If you are considering establishing a business in the islands of Fiji, which consist of an archipelago of approximately 332 islands, knowing the Fijian market profile will help you understand the waters before you jump in.
Looking at a snapshot of the trade that occurs in the Fijian market, imports/exports trade totaled A$1.87 billion in 2019-20. The country has a population of 0.9 million people, and Suva is the capital. Fiji, as a major Pacific regional island, serves as a link between the Americas and Asia/Oceania. With numerous investments and opportunities in the Fijian market, foreign markets have taken a favorable view of the islands and are stepping up and developing the country further to emphasize its role in the Pacific region.
Knowing a local representative or using their assistance when starting a business in Fiji can help you navigate government regulations, especially if you are unfamiliar with the process. If you are an Australian interested in investing in Fiji, it is recommended that you contact AusTrade.
We also recommend that you read up on literature about the Fijian market and seek professional advice from specialists and industry players so that market entry does not become an issue. It is also critical to keep an eye on tariffs and taxes to avoid incurring unexpected costs. Import duties ranging from 0% to 33% may apply depending on the product you intend to export from Australia to Fiji. In addition, there is a 9% VAT that is levied on all goods imported into Fiji. If your company is registered in Fiji, you can claim this percentage, but be aware that the process is quite lengthy.
If your company is registered in Fiji, you can claim this percentage, but be aware that the process is quite lengthy. To keep track of the duties, you should contact the Fiji Revenue and Customs authority. According to AusTrade, “a double taxation relief convention has been concluded with Australia.”
However, understanding the market temperature, making connections with important players and knowing whom to deal with, receiving feedback on your business plan, and promoting your products in the market allows you to prepare for success when entering the Fijian market.