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. Re-registration is not required if:
- your Fiji-incorporated or foreign company or
- your business name
was first registered on or after 14 June 2019.
Business names now have a limited life
3. Previously business names needed only to be registered once. Now, however, they expire and can be renewed. They can now be registered for 1, 3, 5, 7 or 10-year periods. Business names registered after 14 June 2019 are deemed to be registered for a year.
Fees
4. No official fees apply for re-registration itself. Ongoing renewal fees for business names apply, these are:
- for individuals and small private companies $10/year
- for other company types and firms $100/year.
What if you don’t re-register?
5. Fiji companies that fail to re-register in the six-month period will be deemed “de-registered” with their assets and liabilities becoming the property of the Registrar of Companies[1] (not a well-thought out result). If a business name is not re-registered then any person trading under the name may be in breach of Part 43 of the Companies Act.
Contact
6. Please contact Glenis Yee, Janice Fong or Jesline Singh for further information.
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[1] Or Government if company property was held on trust.
Disclaimer
The information and opinions in this Legal Alert are for general information purposes only. They are not intended as specific legal or other professional advice and should not be relied upon or treated as a substitute for specific advice. Munro Leys can accept no responsibility for any loss arising from reliance on the general information contained in this Legal Alert.