Business

Basing Your Company in Vanuatu: What You Should Know

Joe is thinking of forming a country in Vanuatu. He relates his plans to a friend named Phil. Phil is mystified. He asks, “Where is Vanuatu and why is this the ideal place to form a company?” Joe laughs, happy that many of the people he knows do not know about this “business paradise”.

Where Is Vanuatu?

Logistically, Vanuatu is located to the west of Fiji and east of Australia. It used to be called the New Hebrides. Now, its official name is the Republic of Vanuatu. The archipelago consists of around 80 islands and is located in the South Pacific.

If you check on company formations in Vanuatu, you may be doing a great service to the island nation. Vanuatu, similarly to many other islands in the South Pacific, continues to struggle with the development of international trade agreements and is highly susceptible to economic issues that affect growth.

Make Sure That Your Operations Are Fully Covered

By working with a business advisor and chartered accountant, you can contribute to Vanuatu’s economy and make a global difference whether you are a small venture or wish to bill yourself as an international corporation. When you work with an accountancy firm, you can make sure that your business is fully covered with respect to accounting, corporate services, permits and licencing, strata title services, and trust applications.

For instance, maybe you operate as a corporation. Whilst some businesses register their companies in Vanuatu, they do not participate in trade within the country. Instead, they are registered as an IC, or international company. If you wish to choose this type of formation, you will find that the process goes relatively quickly. In fact, you can get it done in about 48 hours, provided that you supply the required paperwork and details.

Doing Business Locally

Maybe you would prefer to register as a local business. If so, you can conduct trade within and outside the country. After you have applied to the country’s Financial Service Commission (VFSC), you can become incorporated within 48 hours.

To do business locally, you only need to have a non-resident or resident serve as a shareholder. You also need one other person to serve as a director. By speaking to an accountancy firm, you can retain a nominee shareholder through the firm. The accountancy firm can also establish a trust to act as a company’s beneficial owner.

Complying with the Rules of Trade

If you would like to establish your business in Vanuatu, you need a mentor or a mentor-like relationship with an accountant. That way, you can learn the financial and legal ropes and comply with Vanuatu’s regulations about company formations.

Corporate services also include the valuation of businesses. Maybe you need help with immigration and citizenship as well. If so, you should be able to turn to the same firm that registers your company for incorporation. Doing so will help you engage in business on a broader scale and support the requirements mandated by the government.

Where would you like to direct your business with respect to growth? What are your ideals and philosophies? Take time today to explore your options with respect to basing a business in Vanuatu. Call on the services of a Vanuatu accountant today.

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