Offshore company in Vanuatu: basic nuances
There are several reasons why you should buy a company in Vanuatu. This jurisdiction is among the most popular ones for creating an offshore. The registration of companies is facilitated by the current legislation, which is focused on attracting non-residents. It is located in the southwest Pacific Ocean.
A small republic is considered favorable for entrepreneurs from different countries. As a result, many businesspeople seek to register an offshore Vanuatu. The port of Viola is considered the financial and commercial center of the state. The official languages of the jurisdiction are English and French.
Basic legal forms and registration requirements
Before registering a company in Vanuatu, we suggest that you familiarize yourself with the main legal forms of firms. The process of establishing an offshore company in Vanuatu is regulated by the Companies Act and certain provisions on the activities of legal persons.
It is possible to establish an international firm in Vanuatu, a foreign or exempt organization, a limited or unlimited liability company, an offshore company or a foundation. It is possible to establish a local firm to conduct trade activities within the country.
The most popular legal form for an offshore company is an international firm. Setting up such a company includes certain nuances The concept of share capital does not apply. The availability of shares and guarantees may limit the liability of the firm. An address must be registered within the jurisdiction, and the agent’s presence is required.
In order to be registered, documents similar to the Articles of Association and the Founding Agreement must be submitted to a special commission. On average, the opening of an international company can take up to 24 hours.
Before the opening, the name must be picked out in any of the official languages. A certified translation into English is required. Some words that have a connection to banking, finance or certain other areas of work require a license or permission to be used.
- A company must have at least one shareholder and the director in order to start operating;
- Third parties cannot obtain information about the founders;
- No special reporting requirements every 12 months;
- It is possible to create an account with a financial institution.
A number of provisions have to be taken into account when establishing an Exempted Company. The authorized capital has to be equal to 10,000 dollars, this figure is standard. It is necessary to have a legal address and an agent. One of the directors of the firm must be a resident of Vanuatu. A report must be submitted every 12 months.
In Vanuatu, you can obtain permission to operate a financial institution, bank, or forex. The first requires disclosure of beneficiaries and auditors, a business development plan, account information and letters of reference.
Banks that are registered within the jurisdiction may be local and exempt. In the latter case, work must be done outside the state. The exempted corporations must have a registered address within the jurisdiction and a share capital of $150,000. There are residency requirements for the director. You can learn more about the registration of banks and financial institutions from our specialists at IT-OFFSHORE.
The pros of starting a firm in Vanuatu
The main advantage of opening a company in the country is the accessibility of registration. It takes relatively little time to start a new company in Vanuatu. Personal information is protected and confidential.
The reason why the offshore locations is relevant is because no tax payments are required. This advantage applies to income received outside the jurisdiction. There are preferential conditions for non-residents to register. There is no currency control.