| JURISDICTIONS & FEES |
| Vanuatu |
| UTRUST Rating |
**
| | General | | Type
of Company | International | | Political
Stability | Fair | | Standard
Authorised Capital | No | | Tax
on Offshore Profits | Nil | | Corporate Requirements |
| Local Registered Office and Registered Agent Required | Yes
| | Minimum Number of Directors/Managers | 1 |
| Local Directors Required | No |
| Corporate Directors Permitted | Yes
| | Minimum Number of Shareholders/Members | 1 |
| Local Shareholders Required | No
| | Corporate Shareholders Permitted | Yes
| | Company Secretary Required | No,
but normally appointed | | Bearer Shares Allowed | Yes,
but not available | | Annual Requirements |
| Filing of Annual Return | No |
| Submit Audited Accounts | No |
| Min. Annual Tax / Licence Fees | US$300
| | Shelf Companies Available | No
| | GENERAL
INFORMATION
INTRODUCTION
Vanuatu is a chain of approximately
80 islands in the south-west Pacific, some 2,250 km north-east of Sydney, Australia
and 800 km west of Fiji. The total land area is approximately 14,800 sq. km. The
islands are mainly of volcanic origin and there are about 60 volcanoes, of which
10 are still active. The capital is Port Vila on the Island of Efate and the total
population is approximately 175,000. The country￡s economy is mainly agricultural
(80 per cent of the working population is engaged in agriculture). The economy
is based mainly on copra, followed by beef, cocoa, timber, coffee, cotton, and
fish.
The development of the islands as an offshore financial centre in
1971 now contributes significantly to government revenue. The offshore financial
sector has brought increased employment opportunities and an excellent infrastructure
for telecommunications, banking, legal, accounting and other financial and commercial
services.
LANGUAGE
The official languages are English, French
and Bislama (pidgin).
TYPE OF LAW
Common Law, based on English
Common Law with local modifications and local statutes.
COMPANY INFORMATION
TYPE OF COMPANY
FOR INTERNATIONAL TRADE AND INVESTMENT
The International Company (IC)
TIME
TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
Names must end with one of
the following words, or abbreviations thereof - Limited, Corporation, Incorporation,
Sendirian Berhad, Besloten Vennootschap, Gesellschaft mit beschrankter Haftung.
Names will not be allowed that in are, the opinion of the Registrar, likely
to mislead or deceive, or suggest a connection with the Government of Vanuatu.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares,
preference shares, redeemable shares and shares with or without voting rights.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE
FEES
International Companies pay an annual Government Fee of US$ 300 per
year. ICs pay no taxes in Vanuatu. Upon incorporation ICs are exempt from taxes
for 20 years.
FINANCIAL STATEMENT REQUIREMENTS
Whilst there
is no requirement to file annual audited accounts with the authorities, a company
is required to keep financial records, which reflect the financial position of
a company.
Whilst every effort has been made to ensure that the
details contained herein are correct and up-to-date, it does not constitute legal
or other professional advice. We do not accept any responsibility, legal or otherwise,
for any error or omission. | |
