Company law in Fiji will change significantly during 2015 with the introduction and commencement of an entire new body of law. The new legislation will completely replace the existing law and adopts significant reforms which may, among other things, make it easier for foreign investors to set up companies in Fiji. The following legislation will be repealed:
Companies Act (Cap. 247) (including regulations and winding up rules);
Capital Markets Decree 2009;
Unit Trusts Act (Cap. 228); and
Registration of Business Names Act (Cap. 249).
In early February, the Parliament referred the Companies Bill No. 3 of 2015 (Bill) to the Standing Committee on Justice, Law and Human Rights (Committee) who have been tasked with examining the Bill and making amendments. The Committee has been given until May to carry out this review. Following their appointment, the Committee sought further submissions from the public, whose written submissions are due by 27 March 2015. Those parties were invited to consider:
Does the Bill achieve its aim of modernising the laws related to the incorporation, regulation and winding up of companies in Fiji?
Are there specific sections or clauses that the Committee should investigate in further detail?
Are there specific clauses that should be amended or removed?
What would be the implications of this Bill, if approved, on you or your organisation?
After years of waiting, it is very encouraging to hear of this progress which should lead to the Bill being passed in Parliament in the 2nd half of 2015. While we have had numerous publications on the previous drafts in the past, we expect our latest summary of the key provisions of the Bill to be published shortly