bizHelp

bizHELP provides information specific to the micro, small and medium enterprises (MSMEs). This section guides MSMEs on business set-up requirements and procedures, cash flow, business plans, and tax compliance. MSMEs can also access basic templates for business plan, cash flow and forecasted cash flow.

 

bizHelp is for those individuals or potential business owners who wish to start a business or for existing business owners who wish to access advise and do not know where to reach out.

 

You will also find here contacts of Business Advisors, who are ready to provide assistance and guidance through the various processes of starting a business.  The Business Advisors will be able to connect small and medium entrepreneurs to relevant agencies that can provide financial and technical support to start or grow your business.

Features of Different Type of Businesses

Features of Sole Trader


  • Only one (1) owner of the business;
  • Owner keeps all profits that is earned and is responsible for any losses the business makes;
  • Unlimited Liability - if the business cannot pay off its debts and liabilities, owner’s personal assets can be used to pay off;
  • Is the only business type that can use the same Taxpayer Identification Number for both personal and business matters. This means if you have already registered yourself for a TIN number, you can use that same one to register your business with the relevant authority.




Features of Partnership


  • A single business where two to twenty-five people share ownership.
  • Each partner contributes to all aspects of the business, shares in the profits and losses of the business.
  • The partners also assume unlimited liability for all debts and liabilities incurred by the partnership. This means if the business cannot pay off its debts and liabilities the partners' personal assets can be used to make payment.
  • A partnership business must have a Partnership Agreement or Deed.This agreement outlines the roles and responsibilities of each partner.
  • It is important to have the partnership agreement STAMPED by Fiji Revenue and Customs Services. This is to ensure that the agreement can be used in the Court of Law during a dispute or where a legal action is required to be taken.




Features of Company


  • A company is a separate legal entity from the owners of the company and is a Limited Liability. That is, a person cannot make a claim on your personal assets, to recover debts of the company.
  • A company in Fiji is only required to have an Articles of Association. This document defines the purpose of the company, lays out the process for appointing directors and the handling of financial records. The Companies Act 2015 has a standard Articles of Association listed in Schedule 2 which companies can adopt. Alternatively, a company can hire a lawyer to draft a specific Articles of Association for them.
Two types of Company structures :
  • Private Company
Under this structure, you can have 1 to 50 Directors form a private company. A Private company name must include one of the following words at the end of its name: – “Pte Limited” or the abbreviation “Pte Ltd”.
  • Public Company
A public company can offer its shares for sale to the public and have many shareholders with the main aim to raise money or capital for investment back into the company. A public company is listed on the stock exchange.




Features of Co-operatives


  • Minimum of 10 persons needed to register a co-operative.
  • Each members has one vote irrespective of the number of shares held.
  • Main focus is to provide services to its members.
  • A Co-operative is a separate legal entity from the owners of the business and is a Limited Liability. The word “co-operative” must be included as part of their business name.
Types of Co-operative
  • Primary Co-operative is a registered co-operative consisting of individual persons or associations as members;
  • Secondary Co-operative is a registered co-operative consisting of atleast two or more primary co-operatives;
  • Apex Co-operative is a Co-operative established to facilitate the operations of all co-operatives of a particular type and shall be deemed to represent 75% of total number of co-operative of that type.





Find out more about how to start a business here.

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Ministry of Commerce, Trade, Tourism and Transport

Level 2 and 3, Civic Tower, Victoria Parade, Suva

Tel: +679-3305411

www.mcttt.gov.fj

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