Vanuatu

The Republic of Vanuatu is an archipelago in the Southern Pacific Ocean, comprising 83 relatively small islands, to the East of Australia and North of New Zealand.

overview

Vanuatu

Among tax efficient destinations, Vanuatu ranks among those with the most relaxed legal framework, offering great confidentiality just like those in the Caribbean.

A Vanuatu company is not subject to corporate income taxes, capital gains taxes and restrictions on employment policies, provided it does not conduct business locally in Vanuatu.

There are no exchange controls in Vanuatu.

Vanuatu offers a high level of confidentiality for beneficial owners, shareholders and officers.

A newly incorporated company is exempted from Corporate Income Tax, Capital Gain Tax and Stamp Duty for 20 years.

The Banking industry in Vanuatu is supervised by the Reserve Bank of Vanuatu. It will process the application and determine if a person / body corporate is “Fit & Proper” to be part of the structure.

The issuance of International Bank License falls under the regulation of the International Banking Act 2002, Vanuatu.


Conditions for the International Bank License:

1. The financial capacity, ownership spread and financial history (if any) of the applicant are satisfactory.

2. Sufficient capital, with at least USD 500,000 unimpaired paid-up capital. It’s important for the bank to maintain a surplus of USD 500,000 in receivables compared to the amount it owes the clients.

3. Satisfactory risk management, accounting and internal control systems.

4. Each Director and Manager for the Bank is a Fit and Proper person, and has adequate experience in the industry to handle the operation of a bank.

5. Each Associate of the applicant is a Fit and Proper person to have an interest in a bank.

6. The service shall not be offered to Vanuatu residents, or in Vatu, the local currency of Vanuatu.

7. The Bank must employ professional full time staff in Vanuatu.

8. All records must be kept in Vanuatu.

  • Time frame: From 4 Months onwards
  • Capital: At least USD 500,000
  • License: International Bank License
Application Process:

For each Director, Shareholder, Beneficial Owner and Secretary:

  • Notarised / Certified True Copy of Passport
  • Notarized / Certified True Copy of second ID (for example National ID Card) (for Shareholders and Directors) 
  • Notarised / Certified True Copy of Proof of Address
  • Notarized Criminal Record from the native country of the applicant (for Shareholders and Directors)
  • Notarized copies of university Diplomas in English, Certified transcripts
  • CV of the director / shareholder dated and signed
  • 2 Character Reference Letters issued by professionals
  • Bank Reference Letter

To facilitate your application for the license, please pass all the necessary documents to Offshore Tech & Intermediary Services.


For each Corporate Shareholders of the company:

  • Certificate of Incorporation
  • Memorandum of Association
  • Articles of associations
  • Articles of Incorporation
  • Register of Directors  
  • Register of Shareholdings
  • Certificate of Good Standing (if the company is over a year old)
Company Structure:
  • Minimum 1 Shareholder (natural or legal person, no nationality or residency restrictions)
  • Minimum 2 Directors (at least 1 must be a Vanuatu resident)
  • Minimum 1 employee that has a day-to-day knowledge of the Bank’s business, and adequate in the Bank to manage the day-to-day operation.

Taxation:
  • 0% (No Direct or Indirect Tax is imposed on the income, profit, gains, interest or dividends (earned or paid) of International Banks)
  • 0% (No Estate, Inheritance, Succession or Gift Tax, Rates, Duty, Levy or other charges is imposed on any shares, debt obligations or other securities)
  • The following instruments are exempted from Stamp Duty:
    • A bill of exchange, promissory note and every other document, instrument or certificate executed for the banking business
    • An instrument related to a transfer of property in Vanuatu, other than real property, by the licensee
    • An instrument related to a transaction and declaration in respect of shares, debt obligations or other securities of a licensee
    • An instrument related to any other transaction of the banking business 

Accounting and Auditing:
  • An auditor must be appointed every year to report on all financial statements for that particular year
  • Only auditor with written approval by the Reserve Bank of Vanuatu can be engaged
  • Copies of financial statements and auditor’s report must be provided to the Reserve Bank of Vanuatu within 4 months from the close of the licensee’s financial year

Others:
  • Secretary – Required
  • Registered Agent – Required
  • Registered Office – Required
  • Local Office – Required
  • Legal Framework: International Banking Act 2002, Vanuatu
  • Regulatory Authority: The Reserve Bank of Vanuatu
  • Capital Requirement: USD 500,000 unimpaired paid-up capital
  1. Compilation and review of all of the documents, including due diligence documents.

  2. Prepare a reasonable amount of funds as capital and deposit it in a bank account.

  3. We will incorporate your company in Vanuatu.

  4. Submit the due diligence documents and other related documents to the Reserve Bank of Vanuatu for license application.

  5. Liaise and follow up with the Reserve Bank of Vanuatu for all matters related to the application.

  6. We will handle all relevant matters for you once the license is issued by the Reserve Bank of Vanuatu.

  7. Establish the headquarters of the bank within 30 days after the license is issued.
FREE CONSULTATION:​
experience on your own

Let's have a cuppa!​​

Eager to know more? Get in touch with us.​