Obtaining a banking license in Vanuatu
Opening a bank in Europe is very problematic. Offshore destinations such as Vanuatu are often considered alternative. Your offshore bank in Vanuatu will need to meet all international standards of transparency, which is especially important in an era of global deoffshoring.
International banking transactions are regulated by the Financial Institutions Act of 2 November 1999. A bank is defined in several categories - the person who:
- accepts financial investments that can be withdrawn or paid on-demand or at the end of the term;
- sells or places bonds, certificates, or other securities.
The Reserve Bank of Vanuatu is the body responsible for receiving and evaluating applications for an offshore banking license and all supporting documents, and for assessing whether an individual/legal entity is "appropriate".
Basic requirements for opening a bank in Vanuatu and obtaining a banking license are the following:
- The appointed director must be physically present in Vanuatu and have relevant experience in international banking;
- To open an offshore bank, the share capital must be at least $500,000;
- An auditor must be appointed;
- Full documentation package including a list of policies (AML, CTF, liquidity management);
- Submission of an application to the Reserve Bank of Vanuatu;
- Registration of an international company.
After submission of the full set of documents to the Reserve Bank of Vanuatu, the processing period is 4 months. During this period, the Bank will normally make additional requests until all requirements have been met to issue a Vanuatu banking licence.
A fee of $8,000 from the Government is payable for the application for a license. To calculate the full cost of obtaining a Vanuatu license please contact our IT-OFFSHORE specialists.
We will assist you in setting up this type of business. We can offer support with all stages of obtaining a Vanuatu banking license (company registration, recruitment, office rent, application to relevant authorities, etc.). We can also help you obtain a Vanuatu Forex license, an E-Money license in England or a cryptocurrency license in Switzerland.