Shoe String Budget
Vanuatu is the ideal location for anyone starting up with a shoestring budget and low capital. Registering in Vanuatu reduces expense by cutting down on taxes and lower administrative costs.
Someone wanting to conceal financial and ownership specifics of a business will have Vanuatu’s assurance the details are kept private. Registration in Vanuatu allows the owner(s) to operate anonymously and maintain corporate records anywhere in the world.
If your nation is politically unstable, Vanuatu’s history of political stability gives an entrepreneur an easy time running a company as it reduces and eliminates government interruptions.
Until recently, all banking licenses were held via exempted businesses.
Changes to the ICA (International Companies Act), effective August 11, 2010, allowed for all existing corporations to be brought under the ICA — which includes offshore banking licenses.
The result has been smoother compliance with incorporating processes. Now, applications for Offshore Banking Licenses fall under an International Company and enjoy the associated benefits.
The change also brought together under one slice of legislation all businesses which were formed solely for offshore operation. The licensing of an Offshore Bank now falls under the purview of the International Banking Act and is administered by the Reserve Bank of Vanuatu.
A summation of the requirements for issuing offshore bank licenses includes:
- Details of ownership,
- Information on major shareholders
- Details of risk management
- Details of applicant’s capital position
- Detailed business plan, and
- Written undertaking the applicant will provide Reserve Bank with other information which may be required to carry out banking management/regulation responsibilities
An application, $8,000(USD) and the initial year’s licensing fee, also $8,000 (USD) is due with the application. If the application is declined, the first year’s licensing fee is refundable.