Offshore news !
|Vanuatu To Join The World’s Optical Fibre Internet Backbone|
As part of the Government Vanuatu’s commitment to encourage the development of e-business and IT infra- structure, the Vanuatu Government has thrown it’s full support behind the current Joint Venture project between Interchange Limited, a Vanuatu local IT company and Alcatel-Lucent, the giant French telecommunications company to deploy Vanuatu’s first international submarine cable system linking Port Vila, the capital of Vanuatu, to Suva, Fiji.
Scheduled for completion in mid 2012, this new system will deliver faster, more efficient and cost-effective Internet connectivity to the pacific island nation, while removing the current dependence on satellite and strengthening Vanuatu’s competitive position as an e-business hub.
|Incorporate a Local company|
To carry on business in Vanuatu as a company, you will need to incorporate a local company as a Vanuatu offshore company is not permitted to carry on business in Vanuatu, only outside of Vanuatu - "offshore".
A Vanuatu local company may have a Vanuatu offshore company as it's shareholder. This will allow you additional confidentiality.
As is the case with an international or offshore company, no tax is levied on a local company’s income. The only ‘tax’ is VAT. A local company is required to register for VAT, if the company’s turnover is VT4, 000,000 or more per annum. VAT is 12.5% on sales. VAT can also be claimed back from business expenses.