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VANUATU |
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1.
Company Law:
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Trust Companies Act CAP 69, Companies Act 191, International Companies Act CAP 222 & Protected Cell Companies Act No. 35 of 2005. |
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2.
Types of company:
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Exempted (EC) International (IC) & Local (LC). |
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(a) type
of company preferred for international transactions: |
Exempted & International. |
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(b)
shareless companies: |
No. |
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3.
Capital requirements: |
No. |
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4.
Costs to incorporate, excluding government fees: |
USD500-1,000. |
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5.
Fees paid to authorities to incorporate: |
USD100-2,500. |
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6.
Annual fees paid to authorities: |
USD300-2,500. |
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7.
Taxation rates applied to companies generally:
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Nil. |
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(a)
the taxation of companies in 2 (a) |
Nil. |
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8.
Method of incorporation: |
Over the counter. |
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9. Who may incorporate - specify what, if any, local representatives/
professionals required? |
Individuals and Professionals |
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(a) are ready made companies available? |
Yes. |
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10.
Length of time to incorporate: |
1-7 days. |
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11. Minimum members: |
IC - 1, LC & EC - 2. |
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12.
Registered office: |
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(a)Can the registered office be a bank/ lawyer/ accountant's office (brass
plate)? |
Open. |
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13.
Directors and secretary: |
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(a) Must a director/ secretary be resident? |
IC - No, LC & EC – Yes |
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(b)
Are Corporate Directors allowed? |
Yes. |
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14.
Appointee directors/ secretary possible? |
Yes. |
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15. Amount of fees
payable to appointee directors/ secretary: |
USD200-500 pa. |
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16.
Meetings: |
AGM. |
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17.
Annual return: |
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(a) Must financial statements of a company be audited?: |
IC - No, LC & EC – Yes, if turnover exceeds VT20 million. |
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18.
Is disclosure of profits required by filing balance sheets with annual returns? |
IC - No, LC & EC – Yes, if turnover exceeds VT20 million. |
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19.
Are there any exchange control or other financial restraints imposed upon
a company? |
No. |
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20.
Companies formed in the last year: |
358. |
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21.
Number of companies on the company register altogether: |
5,880. |
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22.
How, if any, is migration into and out of the jurisdiction achieved? |
Through approval of the Vanuatu Financial Services Commission. |
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23.
Is migration out of your country provided for? |
Yes. |
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24. Any amendments
to company law over the last 12 months: |
IC Amendment. |
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25. Anticipated amendments
to company law over the next 12 months: |
Companies Act, Protected Cell Companies Act & International Companies Act. |
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