26 May 2008

Fiji business body supports huge hike in registration charge for foreign investors

4:10 pm on 26 May 2008

Fiji's Chamber of Commerce says it supports the interim government's changes to investment regulations.

One change is that the cost of a new Foreign Investment Registration Certificate has soared from 14 Fiji dollars to 2500.

But acting chamber president Swani Maharaj says given the amount of work involved, the new fee is justified.

"Well the impact will definitely be there because its a big increase. But looking at the things done by FTIB, like registering, facilitating, name changing, support letters for work permits and y'know site visits wherever they are in Fiji or located. So a lot of people have been applying for foreign exchange investment certificates. So there's a lot of work involved."

Swani Maharaj says the hike is needed, given the rising costs in today's economic climate.