Posts Categorised: Commercial

Fiji – Contracts and The Coronavirus

Introduction COVID-19 has hit hard and unexpectedly, drastically reducing our mobility and economic activity. Many of our businesses are built on key contracts with customers and suppliers. Some of these contracts cross national borders. What happens to contracts in a pandemic? Fiji’s economic response to this crisis is likely to be slower and weaker than… Read more »

Change to Exchange Control Limits

Introduction 1. The Reserve Bank of Fiji (RBF) regulates external currency movements under the Exchange Control Act 1950. Thus RBF consent is needed for all external remittances over trading bank delegated limits, including capital and dividend repatriation. 2. As of 2 April 2020, due to the continuing adverse impact of COVID19 on the Fiji economy,… Read more »

Your friendly February Solvency Resolution Reminder

Attention company directors and secretaries: Under the Companies Act 2015 every Fiji company must pass an annual solvency resolution (or a different form of resolution if you do not consider the company to be solvent on the usual tests). This must be done within two months of a company’s financial year-end. For those companies who… Read more »

Companies and business name re-registration – ready, steady, go!

Time-frame for re-registrations 1. In our 15 July 2019 alert we advised of pending company and business name re-registration requirements. Re-registration starts on Wednesday, 15 January 2020 and: companies (including foreign companies) must be re-registered by 15 July 2020 business names must be re-registered by 15 October 2020. New companies and businesses can relax 2…. Read more »

PPSA – the transition period ends soon!

Introduction Earlier this year, we issued a legal alert on the Personal Property Securities Act 2017 (PPSA) available at https://www.munroleyslaw.com/the-ppsa-is-here/. Under the PPSA, 180 days was provided to secured parties to register “prior transactions” on the Personal Properties Securities Registry (PPSR). Prior transactions mean those concluded before 31 May 2019 (the date that the Act… Read more »

Companies and business name owners – re-registration is coming

Introduction 1. Most companies and business name owners will soon be required to re-register at the Companies Office[1]. Official sources expect this measure to be announced in the fourth quarter of this year. Companies and businesses which do not re-register will apparently be de-registered altogether. 2. These requirements, part of the Companies (Budget Amendment) Act… Read more »

The PPSA is here

Introduction A new law comes into effect on 31 May 2019 that will affect nearly everybody who lends borrows leases vehicles and equipment supplies goods on credit. The Personal Property Securities Act 2017 (PPSA) was passed by Parliament two years ago. In a Gazette dated 30 April, Government announced that it would become effective on… Read more »

The Companies Act 2015 – Solvency Resolution Reminder

Introduction The Companies Act 2015 requires directors of companies to pass an annual solvency resolution[1]. A solvency resolution is defined in the Act[2] as a resolution by the directors of the company as to whether or not, in their opinion, there are reasonable grounds to believe the company will be able to pay its debts… Read more »

NEW LAND SALES REGULATIONS 2016

In our 22 July 2016 alert we referred to the intention of the Government of Fiji to enact Regulations to govern offences, penalties and extensions of time on the construction deadline of 31 December 2016. These Regulations have now been issued (including, at the back of the Regulations, the six-page application form to be used… Read more »

The Companies Act – Annual Registration Fees

Introduction The Companies Act 2015 requires a company to pay prescribed annual registration fees to the Registrar of Companies within 28 days of the anniversary of its registration date. This means, for example, that if a company (including a company formed before 2016) was registered on 1 April, registration fees must be paid not later… Read more »