VANUATU  OFFSHORE DATA

Vanuatu is a small group of Islands situated between Australia and Fiji.
The capital is Port Vila and is the commercial centre of the country.

Communications in Vanuatu are fairly high tech with a new GSM digital mobile phone service starting around the end of 2001. This replaces the old analogue service.
The internet service is based on the latest 56kB modem dial-up connection and a further high speed internet service is available for dedicated users.
Air Vanuatu lease a near new Boeing aircraft from Quantas, who also handle the maintenance. Flights to Australia, New Zealand and elsewhere are frequent. Flying time to Brisbane (Australia) is just over 2 hours.
The Vanuatu locals are very friendly and most speak English….and to a lesser degree, French. Traffic moves American style on the right hand side of the road. There are a lot of personal freedoms in Vanuatu that have been eroded in other more developed countries. There are comparatively few rules and regulations and new residents tend to regard Vanuatu as one of the last bastions of entrepreneurial freedom in the western world. There is absolutely no income or capital gains tax applied.
There are four different banks domiciled in Vanuatu plus world-class accountancy firms such as KPMG and MOORE-STEPHENS. There are also several smaller accountancy firms who provide a highly individualised personal service.
The weather and temperatures are what you’d expect in a perpetually green tropical paradise.
 
 
 

VANUATU’S OFFSHORE FINANCIAL CENTRE
 

THE ADVANTAGES:
 

· No personal or corporate income taxes

· No capital gains or withholding taxes

· No estate or death duties

· No tax treaties

· No exchange controls

· 20 year guarantee of no taxes for international companies

· Extensive secrecy provisions

· Conveniently located in the Asia Pacific Region

· Time zone 3 hours ahead of Hong Kong, Singapore

· Very flexible modern international companies act

· Company names can use any lettering, characters or script

· Same day incorporations, within one hour on special request

· Full international banking and professional services

· Excellent modern telecommunications

· Laws in English and French

· Well established Financial Centre

· Re-domiciliation provisions
 
 

INTERNATIONAL COMPANIES

An international company in Vanuatu has the following features:

• the company is of an ‘offshore’ nature.  It is not permitted to do business in Vanuatu other than with another international company, but is able to deal with it’s accountants, lawyers and bankers in Vanuatu;

•  the company may hold Vanuatu bank accounts in any major currency.  There are no exchange controls into or out of Vanuatu;

•  the company must have a registered agent in Vanuatu;

•  there is a high degree of confidentiality in respect of an international company and the Vanuatu Financial Services Commission does not require to know the identities of the beneficial owners;

•  the name of the company may use any words or abbreviations in any language which connotates the existence of a body corporate eg. 1) “inc.” or “Incorporated” 2) “Corp” or “Corporation” may be used in the place of “Limited”;

•  there is a “Constitution” instead of Memorandum and Articles of Association, which may be adopted, or amended to meet specific requirements;

•  there are “incorporators” (rather than initial subscribers) being deemed members until shares are allotted and the company may have a single incorporator as well as a single member;

•  on incorporation a Government fee of US$150 is payable for the period from incorporation until 30 June which is when the annual registration fees are due;

•  there must be at least one director, who may reside anywhere in the world, and may be a natural person or a body corporate, eg. a nominee company if required;

•  the statutory services fee charged by one specific financial services member includes the provision of nominee shareholders, nominee directors,  the company’s registered office,  registered agent, custody of minute books, and the maintenance of the company’s statutory registers;

•  there is no requirement for audit and the company may keep it’s accounting records, minutes, and registers anywhere;

•  there is no requirement to hold annual general meetings or to file annual returns;

•  the company may purchase, redeem or hold it’s own shares, as long as it does not become the sole member;

•  the company may issue bearer shares;

• banks, insurance and trust companies must be incorporated as exempted (not international) companies;

•  the name can be altered in due course if required;

•  the company can be formed within one day.  Upon special request a one hour incorporation service can be provided, at an extra cost of US$100, payable to the Vanuatu Financial Services Commission.

One of the main advantages of international companies is that the directors and shareholders do not have to be disclosed to the companies office and therefore will not be on the public file so no one (except the bank if you want to open a bank account) will know that you are the beneficial  owner of the company.  The only things that have to be declared to the company’s office are the registered office which is in Vanuatu and the registered agent (usually your Vanuatu accountant).  International companies cannot trade in Vanuatu except with accountants and lawyers, etc. in furtherance of the company’s trading overseas.  Issuing of shares and appointment of directors and secretary are done in the normal way except these do not have to be filed with the companies office and are therefore confidential.  So you can be a shareholder and director if you wish although if the company has to sign documentation under seal the directors will have to do it and your name will be known.  However, you can utilize already established nominee companies to be the shareholders and directors in trust for the real beneficial owners if you wish.  You don’t have to travel to Vanuatu to set it up.  It can all be done by fax and mail.  Also if you want to open a bank account here the banks have brought in new rules whereby the beneficial owners of the company have to be declared to the bank.  They assure us that this will be kept absolutely secret.  The reason for this is that they now go to some lengths to prevent illegal money laundering.

A word of warning.  Technically, if you are a resident of any other country except Vanuatu you may be liable to pay tax on your world wide earnings which would include the profits of this international company.  It’s most likely illegal for you not to declare these profits on your tax return.  If in doubt seek the advice of your accountant in your country of domicile.