The Republic of Vanuatu (French: République de Vanuatu, Bislama: Ripablik blong Vanuatu), is a Pacific Island Nation located in the South Pacific Ocean. The archipelago, which is of volcanic origin, is some 1,750 kilometres (1,090 miles) east of Northern Australia, 540 kilometres (340 miles) northeast of New Caledonia, east of New Guinea, southeast of the Solomon Islands, and west of Fiji.
Vanuatu was first inhabited by Melanesian people. The first Europeans to visit the islands were a Spanish expedition led by Portuguese navigator Fernades De Queiros, who arrived on the largest island in 1606. As the Portuguese and Spanish monarchies had been unified under the king of Spain in 1580 (following the vacancy of the Portuguese throne, which lasted for sixty years, until 1640, when the Portuguese monarchy was restored), Queirós claimed the archipelago for Spain, as part of the colonial Spanish East Indies, and named it La Austrialia del Espíritu Santo.
In the 1880s, France and the United Kingdom claimed parts of the archipelago, and in 1906 they agreed on a framework for jointly managing the archipelago as the New Hebrides through a British–French Condominium. An independence movement arose in the 1970s, and the Republic of Vanuatu was founded in 1980.
The four mainstays of the economy are agriculture, tourism, offshore financial services, and cattle raising. There is substantial fishing activity, although this industry does not bring in much foreign exchange. Exports include copra, kava, beef, cocoa, and timber, and imports include machinery and equipment, foodstuffs, and fuels. In contrast, mining activity is unsubstantial.
Financial Services are an important part of the economy. Vanuatu is a tax haven, that until 2008 did not release account information to other governments or law-enforcement agencies. International pressure, mainly from Australia, influenced the Vanuatu government to begin adhering to international norms to improve transparency. In Vanuatu, there is no income tax, withholding tax, capital gains tax, inheritance tax, or exchange control. Many international ship-management companies choose to flag their ships under the Vanuatu flag, because of the tax benefits and favorable labor laws (Vanuatu is a full member of the International Maritime Organization (IMO) and applies its international conventions). Vanuatu is recognized as a "flag of convenience" country. Several file-sharing groups, such as the providers of the KaZaA network of Sharman Networks and the developers of WinMX, have chosen to incorporate in Vanuatu to avoid regulation and legal challenges. In response to foreign concerns the government has promised to tighten regulation of its offshore financial center. Vanuatu receives foreign aid mainly from Australia and New Zealand.
International Business Companies Act
The International Business Companies Act, which allows the creation of a complete tax-exempt IBC company, is a further local feature and still can open accounts with the regional banks in Vanuatu. This is impossible and unthinkable in Belize, the Seychelles, indeed all countries with IBCs.
Our firm is able to establish a full SWIFT account for your Forex offshore company at 2 major banks in Vanuatu, plus two other international accounts in SEPA and Asia regions.
|Official language||Bislama, English and French|
|Currency||Vatu (VUV), all banks carry EUR, CHF and USD accounts|
|State form||Parliamentary democracy|
|Time zone||UTC +11|
|Gross domestic product 2013||approx. 800 million US $|
|Corporate Tax for FX Companies on Vanuatu||0%|
|Private income tax rate for foreigners||0%|
|Capital income tax||0%|
|Bank secrecy/discretion||Vanuatu is among the top 5 countries with the most strict banking secrets|
|Supervisory Authority||Vanuatu Financial Services Commission (VFSC)|
|Taxes on company start-ups / professional start-up services||5% - are already included in the conditions at BL|
Dealers In Securities (Licensing) Act [CAP 70].
Doubtless, the basis of issuing FX licenses is the most flexible that Vanuatu has to offer - and more than unique worldwide. Not only foreign exchange (Forex), Commodities (CFDs/Futures) or Spot Metals may be traded for third parties, as well as all other stock exchange-listed and non-listed securities. The acceptance of customers' deposits is permitted and is carried out by all FX companies based in Vanuatu.
Vanuatu, in addition to stable democracy and clear-cut jurisprudence, has an impressive nature, low cost of living for emigrants, a tropical climate throughout the year, and probably one of the toughest bank secrecy jurisdictions worldwide (a fact appreciated by Australians, Europeans and Americans).
Additional legal framework for the Forex / Securities Dealers Licenses to download: