If you are embarking on setting up shop in the islands of Fiji, which is formed by an archipelago of approximately 332 islands, known the Fijian market profile goes a long way to understanding the waters before you jump in.
Looking at a snapshot of the trade that occurs in the Fijian market, there have been A$1,276 million imports to Australia from Fiji, whereas A$585 million has accounted for exports to Fiji from Australia. The population of the country amasses to 0.9 million people, and the capital of Fiji is Suva. As a major regional island in the Pacific, Fiji acts as a hub between the Americas and the Asia/Oceania regions. With many investments and opportunities occurring in the Fijian market, foreign markets have looked kindly on the islands and are stepping up and developing the country further to accent its role in the Pacific area.
When setting up for business in Fiji, knowing a local representative or utilising their assistance can aid in going through government regulations especially if you are not too familiar with the proceedings. For Australian getting into the Fijian market, it is recommended that you contact AusTrade when you are looking at investing in Fiji in some way.
We also recommend that you take the time to read up on literature regarding the Fijian market, and obtain professional advice from specialists and industry players so that market entry is not a factor. Keeping an eye on tariffs and taxes is also vital to ensuring that you do not stumble upon unexpected costs. There may be import duties from 0 to 33% based on the product you plan on exporting from Australia to Fiji. In addition, there is a 9% VAT that is applicable to any import of good into Fiji too. If your business is registered in Fiji, then you are able to claim this percentage, but be aware that the procedure in claiming is quite lengthy. You should refer to the Fiji Revenue and Customs authority to keep appraised of the duties. As stated by AusTrade, there is “a double taxation relief convention has been concluded with Australia”.
But when entering the Fijian market, understanding the market temperature, making connections with important players and knowing whom to deal with, getting feedback on your business plan, and promoting your products in the market allows you to prepare for success.