 2009.

"operational date" means the date in which the Foreign Investment Registration Certificate is issued;

(a) twelve months from the date the Foreign Investment Registration Certificate is issued, for foreign investors with a minimum investment financial threshold below $2.5 million; or

(b) eighteen months from the date the Foreign Investment Registration Certificate is issued, for foreign investors with a minimum investment financial threshold above $2.5 million.

"minimum investment thresholds" refers to the owner's contribution or paid up capital for companies in the form of cash, as stated with Column 2 of Schedule 1.

3. For the purpose of Section 5 of the Act, the following Activities are prescribed —

(n) A Bakery Business, other than those operated within the vicinity of a hotel/resort and/or operated by foreign owned hotels/resorts;

(p) A Nightclub, other than those operated within the vicinity of a hotel/resort and/or operated by foreign owned hotels/resorts; and

(q) A Liquor Bar, other than those operated within the vicinity of a hotel/resort and/or operated by foreign owned hotel/resorts.

4.—(1) For the purpose of Section 6 of the Act, the direct or indirect carrying out of any aspect of business in a relevant activity in an economic sector specified in Column 1 of Schedule 1 is subject to the conditions specified in Column 2 of the Schedule opposite the name of that Sector.

(2) The minimum investment thresholds specified in Column 2 of Schedule 1 must be deposited in a local business bank account in a bank located in Fiji.

5.—(1) An application under Section 7(1) of the Act must be in the form set out in Part 1 of Schedule 2.

(2) A Certificate issued under Section 4 of the Act must be in the form set out in Part 2 of Schedule 2.

6.—(1) The fee for the purpose of Section 7(1)(d) of the Act is $2500.00 (exclusive of Value Added Tax).

(2) The fee for the purpose of Section 9(4) of the Act is $7.50 (exclusive of Value Added Tax).

(3) The fee for the purpose of Section 15(3)(c) of the Act is $100 (exclusive of Value Added Tax).

7. A copy of the publication entitled "Fiji Standard Industrial Classification 2004" (FSIC 2004) must be available for public inspection free of charge during business hours at:

8.—(1) All applications made after the 11th July 2008 will continue to be processed in accordance with conditions set out under the Foreign Investment Regulations 2008 [Legal Notice No.86].

(2) An application made after the 16th January 2009 will be processed in accordance with conditions set out in these Regulations.

	Column 1		Column 2
(1)	Fishing (FSIC Subclass 05001)		A foreign investor must have at least 30% equity held by Fiji Citizen(s) and the foreign investor must have at least $500,000 in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period.
(2)	Forestry (FSIC Subclass 02001, 02002 and 02005)		A foreign investor must undertake value adding and must have at least $500,000 in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period.
(3)	Manufacturing
	1)	Manufacture of Tobacco Products (FSIC Subclass 16001)	A foreign investor engaging in the manufacture of tobacco products must use at least 75% locally grown and processed tobacco in all domestic cigarette production and must have at least $500,000 in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period.
(4)	Tourism
	1)	Cultural Heritage (FSIC Subclass 92141 and FSIC Subclass 92321)	Any activity involving investment in the cultural heritage of the Fiji Islands must have at least $500,000 in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period.
(5)	Services
	1)	Real Estate Management (FSIC Subclass 70101)	(i) (ii) (iii)	A foreign investor engaging in real estate management and real estate agents must have at least $1m in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period. A foreign investor engaging in the above paragraph (i), real estate management activities needs to be certified under the Real Estate Agents Act. A foreign investor engaging in real estate activity in renting out of homes/villas/apartments/bures to tourists only must have at least $250,000 in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period;
	2)	Real Estate Development (FSIC Subclass 70101)	A foreign investor engaging in real estate development must have at least $5m in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period.
	3)	Construction (FSIC Subclass 45201)	A foreign investor engaging in the construction industry must have at least $1m in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period.
	4)	Earthmoving Business (FSIC Subclass 45101)	A foreign investor engaging in an earthmoving business must have at least $1m in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period.
	8)	Inter-island Shipping and Passenger Service – exclusive of tourism support services (FSIC Subclass 61101)	A foreign investor engaging in inter-island shipping and passenger service must have at least $500,000 in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period.
6.	All Other Activities		A foreign investor needs to have at least $250,000 in owner's contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period for Activities not stated elsewhere.

PART 1
_________________________________________________________________________

(Please read this Form carefully and ensure that you understand what is required to complete this Application Form)

PART A

FOREIGN INVESTOR INFORMATION

OFFICIAL USE

(A 'foreigner investor', as defined by Section 3 (1) of the Foreign Investment Act 1999, is the business enterprise/entity itself, for example, a sole proprietorship, private company, public company etc.)

Proposed Name of the Business Enterprise/Entity:

Full Names (as in the Passport) and Current Address of all the Shareholders (please provide a Certified Copy of the Passport Bio-data Page for all the Names listed under this Section):

Full Name:

Date of Birth:

Position (for example, Director and/or Shareholder):

Country of Citizenship:

Residential Address:

% of Shares:

(Persons associated with a foreign investor are defined by Section 3(2) of the Foreign Investment Act 1999. Please attach a separate page if more space is required to list all such persons.)

Intended Address of the Project/Business Site:

Lot Number:

Street Name:

Town/City:

(Under Section 7(2)(c) of the Foreign Investment Act 1999, a foreign investor must notify FTIB of a mailing address in Fiji at the time of Application for a Foreign Investment Registration Certificate (FIRC).)

Mailing Address in Fiji:

Authorised Contact Person:

Business Phone:

Fax:

Mobile:

Home Phone:

Email Address:

Postal Box/Lot Number:

Street Number and Name:

Town/City:

Mailing Address (Overseas):

Authorised Contact Person:

Business Phone:

Fax:

Mobile:

Home Phone:

Email Address:

Postal Box/Lot Number

Street Number and Name:

Town/City:

(Under Section 7(3) of the Foreign Investment Act 1999, a foreign investor must notify the Fiji Islands Trade & Investment Bureau (FTIB) of any change in the information the foreign investor provides in this Form, for example, the actual address when known.)

The Proposed type of Business Entity of the Foreign Investor:

(For example, sole proprietorship, partnership, private company, public company, etc.)

Are you involved in any other business enterprise/entity in Fiji or overseas?

If yes, please provide the following details (wherever applicable):
Name of the Business:

Name(s) of Partner(s)/Shareholder(s):

Business Activity:

Foreign Investment Registration Certificate (FIRC) Number (if registered in Fiji):

Have you worked in Fiji before?

If yes, please provide details of the name, telephone contact and street address of the company worked in.

Is the foreign investor or any person associated with the foreign investor a declared bankrupt, an undischarged bankrupt, under management and/or receivership and/or liquidation under the Laws of the Republic of the Fiji Islands or any other country?

If yes, please provide details.

10.

Has any of the shareholder(s) or anyone associated with the business been convicted of any crime?

If yes, please provide details.

PART B

BUSINESS ACTIVITY INFORMATION

11.

List all the activities to be undertaken using the descriptions set out in the Fiji Standard Industrial Classification 2004 (FSC 2004):

Description of Activity (List 'Principal Activity' first)

FSIC Code

(Please refer to Explanatory Note 1 for information on the FSIC 2004 and on how to determine the 'Principal Activity'. Please attach a separate page if more space is required to list all the activities to be undertaken.)

12.

Is any of the business activity to be undertaken a Restricted Activity under Regulation 3 of the Foreign Investment Regulations 2009?

If yes, please provide details.

(Please refer to Explanatory Note 3 for information on Restricted Activities.)

13.

Please provide the following:

Authorised Capital: F$_______________

(minimum: F$250,000 cash - inclusive of offshore branches)

Issued Capital:

Paid-up Capital:
(For companies)
Loans:

Owner's Contributions:
(Other than companies)

LOCAL

_________________

FOREIGN

_________________

14.

Proposed level of total investment:

(minimum: $250,000 cash)

YEAR 1 (F$)

YEAR 2 (F$)

YEAR 3 (F$)

Proposed level of employment:

____________________

(Fiji citizens)
____________________

(Foreign Citizens)

(To qualify for a work permit, a foreigner/foreign investor needs to bring in at least $50,000 in cash as equity investment from offshore. Funds brought into Fiji as equity should be transferred into the business enterprise's/entry's Fiji Dollar resident bank account in Fiji and not an offshore bank account.)

15.

Please identify the sources of funding for both, foreign and local partner(s)/shareholder(s):

Additional Important Information and Requirements for Applicants (to be provided with this Application).

1. Investors are encouraged to reserve their business name with the Registrar of Companies prior to being registered with FTIB.

2. If a company is being listed as a Shareholder, then the name(s) of those associated with that Shareholding Company must be provided to FTIB.

3. A copy of the Shareholders Agreement and a copy of the Declaration of Shareholders, witnessed/certified by a Justice of Peace, Lawyer and/or Chartered Accountant, are to be submitted if local equity contribution is required.

4. A Certified Copy of the Passport Bio-data Page, together with a recent coloured passport size photo, of all those associated with the business must be provided.

5. The Police Clearance Report from the country where you have been residing in the last 12 months or more is to be provided.

6. Proof of company registration from abroad (if applicable) is to be provided.

7. The granting of a Foreign Investment Registration Certificate (FIRC) does not qualify the investor(s)/company to qualify for or be automatically granted permits from the various approving agencies.

Note: Under the Foreign Investment Act 1999, providing false and/or misleading information could incur a maximum penalty of $20,000 and result in the cancellation of the Foreign Investment Registration Certificate (FIRC).

I/We, the undersigned, being duly authorised by the foreign investor, hereby declare that the information contained in this Application is correct and complete, and I/We authorise the Chief Executive Officer of the Fiji Islands Trade & Investment Bureau (FTIB) to make all the necessary enquiries and to conduct all the necessary checks in relation to this Application.

Only fully completed, original and signed Application Forms, together with the full payment of a non-refundable Application Fee of F$2,500 will be processed by FTIB.

_________________________________________________________________________
The completed Form should be submitted either in person or by post to:

1. Does the foreign investor qualify for a Foreign Investment Registration Certificate (FIRC)?

If not, why?
___________________________________________________________________________________________________________________________________________________________________________________________________________________________

PART 2
_________________________________________________________________________

A. SAYED-KHAIYUM
Attorney General, Minister for Justice,
Public Enterprise, Electoral Reform and Anti Corruption,
Acting Minister for Industry, Tourism, Trade & Communication

[ ] Grant	[ ] Refuse
Signature: _____________________ The Chief Executive Officer Fiji Islands Trade & Investment Bureau (FTIB)	Date: _________________

FOREIGN INVESTMENT REGISTRATION CERTIFICATE Registration Certificate Number:_________ By virtue of the Powers vested in me by Section 4(1) of the Foreign Investment Act 1999, I hereby grant this Certificate to: ________________________________________________________________________ ________________________________________________________________________ to carry out business in the following relevant Activities: Within FSIC 2004 Code:











on the following conditions:




(if relevant activities are Restricted Activities)
and also subject to the provisions of the Foreign Investment Act 1999 This Certificate is not transferable and remains valid until it is surrendered or cancelled.
Date of Issue: _____________________	_______________________________ Chief Executive Officer Fiji Islands Trade & Investment Bureau

Fiji Subsidiary Legislation

Foreign Investment Act 1999 - Foreign Investment Regulations 2009