Vanuatu is the offshore jurisdiction that is particularly popular and that encourages highly profitable business to be established at ease. It is due to most factors, including the liberal tax legislation, but the state policy aimed at the ultimate active attraction of non-residents to the country. Thanks to assistance rendered by the staff of Private Financial Services, the registration process will not take a lot of time; it will fully comply with the current legal field and it may be completed with no personal arrival of the company owner that makes it possible to significantly reduce financial costs.
Offshore companies in Vanuatu may be created as a variety of trusts – international, exempted and companies, where the latter is most relevant for those entrepreneurs who will exclusively perform within the country.
The legislation does not allow any special requirements in terms of the share capital size. As per the EU Charter, the amount of $10,000.00 US dollars is recommended. The company should have at least two shareholders and a director; they may be of any nationality, including the natives of Vanuatu. The name of the company may be chosen in any language; it should be translatable in French and English. Share issue is available in terms of share to bearer and privileged share, both denominated or not.
FINANCIAL ACTIVITIES AND ASPECTS OF THEREOF
Vanuatu offshore area allows two types of licenses: as a financial institution or a bank. The first option requires submission of data concerning auditors and beneficiaries, business plan available with strict compliance, information on accounts available with legal entities and reference letters granted to natural persons. When choosing the second type of license, requirements are completely identical; only the possibility is supplemented to attract deposit funds from the bank.
In here, banks may be exempt or local. For the first category, business may be done exclusively outside Vanuatu. Cooperation with other offshore companies is required for domestic operations. Exempt banks require a legal address within the jurisdiction, a license and paid share capital with the sum of at least $150,000 US dollars. The word “Bank” is mandatory in the title. A resident can be a director only. To meet such requirements, a nominee representative is required and you are welcome to apply to the Private Financial Services to find the former.
ADVANTAGES OF LOCAL JURISDICTION
Businessmen with offshore in Vanuatu are allowed such advantages:
- Comfort of registration – a purchase of the ready company will take no more than a day, the registration of a new company will take a few weeks only;
- Personal data protection – the owners are entitled to rely on full privacy; only data about the name of the company and its contacts are available. Data protection is state controlled;
- Zero taxes are the main reason why offshore zones are sought-after. This provision is relevant in terms of profits received outside the jurisdiction;
- Benefits for non-residents, that is banks and trusts, may count on a range of benefits and a lot of transactions are subject to quite affordable fees;
- No currency control;
- Newly registered companies do not pay the stamp payments for 20 years;
- Obligations in terms of regular reporting are not relevant.