Business

SMEs urged to register their businesses

October 4, 2022 6:19 am

The Ministry of Commerce is urging Small and Medium Enterprises to formalize and register their companies for growth purposes.

Minister Faiyaz Koya says despite confronting economic hardships, Fiji continues to be resilient. However, he is reminding businesses to register to be able to enjoy the financial benefits that are available.

He says the number of SMEs continues to grow in the country.

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“Yes, we have seen a positive outlook, a lot of new entrepreneurs, a lot of female entrepreneurs within the country, and a lot of people are diversifying into different industries post-pandemic, so it’s a positive sign for Fiji, especially in the MSME sector.”

According to Monash University Academic Professor Paresh Narayan, the government’s support is there, but some businesses tend to miss out.

He adds that proper digitalization of data is needed to assist them accordingly.

“You know there are no easy fixes, there needs to be a different conversation on this in terms of how we go about identifying these particular businesses who are impacted and what sort of database we can develop to look after the welfare of these SMEs”

A policy matrix on financial stability and insurance is being developed by Monash University and Fiji National University to assist SMEs, as many are lacking financial literacy.