Government Announces New Decree For Companies In Fiji
SUVA, Fiji (Fijilive, Dec. 5, 2012) – The revised Companies Decree will be gazette on 1 January 2013 and companies in Fiji will be given a 3-month transitional period to comply with the new requirements.
Attorney General and Minister for Justice Aiyaz Sayed-Khaiyum said there has been widespread consultation on the new Companies Decree and welcomed input from the stakeholders before the act is enforced.
Consultant Bruce Cowley, a partner at the international law firm MinterEllison who assisted in the drafting of the new law, today briefed lawyers, accountants, businessmen and other stakeholders on the main changes in the legislation.
All new companies in the New Year will be required to register through the new decree.
Sayed-Khaiyum said one of the fundamental changes will be to the fiduciary duties of director through the companies and this will bring it in step with the international best practice.
"We are also looking at the registering of the companies, the need to get away from the requirement of minimum two members etcetera and the distinction between public and private companies," he said.
Private sector organizations have welcomed the changes with Fiji Commerce and Employers Federation chief executive officer Nesbitt Hazelman saying that the new decree takes away a lot of red tape.
He said that it is a good move in terms of modernizing Fiji and has a more professional approach on handling companies in Fiji.
Ministry of Justice acting permanent secretary Mere Rakuita said the revised company act is on par with international laws.
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