OBTAIN THE LICENSE

These are the documents we need to establish the Vanuatu company International Business Company (IBC):

1. Step: Company Setup

For the company setup we need via email:
- Passport scan high resolution in color with minimum 300dpi for the director and shareholder
- Recent proof of address/utility bill color scan minimum 300dpi for the director and shareholder

2. Step: Licensing Procedure

For the licensing we will need in original at our Vanuatu office:

For the Representative securities Dealer / Director we would need in original and upfront via email:

- Notarised passport copy
- Criminal Record / Police Clearance Certificate in Original (if you need a request letter we can arrange it from the regulator after the company has been established)
- Original bank statement reflecting/displaying at least
US$50,000 on it with customer's name on it and recent transaction of the last month (if the Director pays theUS$50,000 securities deposit)
- Simple proof of address/utility bill not older than 2 months with name and address on it in original
- CV undersigned with 2 business references reflecting knowledge and skills from previous or current employers
- Undersigned paperwork (you will receive from us)
- Names and birthdates of close family members (siblings, father, mother, children)

For the shareholders we need in original and upfront via email:

- Notarised passport copy
- Proof of address/bank statement in original not older than 2 months
- Original bank statement reflecting/displaying at least US$50,000 on it with customers name on it and recent transaction of the last month (if the UBO pays the
US$50,000 securities deposit)
- Names and birthdates of close family members (siblings, father, mother, children)
- CV undersigned
For the Compliance Officer we need in original and upfront via email:
- Notarised passport copy
- Simple proof of address/utility bill not older than 2 months with name and address on it in original
- Criminal Record / Police Clearance Certificate in Original (if you need a request letter we can arrange it from the regulator after the company has been established)
- Names and birthdates of close family members (siblings, father, mother, children)
- CV undersigned

For the company to prove the operational functionality of the infrastructure following is needed:

- MT4 Draft Agreement that the company will use Metatrader – via email signed
- Sub rental contract between your current and the new Vanuatu company to use the common office space outside Vanuatu – via email signed
- Telefon / Internet-Draft Agreement between you or your current company that the Vanuatu company will use the existing internet and telephone lines – via email signed
- Draft Agreement bank account/payment provider account opening – you will receive from us – via email signed
- Draft Agreement with Liquidity provider that your Vanuatu company will use LPs or Brokers in order to settle and place positions in the market (this is to prevent that companies doing 100% B Book business). – via email signed
- Description of the business, its customers, its potential target markets etc

3. Step: Pre-approval and Payment of the Securities Deposit

- After VFSC has given pre-approval the securities deposit needs to be paid to the regulated Corporate Services provider that will issue a cheque to the VFSC in order to cash the fund and to issue the Security Bond Certificate

4. Step: Bank Acc and Payment Account Openings

- The customer receives all documents for bank account and payment provider account openings. Need to be undersigned and returned via courier to Vanuatu in order to proceed.

5. Step: Confirmation of the License

After a license has been granted the following issue needs to be solved within 2 months:

- Applying for Professional Indemnity Coverage for the Representative Securities Dealer or the Vanuatu company directly. Proof of Application needs to be submitted
- Insurance policy copy should be provided within 3 months after the license has been granted to the Vanuatu Financial Services Commission. Customer needs to contact his insurance broker or any insurance company he wants to go. No minimum coverage, but we recommend to get covered for at least US$250,000 to satisfy the regulator.

6. STEP: COMPLETE DUE DILIGENCE REQUIREMENTS

1. DUE​ DILIGENCE DOCUMENTS

Director / Shareholder / Beneficial Owners / Authorised Signatories / Compliance Officer & Alternate Compliance Officer
(a) Notarised Passport Copy
(b) Original Police Clearance Certificate
(c) A Curriculum Vitae dated and signed
(d) Original Proof of address not older than 3 months
(e) Bank Reference
(f) Two reference letters showing at least three years of professional experience in fund management, securities and investment
(g) Names and birthdates of closest relatives

2. BUSINESS PLAN

Details to be included in plan of operations:-
(a) The sources of business (for example, brokers, agents, own employees, independent salesmen or direct selling)
(b) The types of classes of investment products, e.g, detailing in securities, trading in futures contract, collective investment scheme, life policies, options, swaps, etsc
(c) The type of platform or software system to be used. Please provide evidence or print out copy of the software system. If the platform or software is to be supplied by another provider, please provide copy of service agreement with another provider.
(d) Amount of capital (as defined in clause 6) proposed. Capital in this context means paying the bond deposit and funds required to set the financial business.
(e) Risk Management Strategy (this should identify all risk that the entity is expose
to and the mitigating factors).
(f) Investment Policy
(g) Copies of proposed agency or broker agreements
(h) Copy of proposed management agreement if appropriate
(i) Copy of proposed authority for main agents if applicable
(j) Copies of prospectus
(k) Financial Projection
It would be required to provide a financial projection soundly based on reasonable assumption of the business plan. A three year financial projection would be reasonable.

3. SOURCE OF FUNDS

The evidence should be a Certified Copy of Bank Statement indicating the capital amount and in the name of the applicant or his /her company account.

4. OWNERSHIP AND CONTROL

All changes in ownership or shareholding of 15% or more must be approved by the commission.
(a) Application for approval of new beneficial owner should be submitted first to the Commission
(b) Upon approval, submission of certificate of transfer of shares to be stamped by the commission
(c) If prior approval is not granted, client is informed that the Princip
​al​ and Representative’s Licences are automatically cancelled in case the clients want to proceed with the change of owner anyways.

5. AUDITORS

An applicant will have to appoint an approved auditor in Vanuatu who is experienced in the auditing of Financial Dealers and who complies with the requirements of the Financial Dealers Act and his / her audit must satisfy the requirements of International Standard on Auditing (ISA) 600.
​ ​The auditor must be a separate firm from the Registered Office and Agent.

6. AML/CTF AUDITS

Audits required by the FIU pursuant to AML/CTF legislation fulfil a different objective to a standard financial statement audit. The AML/CTF audit is the role of the registered agent and their compliance with their relevant legislation relating to “Know your Customer” and other AML/CTF requirements.